August 14, 2014 (Jay, VT)- Orleans County is leading the state in job creation according to a recently released report by the Vermont Department of Labor. Never in Vermont’s 223-year history has this been the case. State economist Tom Kavet, in his July 24 report to the state’s Joint Fiscal Committee, cited Jay Peak’s EB-5 projects as the driver of growth in Orleans County.
“This kind of success is a great example of what happens when private business works with state policy makers to create jobs,” said Jay Peak president Bill Stenger. “Seven or eight years ago, we had approximately 250 people or so working at Jay Peak. Today that number’s over 1,500. That type of job creation would not have happened were it not for the EB-5 program and the vision of our state and federal officials, as well as the investment of our EB-5 partners.”
Stenger is referring to the fact that Vermont is one of only two states in the country where the state directly regulates EB-5 projects. The EB-5 Foreign Investment program enables foreign capital to flow into the United States provided those funds create U.S. jobs. In Vermont, foreign nationals can invest $500,000 in a regional center project. That project must then create 10 jobs, either directly or indirectly, for each tranche of investment. Jay Peak has used the EB-5 program to fuel its multi-million dollar revitalization over the last six years and more than quintuple its workforce. The program has been championed by Vermont’s U.S. Senator Patrick Leahy.
Jay Peak’s expansion has created jobs across multiple professions. Its front line and service sector has seen triple-digit growth as has its sales and marketing department. The resort now has an aquatics branch that includes master electricians and engineers to monitor and maintain the Pump House Indoor Waterpark. Jay Peak also had to create a communications and events team in the last five years to handle event programming to accommodate the entertainment needs of a visitorship that has nearly doubled.
Jay Peak’s growth over the last five years has been so steep that Vermont Business Magazine recently recognized the resort with a 5x5x5 Award. The VBM 5x5x5 awards showcase the achievements of the five fastest growing businesses in five categories over the last five years. Jay Peak was the second-fastest growing business in the state in the Service category.