2022 TOP STATES FOR BUSINESS – THE RISE OF VERMONT

FILL IN THE BLANKS

Vermont is a ______ state to do business, and it is ranked _______ compared to other states in our region.

Were your answers on the positive or negative end of the spectrum? What factors did you consider when coming up with your answers?  

COMPARE YOUR ANSWERS

The 2022 results of CNBC’s annual study on the Top States for Business rank Vermont at #31, ahead of New Hampshire #35 and New York #36. Massachusetts landed at #24. The study considered a broad set of 88 competitive metrics in 10 categories based on attributes states use as selling points in economic development marketing materials. Each category is assigned a different weight to generate an overall score. The criteria and metrics were developed along with a diverse array of business and policy experts and the states themselves. Unlike most state business rankings, this is not an opinion survey and instead uses data from a variety of sources to measure states’ performance. Learn more about the methodology here. 

LEVERAGING OUR STRENGTHS

Vermont was ranked #42 in 2021, so the climb to #31 may come as a surprise, especially given that workforce carried more weight than any other category. However, a holistic review shows that there are other factors that make Vermont a favorable state for business. Vermont is consistently ranked a top state in terms of Life, Health & Inclusion.  

The pandemic caused many individuals to consider what was important in their own lives and reprioritize. The same can be said of businesses and other organizations. Interest in Vermont remains high, and Vermont can capitalize on this opportunity by attracting more people and businesses to the state. Work is being done in communities across the state to create welcoming and inclusive environments through efforts like the Declaration of Inclusion. Vermont will remain a desired relocation destination due to our geography and environmental stewardship as the climate continues to change. We must leverage these strengths to address our greatest economic challenge: our aging population and shrinking workforce.

Vermont needs more people, and more people need Vermont.

SHAPING THE NARRATIVE – VERMONT IS ON THE RISE

Progress being made on the ground in our communities must be accompanied by efforts to share our stories of success beyond Vermont. It isn’t enough to wait for results from an annual CNBC study to tell the world about what makes our state so special. We can increase the likelihood of people and businesses choosing Vermont if we’re intentional about telling our own story. Doing so will help Vermont continue to rise. Vermont climbed by more spots than all but two states between CNBC’s 2021 and 2022 rankings.  

Vermont is a “great” state to do business, and it is ranked “favorably” compared to other states in our region. 

Go out and tell everyone you know.