THE VERMONT FUTURES Project

IMAGINE OUR FUTURE

A Vision for Vermont's Economy

WHAT WE DO

OUR MISSION QUESTION

How can we use data to support the evolution of Vermont’s economy towards a thriving future full of opportunity for all? 

Our relentless pursuit for answers to this mission question drives our work. It guides research, education initiatives and formation of impactful partnerships.

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IT’S NOT A ZERO-SUM GAME

OUR VALUES

A thriving future is one where economic development, environmental sustainability, and social justice intersect. Too often, these perspectives are pitted against each other. The Vermont Futures Project uses data to bring people from different perspectives together for productive discourse aligned towards common goals and values.

SOCIAL JUSTICE

A vision of fairness

ECONOMIC DEVELOPMENT

A vision of opportunity

ENVIRONMENT

A vision of protection

WHERE WE’RE GOING

CREATING A VISION FOR THE FUTURE

Across Vermont we are building alliances and developing a constituency for a robust Vermont economy. To capitalize on the foundation of data and research we’ve built, we will be leading the development of a unified and durable statewide economic plan. We will take a data-informed and collaborative approach to produce a set of quantifiable goals that will inform policy and strategy on a state and local level. 

The Vermont Futures Project has aggregated data into 6 high-level categories found below as a starting point for understanding the health of our economy. The next phase of our work will incorporate key data along with input from partners across the state to chart a path forward towards a thriving future.

ECONOMIC DEVELOPMENT

Gross State Products per capita is an indicator of productivity.

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TARGET

By 2040 Vermont is in the nation's top 25 for Gross State Product per capita.

Vermont is 33rd in the nation at $48,123 and second to last in New England. Businesses can, and must, become more competitive, which requires investment, innovation and talent. A 7% increase would move Vermont to 25th in the nation.
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INNOVATION

Mid-sized firms are a mainstay of Vermont's employment base.

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TARGET

By 2040 the number of mid-sized businesses has grown by 25% to over 2,700.

In the 1990s Vermont added 2-3% annually to the # of mid-sized businesses, but during the recession we lost 3% of our mid-sized employers. We must improve the rate of formation, retention and growth to secure our future employment base and restore a dynamic business environment.

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VERMONT DEMOGRAPHICS

Household income is a measure of general prosperity that sets Vermont apart as a rural state.

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TARGET

By 2040 Vermont is ranked in the top 10 for U.S. median household income.

Vermont enjoys a high level of prosperity with median household income ranking 14th in the U.S. and poverty rates below U.S. averages. But, we can do better.High costs of living, low wages, increasing tax revenues, and more, are creating a persistent weakness in the middle-income base.
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WORKFORCE

For the past 15 years, Vermont's workforce has grown too slowly to meet demand.

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TARGET

By 2040 Vermont is welcoming 10,000 additional new workers per year.

Vermont's current unemployment rate is very low. This means too few people to fill jobs. In the next 20 years a majority of our current workers will retire. Current population trends indicate we will have insufficient supply to replace them, threatening the health of Vermont's businesses and institutions.
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QUALITY OF PLACE

Housing supply is critical to attracting and retaining the people Vermont needs for economic growth.

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TARGET

By 2040 Vermont is creating 5,000 new and retrofitted housing units per year.

Attractive, affordable and efficient homes will revitalize Vermont communities, and enable us to leverage the Vermont brand to attract people and businesses.
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INFRASTRUCTURE

It is critical to grow Vermont's commercial grand list value, the property base comprising one third of state revenue.

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TARGET

By 2040 the Grand List is growing by 4% per year.

Vermont needs infrastructure and investment that makes strategic land use choices to support a healthy economy while protecting the environment. Infrastructure increases performance of land in order to support homes, services and commercial activities, and determines the nature of the property tax base.
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