The town of Springfield, Vermont, once known for its vital machine tool industry during World War II, is working to recover from the loss of jobs and identity that followed the industry's decline. Bob Flint, executive director of the Springfield Regional Development Corporation, highlighted efforts to clean up former factory sites with $9 million already spent and an additional $5 million committed. This remediation is seen as a step toward commercial redevelopment.
Flint noted the resilience of the community: “We’ve kind of picked ourselves up,” he said. “We’ve been very resilient.” The town is part of the Federal Reserve Bank of Boston’s Working Places initiative aimed at addressing longstanding problems in smaller communities.
Boston Fed President Susan M. Collins visited Springfield as part of a Vermont trip that included stops in Rutland and South Burlington. Collins emphasized the importance of rural areas to a vibrant economy: “But a lot of people and a lot of our economy is outside of those cities,” she said.
Springfield was selected for the Working Communities Challenge in 2020, focusing on increasing local workforce participation currently estimated at 56%. Flint stressed collaboration between social services and private sectors to achieve common goals. Initiatives include advocating for employers to address challenges like addiction and childcare.
The area’s fast connectivity speeds are being leveraged to attract business, alongside programs like free laptop distribution during the pandemic. WCC team member Sue Graff stated that connecting partners through Working Communities could help people envision a better future.
Collins also toured Carris Reels mill in Rutland, which has been employee-owned since the 1990s through an ESOP plan. CFO David Fitz-Gerald commented on its sustainability: “It’s something that we’ve been able to demonstrate is sustainable here at the company.”
In South Burlington, Collins attended a roundtable with business leaders who expressed concerns about high taxes, regulation, labor shortages, and inflation affecting Vermont's business climate. Housing costs were identified as a significant issue driving young people away.
OnLogic CEO Sean Larkin shared challenges faced by executives unable to find housing: “And after six months...we’ll lose them.” Jason Williams from University of Vermont Medical Center discussed innovative workforce development strategies including reaching out to those in substance abuse recovery.
Collins acknowledged housing affordability issues impacting economic vibrancy and employment: “We are trying to look to see what more can we do in this space,” she said.
