Strong job market, retail drive Burlington economy

He continues to see at soft rental market, because "the economy is not as strong and not as many new companies are moving into the area."

Retail space currently averages $35 per square foot on Church Street but is as little as $8 per square foot in the far reaches of Chittenden County.

"The markets are generally improving and the economy is getting better," says Brooks. However, he notes, the rental market is getting soft "especially for office and industrial but there is a lot of demand from investors for well located, decent condition, investor-grade properties."

Housing in the city seems at a premium according to Joe Sinagra at Homebuilders and Remodelers Association of Northern Vermont. "It's sad that our largest city, has so few new units of housing," he complains. "In 2004 only 19 singlefamily building permits were issued. We have a severe housing affordability problem in the city and we are not building to meet that demand."

Manufacturing in Burlington

The city's manufacturing base faces challenges according to Frank Cioffi at GBIC, the Greater Burlington Industrial Corp.

"There are challenges with the manufacturing base dealing with China and the Pacific Rim," he notes. But, specifically for the city, Specialty Filament on Pine St. a manufacturer of brushes and bristles for brooms, and Oral B toothbrushes, the former Whiting Company, is closing its Burlington plant and consolidating to Middlebury. Some of the 138 employees here will be offered jobs in Middlebury.

However, looking at the city as a whole, Cioffi says, "there is nothing of any significance in closings or openings."

He points to several city manufacturers such as Blodgett Ovens and Food Science Corp. "doing very well."

General Dynamics in his words is doing "incredibly well. They are in excess of 500 jobs.

Cioffi sees the city's technology and information-based companies growing strong with valued added services. He points to Jager Di Paola Kemp, who redesigned the new BOX gaming device for Microsoft as just such a company.

Tim Shea sums up Burlington this year. "Overall there is optimism on the business climate. There is building and expansions.

Copyright Boutin-McQuiston, Inc. Jul 01, 2005
Provided by ProQuest Information and Learning Company. All rights Reserved