Source: Bureau of Economic Analysis 2015
Vermont Gross Domestic Product (GDP) per capita is $49,780, vs $57,123 nationally. Vermont gained $131 per capita from 2015 to 2016 year, while the nationwide gain was over $800. Within the New England region, Vermont performs near the bottom among states, just ahead of Maine in both dollars and growth rate.
After trending upwards through 2012, the job Creation rate both in Vermont and nationwide have dropped – from over 14% in 2012 to 11.4% in VT, 13.9% in the US for 2015. Recent quarterly job numbers show leveling off continues.
This table shows the overall change in number of businesses grouped by size (number of employees), from sole-proprietors through Vermont’s largest firms employing 500 or more people. Vermont has continud to see loss or reduction in large firms and slow growth in the mid-sized firms that provide most of the state’s jobs.
Source: Business Dynamic Series
Vermont’s employment base consists of a great number of small employers. Economic growth two decades ago corresponded with expansion in the number of firms that are mid-sized for Vermont – with 20-499 employees – although these would be small by national standards. This group which creates much of the VT jobs base contracted severely in the recession and has not fully recovered.
Source: Vermont Department of Labor
Vermont non-farm employment has regained pre-recession employment levels, largely due to the rate of employment growth in and around Burlington. In the rest of Vermont economic recovery has lagged and varied widely by region, as illustrated by the slower rate of employment growth for “Not Burlington”. From early 2009 to 2015 the state’s employment moved from around 301,000 to 316,000. During the same period employment gains outside of the Burlington accounted for just over 2,000 jobs.