Agriculture, tourism, manufacturing, healthcare, education drive Vermont’s economy. Vermont is the largest producer of maple syrup. It leads in producing dairy products. Over 70% of agricultural economy is dairy. The land grows hay, apples, sweet corn, potatoes. Quarrying stone also provides jobs. One large electronics company produces computer components. This sector adds over 1 billion dollars annually. Healthcare, tourism, finance also grow the economy. Most revenue comes from income, sales, property taxes. The median income in Winooski is 28% below state median.
Most revenue comes from income, sales, and property taxes. The median income in Winooski is 28% below the state median.
Farming has declined but remains important. The number of farms dropped by one-third from 1950-2000. Tourism and manufacturing have surpassed it economically. Extractive companies also contribute significantly. Barre and Rutland are centers of quarrying granite and marble, industries that provide jobs.
The working population, ages 20-64, drives the economy by participating in the workforce and consuming goods and services. The percent of younger Vermonters has dropped and will likely continue, meaning there will be more over 65 than under 20 by 2030. When this group shrinks, economists predict slow economic growth.
A sustainable energy transition could positively or negatively impact the economy. Upsides include economic activity and welfare benefits. Downsides like reduced growth could potentially be avoided through realistic goals and desirable scenarios. Effects on inequality and low-income groups should also be considered. Education can help the transition.