Percent change in real personal income, by state, 2022-2023

Vermont total personal income rose to $43 billion in 2023. Adjusted for inflation, that was an increase of 6 percent over the previous year, the highest among the states.

Personal income, a key economic indicator, includes salary and wages, business income, interest and dividends, government benefits such as Social Security, employer retirement contributions, and other income. It does not include capital gains.

Personal income is an aggregate measure; it doesn’t tell us how individuals are faring. But Vermont also scored well in 2023 on a measure that does. Census data released in September showed a rise in Vermonters’ median household income of 5.4 percent, after adjusting for inflation—also the largest percentage increase in the country. Half of households earn less than median, and half earn more.