Vermont income and employment both dropped

Newly released U.S. Census data show that Vermont’s median annual income decreased last year to $82,730 after adjusting for inflation. While this change was not statistically significant, Vermont was one of only six states nationwide where income declined. Only North Dakota and Rhode Island saw sharper drops. This marks a departure from the income growth Vermont experienced immediately after the start of the Covid pandemic: a rise of over 8 percent between 2019 and 2021, the fastest growth in the country. Most of those gains have endured. But aside from that period, income in the state has generally stagnated. From the early aughts to 2019, income hovered around $75,000. And since 2021, it has stayed flat at around $82,000.