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Over the past several years, Burlington has realized:
- The lowest commercial and industrial vacancy rates in the county,
- An increasing number of new jobs,
- Increasing Gross Receipts (rooms and meals)
Taxes, and
- The stabilization of Retail Sales Tax Receipts.
Burlington faces challenges that are not unique and that are typical of any
developed urban area. But in general, Burlington's economic health and vitality
remain strong. Highlights include:
- Major redevelopment activities such as Gilbane's new Innovation Center of
Vermont and the redevelopment of the Burlington Town Center (attracting new
retailers to the area) are underway and/or nearly completed.
- Burlington's waterfront revitalization efforts are continuing, including
Main Street Landing's efforts and the new Science Center, as well as the Maritime
Museum's Schooner Project and the new Spirit of Ethan Allen 3.
- Efforts to insure that downtown is a place where people live and work have
completed Boves Project
(Victoria Place) on
Pearl Street.
- Several neighborhood-based efforts, including the Bus Barns on North
Winooski Avenue, the redevelopment of the Hauke Shopping Center on North Avenue,
and the soon-to-be reconstructed North Street, have brought new vitality to once
aging neighborhood commercial districts.
- The South End Arts and Business District and its entrepreneurial spirit
continues to be a generator of jobs and redeveloped properties along and
adjacent to Burlington's Pine Street corridor.
- Construction will soon be underway on the Intervale Community Food
Enterprise Center - a state-of-the art facility built to meet the unique needs
of local farmers, food producers, community supported agriculture, community
gardening, and the Old North End neighborhood.
- The City is continuing its efforts to construct and support transportation
projects, such as the Champlain Parkway, Riverside Avenue, North Street, the
Multi Modal Transportation Center as well as the continued expansion of the
Burlington Airport.
In 2001, with support from the U.S. Economic Development Administration, Mt.
Auburn Associates published a national report on the economic vitality of
"hometown" or "third tier" small cities. This report focused
on cities with populations between 15,000 and 110,000 (and with populations that
have not tripled since 1950), cities that are also primary to their regional
economic base and that were incorporated before 1950.
Burlington was cited as one example of a city in this category that has
remained competitive in the new economy. Factors listed in the report as
contributing to "hometown" city successful economic development
included:
- Enhancing local amenities - including waterfronts and arts and culture
- Building on local institutions of higher education
- Engaging in regional
collaboration
- Creating an effective civic infrastructure
- Promoting
diversity as strength
Burlington has successfully used these strategies, in addition to others, to
create a number of economic development assets.
The Third-Tier Cities Report cited six primary economic development
challenges for small "hometown" cities:
- Out-of-date infrastructure - obsolete transportation systems, brownfields,
inadequate telecommunications infrastructure
- Dependence on traditional
industry - over-reliance on one sector/large employer(s), lack of economic
diversity
- Transformation of their human capital base - "brain
drains" (difficulty retaining youth/attracting new residents)
- Declining
competitiveness within their regions - outmigration of people and jobs,
declining tax bases, centralization of poverty, declining downtowns
- Weakened
civic infrastructure and capacity - loss of local ownership leading to loss of
civic leadership, limited scale, limited regional cooperation
- More limited
access to resources - fewer philanthropic resources, less private financing
(debt and equity)
Burlington has confronted most of these issues over the last 30 years - some
successfully, with others continuing to pose challenges.
Page last updated May 13, 2003
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