STATE ECONOMIC PROFILE
Vermont Economic Overview
$35.6b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.4%
32
649,363
POPULATION
Growth Rate 2019-24
State Growth Rank
0.8%
16
83,099
BUSINESSES
Growth Rate 2019-24
State Growth Rank
0.8%
50
Overview of the Vermont Economy
In 2024, the state of Vermont has a population of 649,363, having grown an annualized 0.8% over the five years to 2024, which ranks it 16th out of all 50 US states by growth rate. Vermont's gross state product (GSP) in 2024 reached $35.6b, with growth of 1.4% over the 5 years to 2024. Businesses in Vermont employed a total of 343,753 people in 2024, with average annual employment growth over the past five years of -0.1%. The top three sectors by total employment are Real Estate and Rental and Leasing, Healthcare and Social Assistance, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 2.3%.
What is Vermont's Gross Domestic Product (GDP)?
In 2024, Vermont's GDP reached $35.6b, representing an increase of 1.4% from 2023. Vermont's GDP has grown at an annualized rate of 1.4% over the five years to 2024. Moreover, Vermont's trailing five-year GDP growth ranks it 32nd out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Vermont's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Vermont Industry Trends
What are Vermont's Largest Industries by Revenue?
The largest industries by revenue in Vermont are Life Insurance & Annuities, Public Schools and New Car Dealers, which generated $4.5b, $3.1b and $3.0b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Vermont
Top 10 Companies Headquartered in Vermont by Employment
The largest companies by employment in Vermont are The University of Vermont Medical Center, Dartmouth Hitchcock Medical Center and Clinics and University of Vermont, which employed 8,800, 8,000 and 4,125 people in 2024.
STATE ECONOMIC PROFILE
Vermont Sector Statistics
In Vermont, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Vermont's GDP by Sector?
The Real Estate and Rental and Leasing, Healthcare and Social Assistance and Professional, Scientific and Technical Services sectors contributed the most to Vermont's GDP in 2024, representing a combined 39.2% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Vermont's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Educational Services sectors contributed the most to employment in Vermont in 2024, representing a combined 41.6% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Vermont Employment Trends
343.8k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.3%
9
2.3%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.7%
29
What Employment Trends are Impacting Vermont?
The state of Vermont employs 343,753 people in 2024, which ranks it 49th out of all 50 US states. Employment in Vermont has grown at an annualized rate of 0.3% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Vermont include Healthcare and Social Assistance, Retail Trade and Educational Services, which employed 56,581, 43,891 and 42,664 people in 2024, respectively. Vermont's unemployment rate is 2.3% in 2024, which ranks it 2nd out of 50 states. Vermont's unemployment rate has trended upwards at a rate of 1.7% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Vermont, and compare them to the US economy, using the chart below.
$77.6k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
4.1
42
What is Vermont's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Vermont's DPI in 2024 was $77.6k, compared to the US average of $129.8k, which places it 42nd out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Vermont's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Vermont Construction & Building Trends
$485.6tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.9%
21
$673.9b
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
16.5%
50
2,646
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
12.1%
50
What can construction trends tell you about a state’s economy?
In Vermont, non-residential construction was $485.6tn in 2024, which ranks it 21st out of all US states. Residential construction was $673.9b in 2024, which places Vermont 50th in the United States. The number of building permits issued in Vermont in 2024 was 2,646, representing a 12.1% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Vermont, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Vermont Population Statistics
Which Counties in Vermont have the Largest Populations?
The counties with the highest populations in Vermont are Chittenden County, Washington County and Rutland County, which had populations of 170,143, 60,257 and 60,070 people in 2024.
STATE ECONOMIC PROFILE
Vermont Demographics
Education Level Vermont
Race in Vermont
Vermont State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 616 Vermont Industry Reports.
