Vermont’s economy began to grow again after the recession, but has since cooled off. Even before the recession, real economic growth was slow. And figures released in December 2015 show that Vermont’s gross state product—the value of goods and services produced in the state—was essentially the same in 2014 as it was in 2011, after adjusting for inflation.
The fiscal 2017 budget made its way through the Vermont Senate this week along with tax and fee bills raising approximately $47.1 million in new revenue to support it.1 At $5.80 billion, the Senate’s version of the budget is $131.1 million above the final fiscal 2016 budget, an increase of 2.3 percent.
All three versions of the fiscal 2017 budget—Governor, House, and Senate—include increases in federal job training funding and increases in Protection to Persons and Property for crime victims’ services, military facilities and emergency management. Of the $24 million increase for the Agency of Natural Resources, $20 million is simply a technical change involving a federal loan program and not new spending. Read more
Conventional wisdom holds that Vermont is losing people it wants to keep. In fact, young people are not abandoning the state. And higher earners are staying in—or moving to—Vermont.