Federal EB5 Program Brings Manufacturing Jobs Back To V.T.’s Northeast Kingdom

Vermont is taking advantage of a federal program called EB5 to bring manufacturing jobs back to the Northeast Kingdom, which used to boast mill jobs but now boasts the state’s highest unemployment rates.

“EB5 offers wealthy foreigners resident status in the U.S. in exchange for a $500,000 investment in an approved project. It’s designed to boost the economy of rural areas with high unemployment. So it’s tailor made for places like the Kingdom. State officials who oversee the program credit EB5 with creating 800 jobs at Jay Peak. Jay is one of the largest EB5 projects in the country. Money from dozens of foreign investors has helped build a hotel and an Oz-like water park at the resort.”

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• Source: Vpr

Vermont’s Northeast Kingdom has the highest unemployment rates in the state. Much of the reason has to do with the loss of manufacturing jobs over the years. The unemployment figures tell only a part of the story in a region where poverty levels are also high. “Unfortunately it’s more bleak than the numbers show.

Read more at: www.vpr.net