The Vermont Futures Project 2025 Business Climate Survey offers an in-depth, data-informed look at how Vermont employers are experiencing the state’s economic landscape. The survey gathered insights from 139 employers across all fourteen counties and a wide range of industry sectors. The results reflect a nuanced view of Vermont’s economic conditions, marked by persistent structural challenges, cautious outlooks, and a continued need for long-term policy alignment.
Key Findings Reflect Persistent Challenges
Respondents rated Vermont’s overall business climate 2.86 out of 5, a middle-of-the-scale sentiment that closely aligns with last year’s findings. Business performance over the past year was mixed, and employers anticipate similar conditions in the year ahead. Across regions and sectors, employers consistently identified similar themes.
Workforce pressures remain a defining challenge.
Employers continue to struggle with recruitment and retention. Workforce availability, rising living costs, and the ongoing housing shortage all directly influence talent decisions.
Business performance is steady, but with limited momentum.
Many employers report that they are holding steady but see limited opportunity for substantial growth in the coming year. They continue to serve their communities and meet current demand, but they do so while navigating cost pressures and workforce shortages that limit their ability to expand.
Cautious, cost-conscious approach to employer healthcare.
Healthcare costs continue to present challenges for employers across all regions and industries. Rising premiums and limited options for competitive benefits influence decisions about wages, staffing, and long term planning. These pressures affect employees and employers alike, shaping the financial security of households and the stability of businesses.
Low appetite for investment due to high levels of uncertainty.
The investment outlook charts show that many Vermont employers are delaying or scaling back long term investments due to uncertainty around staffing, costs, and the regulatory environment. Employers want to grow and expand, but many feel they do not yet have the conditions they need to move forward with confidence.
Employers are worried about Vermont’s fiscal direction.
The findings on economic stewardship highlight employers’ desire for stability and clarity in Vermont’s fiscal and economic strategy. Concerns about spending levels, taxes, and long term sustainability shape how businesses plan for the future and influence their willingness to take on new projects.
The perception is that business voices are not being heard.
These results reveal how disconnected employers feel to the decisions shaping Vermont’s future and how concerned they are that their lived experiences are not understood by the people representing them.
Working Together Toward a Stronger Economic Future.
The findings in this report paint a picture of a Vermont that is full of potential yet facing meaningful barriers to long term economic prosperity. Employers remain committed to their communities and invested in the future of the state, but they continue to navigate challenges related to affordability, workforce, housing, healthcare, and confidence in statewide policy and economic direction.
These findings closely align with the priorities and long term goals of the Vermont Economic Action Plan. Together they offer a roadmap for strengthening the conditions that support a vibrant, resilient, and inclusive economy. The path forward requires collaboration across sectors, clear communication between policymakers and employers, and sustained commitment to data informed planning.
Through independent economic research and the ongoing development of the Vermont Economic Action Plan, the Vermont Futures Project plays a central role in guiding this work. The insights provided in this report bring Vermont closer to the solutions needed to achieve a thriving future for all people and all places across the state.
The Vermont Futures Project remains dedicated to serving as a trusted resource for employers, policymakers, and community partners as we work together to build a stronger, more affordable, and more prosperous Vermont.