Public Assets Institute > Policy Areas > Family Economic Security > Vermont’s economy: Nothing to write home about

Vermont’s economy: Nothing to write home about

Most Vermont counties are below average—at least when it comes to wages. The latest annual figures for 2016 show that only three counties had annual wages higher than the state average. Workers did worst in Orleans, Essex, and Grand Isle counties, where annual wages came in at more than 20 percent below the state average.




Manufacturing decline
All corners of the state have seen a drop in manufacturing jobs in the last 15 years. Overall, about a third of the jobs have disappeared, falling from about 45,000 in 2001 to about 30,000 last year. Chittenden County, the state’s largest, lost the greatest number of manufacturing jobs. Its share of the state’s factory jobs has also shrunk.




Lagging GDP
For the second year in a row, Vermont’s economy has grown the slowest in New England. After adjusting for inflation, the state’s gross domestic product grew just 0.8 percent in 2016; the year before saw 0.9 percent growth. Meanwhile Massachusetts’ GDP increased more than twice as fast as Vermont’s last year. New Hampshire more than tripled Vermont’s growth rate.






pdficonPDF Version