Despite the contrast, the Mad River Valley labor market area (Fayston, Waitsfield, Warren and Moretown) continues to measure lower than the state at 5.2 percent versus 6.9 percent in the most recent year.
The data comes from a Mad River Valley Planning District report and also shows a population increase in The Valley towns of 6.6 percent, more than double the growth rate of the rest of Vermont over the same time period (2.8 percent).
The 2009-2010 report was prepared by the Mad River Valley Planning District (MRVPD) to address the requirements of the 1998 Memorandum of Understanding (MOU) between Warren, Waitsfield, Fayston and Sugarbush. It presents data on and information for community planning purposes. The 2010 Mad River Data Report is now available online.
MRVPD consulted the UVM Center for Rural Studies in 2009 for a major overhaul and revisions of the data reporting process. The annual report contains figures and trends on economics, population and housing, employment, traffic and transit, town infrastructure and environment.
Since its formation in 1985, the MRVPD has worked to “carry out a program of planning for the future of the Mad River Valley. The planning program shall be directed toward the physical, social, economic, fiscal, environmental, cultural an aesthetic wellbeing of the member towns and its inhabitants,” according to the MRVPD articles of agreement dated March 1985.
According to the initial results of the 2010 U.S. Census, the combined population of the three Mad River Valley towns has increased by 6.6 percent, more than double the growth rate of the state over the same time period (2.8 percent).
While the vacation and primary home sales in Warren over the past year were volatile, according to the report, the number of primary residences sold in The Valley remained relatively constant over the past four years.
“The number of primary homes sold has declined somewhat in recent years, especially in Warren, back to the 1990s levels. The most recent decline appears to be leveling, especially in Fayston. For reference, in 2009 there were 6 vacation homes sold in Waitsfield, 14 in Fayston and 41 in Warren. In the same year, there were 9 primary residences sold in Waitsfield, 18 in Fayston and 11 in Warren,” according to the report.
In addition, the median vacation home sales price has dropped significantly in The Valley even compared to the drop seen on the state level.
“From 2008 to 2009 the average reduction in median vacation home sales price was minus-46 percent, in comparison to minus-18 percent statewide. For reference, in 2008 the median vacation home price in Waitsfield was $303,000 versus $119,000 in 2009. In Fayston, the median vacation home cost $280,000 and in Warren it cost $245,000 in 2008, versus $152,000 and $175,000, respectively.”
The median vacation home price for Vermont overall fell from $239,000 in 2008 to $195,000.
As a leading indicator of new home construction, zoning permits confirmed that while permits issued in Waitsfield remained relatively constant, permits in both Warren and Fayston saw declines in that period, but over the last year Fayston has seen an upward trend.
Sugarbush received 186 inches of natural snowfall during the 2009-2010 season compared to the 283 that fell during the 2008-2009 season. While 34 percent less snow fell last year, skier visits were only 17 percent lower in 2009-10 then 2008-09. Mad River Glen also saw a reduction in overall visits by 3.4 percent within the same period.
Data collected from Sugarbush Resort suggests that there is an adequate amount of housing within the Valley to accommodate most of its employees. In the 2009-2010 season a survey indicates that 44 percent of its employees lived in one of the three Valley towns. Five hundred eighty-three of Sugarbush’s approximate 850 employees took part in the survey.
“While the Mad River Valley has attracted businesses from most major sectors, the employment landscape remains dominated by the hospitality sector. 2009 saw a substantial drop in professional and business service jobs, but an equally substantial increase in manufacturing.”
Even though the leisure and hospitality industry employs the most people, it has the lowest average wage; the average Valley wage ranges from just under $20,000 in the leisure and hospitality industry to more than $60,000 in the information industry. The highest total wage (number of employees multiplied by the average wage) belongs to the professional service sector. In 2009, the average annual wage for manufacturing doubled while its total annual wages quadrupled.
According to energy data presented on Page 38 of the report (electrical consumption data came from the Renewable Energy Atlas of Vermont), Warren consumed 63 percent of The Valley’s total energy utilized in 2009. The total annual consumption of The Valley is almost equal between commercial and industrial (52 percent) and residential (48 percent) customers, though increased commercial demand in winter is attributed to the ski resort usage.
To view the full 42-page 2009-2010 Mad River Valley data report, visit www.mrvpd.org.
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