[twocol_one]Welcome to the Vermont Economic Dashboard. The Vermont Futures Project uses a six-pillar system to track the data on the Economic Dashboard annually. Each pillar measures a different area of economic growth with multiple data sets. The Vermont Futures Project has also set growth targets for each pillar to measure the progress toward economic vitality.[/twocol_one] [twocol_one_last]
- The Dials and Executive Summary below describe Vermont’s Economy, highlighting key economic Indicators.
- Each of the dashboard’s Pillars provide more detailed baseline data and can be explored by using the tabs above to navigate.
The dashboard’s Indicators are key data points for tracking Vermont’s economic performance, business climate and quality of life.[/twocol_one_last]
- Overall, Vermont’s economy is stagnant with little change which continues to be a growing concern.
- Compared nationally, Vermont’s economy is lagging like many rural states in what is broadly a slow growth trend as states recover from the recession.
- The evidence that there are two Vermont’s persists. While Chittenden County is leading the state in terms of job creation, it’s not robust. Additionally, the concentration of growth in this area and the lack of growth in other regions, is concerning for the state economy.
- GDP per capita has dipped, and our national ranking has dropped as well.
- Mid-sized firm creation continues to be weak, dipping a half point from last year.
- The job creation rate is down for the fourth straight year.
- Vermont is still strong in startups but new firm survival declined.
- R&D intensity remains the same.
- The number of high-tech related firms has had a modest increase. This is a crucial area because it is both important to Vermont’s self-identity and important as a source of future small-business growth and STEM/High-tech growth.
- This pillar continues to be a drag on economic growth. The number of 25-44 year olds remain consistent over the last several years, and is still lower than it was in 2000.
- At the same time workforce participation remains constant, signaling Vermont needs to do a better job of getting more people into the workforce.
- The job skills numbers also remain the same, meaning the demand for workers is mostly at the low and mid-levels.
- Unemployment is still very low signaling a tight labor market, which continues to impede economic growth as employers cannot hire for open positions or growth opportunities.
- The Vermont demographic profile is still negative and challenging: we are shrinking and aging.
- Median income is down slightly, and our ranking in the U.S. has declined several positions, meaning other states are growing at higher rate.
- Vermont continues to rank high as a place to live due to its strong quality of life. The average commute is lower than the national average and the number of acres in farm and forest programs remain strong preserving the landscape and outdoor recreation access.
- Data shows that renters pay a high percentage of their income on home costs which is a troubling data point.
- The violent crime rate remains the same, and Vermont continues to rank as one of the safest states.
- We have seen very little change this year.
- Vermont’s bond rating remains strong with elected leaders of both parties committed to ensuring this remains a priority, however recent news reports suggest this may change.
- Electricity rates are competitive for New England and yet high for the country, a regional advantage and national disadvantage. We are concerned that the regional advantage is temporary as we have seen recent rate increases have been approved.
- Broadband access in Vermont is close to the national average. While access does not mean utilization, progress is being made in high-capacity hubs, like Springfield and Chester.