October 12, 2018
RE: Rutland Economic Development Corporation Annual Report (FY2018)
To the Residents, Businesses, and Communities of Rutland County:
We extend our gratitude once again to you, our partners, for your continued work advancing the region. With your help, together our efforts have furthered the major strategies established for REDC centered around strengthening the support structure for new and existing businesses in Rutland County. The overarching theme of our strategic effort remains the same: to increase Rutland County’s population, specifically early- and mid-career professionals and skilled workers, to counter the current and projected trend of regional population decline and the resulting workforce challenges.
Summary of Strategic Direction:
- Focus on population growth.
- Leverage the presence of area schools, colleges, universities, and technical centers as economic drivers.
- Support the growth of current businesses and industries in the Rutland Region.
Focus on population growth.
- Alongside the Rutland Region Chamber of Commerce and area partners, helped guide the Regional Marketing Initiative through its first year after raising $200,000 from regional businesses and municipalities to produce a dynamic, long-term campaign focused on promoting our regional assets and opportunities; Year 2 fully funded and due to be rolled out in FY2019.
- Supported Rutland Young Professionals workforce attraction and retention programs.
- Continued to work with area developers and experts to establish residential housing goals and development opportunities.
- Helped plan and support the fourth annual Young Professionals Summit of Vermont, a statewide conference on Vermont’s future, held in Rutland.
- Emphasized Rutland County as a place for career opportunities through rutlandeconomy.com/careers.
Leverage the presence of area schools, colleges, universities, and technical centers as economic drivers.
- In partnership with the Rutland Region Workforce Investment Board through funding from the Department of Labor, designed and administered the pilot program Real Careers @ Rutland County to connect young adults to viable career plans that prepare them for one of the many high-skill, high-paying jobs in the region.
- Began collaborative efforts to develop internship/work experience processes with area colleges and
universities and the Talent Pipeline Management Project.
- Introduced college and high school students (locally and around the state) to local leadership and job
Support the growth of current businesses and industries in the Rutland Region.
- Secured $437,500 in new lending capital available to Rutland County businesses unable to access
adequate sources of conventional financing, deploying $76,500 to two area businesses.
- Continued to monitor commercial real estate inventory and trends to match businesses with the best
properties available for their needs, and marketing commercial properties through
- Continued to connect regional businesses with local, state, and federal resources they need to develop,
and interfaced with government agencies to advocate on their behalf.
- Supported the continued growth of The MINT – Rutland’s Makerspace with strategic planning, funding,
and 8,000 sq. ft. of space in REDC’s building on Quality Lane in Rutland Town.
- Continued strengthening of a business development pipeline designed to connect emerging businesses
with expertise and technical assistance to support sustainable success.
- Through the joint REDC-Chamber Policy Committee, pursued regional policy objectives designed to fortify
regional business growth and engaged with policy makers and administrators to further these objectives.
- Hosted free business advising and technical assistance through the Vermont Small Business Development
Center, Vermont Procurement Technical Assistance Center, and the Center for Women & Enterprise.
At REDC, we are 100% focused on making the Rutland region the most collaborative, innovative, and friendly
place in Vermont to live, work, play, and grow a business. With your support, and the support of all our members
and partners, we are enabled to strive ever further towards our vision:
The greater Rutland region is recognized as the most collaborative, innovative and friendly place in Vermont to live, work, play, and grow a business.