Vermont - Economy

Economy

In 2007, Vermont was ranked by Forbes magazine as 32nd among states in which to do business. It was 30th the previous year. In 2008, an economist said that the state had "a really stagnant economy, which is what we are forecasting for Vermont for the next 30 years." In May 2010, Vermont's 6.2 percent unemployment rate was the fourth lowest in the nation. This rate reflects the second sharpest decline among the 50 states since the prior May.

According to the 2010 U.S. Bureau of Economic Analysis report, Vermont's gross state product (GSP) was $26 billion. Not accounting for size, this places the state 50th among the 50 states. It stood 34th in per capita GSP.

Components of GSP were:

  • Government – $3 billion (13.4%)
  • Real Estate, Rental and Leasing – $2,6 billion (11.6%)
  • Durable goods manufacturing – $2,2 billion (9.6%)
  • Health Care and Social Assistance – $2,1 billion (9.4%)
  • Retail trade – $1,9 billion (8.4%)
  • Finance and Insurance – $1,3 billion (5.9%)
  • Construction – $1,2 billion (5.5%)
  • Professional and technical services – $1,2 billion (5.5%)
  • Wholesale trade – $1,1 billion (5.1%)
  • Accommodations and Food Services – ~$1 billion (4.5%)
  • Information – $958 million (4.2%)
  • Non-durable goods manufacturing – $711 million (3.1%)
  • Other Services – $563 million (2.4%)
  • Utilities – $553 million (2.4%)
  • Educational Services – $478 million (2.1%)
  • Transportation and Warehousing – $484 million (2.1%)
  • Administrative and Waste Services – $436 million (1.9%)
  • Agriculture, forestry, fishing, and hunting – $375 million (1.6%)
  • Arts, Entertainment, and Recreation – $194 million (.8%)
  • Mining – $100 million (.4%)
  • Management of Companies – $35 million (.2%)

Canada was Vermont's largest foreign trade partner in 2007. The state's second largest foreign trade partner was Taiwan. The state had $4 billion worth of commerce with Québec.

One measure of economic activity is retail sales. The state had $5.2 billion in 2007. In 2008, 8,631 new businesses were registered in Vermont, a decline of 500 from 2007.

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