Compared to last fall’s NEEP forecast, the revised NEEP outlook is again mixed—with slightly lower near-term activity forecasted for calendar years 2014 and 2015 and somewhat higher activity levels forecasted for calendar years 2016 and 2017 versus the NEEP forecast last fall. Overall since the end of last calendar year (2013), month-to-month seasonally adjusted nonfarm payroll job changes in Vermont have essentially moved sideways. This survey is conducted biennially by the Oregon Department of Consumer & Business Services, Information Management Division.

That total was up by 25% from the 12 months ending in June of 2013, but stood more than 60% below the prior peak level in March 2006 of $697 million in spending. This is because in the coming two fiscal years, both the Vermont and U.S. economies will not be primarily driven by economic events, but by Williston, Vermont 05495-1660 Among the other categories, the leisure and hospitality sector (at +0.9% year-over-year change—ranking the sector at 44th nationally and 6th in New England) and the education and health services sector (at +0.5% year-over-year—ranking the sector 46th nationally and 5th in the New England region) round out the larger employment sectors. The rate of payroll job additions is expected to fall back to 1.5% in calendar year 2017 and 0.9% in calendar year 2018—again as the U.S. economic growth/recovery slows. This economic review and revenue ecast is likfore none ever previously performed. The y-axis for these charts is the actual year of the data, rather than the year of the corresponding publication year. © document.write(new Date().getFullYear()), 8 The acronym CEDS refers to Comprehensive Economic Development Strategy. 3. The state recently completed a U.S. Economic Development Administration-funded Comprehensive Economic Development Strategy (CEDS) effort designed to better coordinate the efforts of the Agency of Commerce and Community Development and its partners under one umbrella strategy and to allow the state to more effectively compete for federal infrastructure and other economic development dollars. The year-over-year job change numbers for July 2014 show a similar up and down character reflecting the saw-toothed pattern described above. 11. 1. Even so, payroll job growth is expected to average 1.5% per year over the calendar year 2013-18 period—a healthy uptick versus the -0.1% average for the calendar year 2008-13 period covering the timeline of the last recession, and the 0.5% annual rate of change over the calendar year 2003 to 2008 time period.

With so many factors that will shape economic recovery still unknown, a lot of uncertainty surrounds any forecast, Carr said. This variable measures the influence of tax and expenditure limits on state tax revenue and spending.

Vermont’s collective economic development effort is executed by the State Agency of Commerce and Community Development in cooperation with roughly a dozen regional economic development corporations (of varying sophistication in terms of their services), other partners such as VEDA and the Vermont Technology Council, a system of regional marketing organizations and chambers of commerce, and municipal development departments throughout the state. These data were released in October 2019. (800) 765-1377, Mathew L. Cooper, Economist Dodge construction expenditures statistics for such a period. Although these data are often revised (and since sales volume is typically very low during the Winter, revisions can, at times, be substantial), this was not a price change reading that would ordinarily be thought of as supportive of typical levels of residential construction activity.2. Vermont includes the following metropolitan areas for which an Economy At A Glance table is available: Burlington-South Burlington, VT (Metropolitan NECTA) Geographically based survey data available from BLS: Employment & Unemployment. This is consistent with a Vermont labor market that: (1) did not lose as many jobs as its national or New England regional counterparts did during the “Great Recession,” and (2) made more significant recovery earlier in the labor market recovery process than was the case nationally and in many other states. The rate of payroll job growth is expected to be 1.2% in calendar year 2014, followed by increases of 2.0% in calendar year 2015 and 1.9% in calendar year 2016. o In terms of economic development advantages, the state enjoys the advantage of a well-educated work force, strong commitment to K-12 education, a well-developed telecommunications system covering nearly all of the state, small-accessible size that makes business entry, networking, and government officials “accessible,” low crime rates, a reputation for high quality natural and recreation amenities, and a strong brand identity for certain types of products and services. The state’s unemployment rate is expected to continue in its current position as lowest in New England (as it has for the last 3 years) and to perform consistently superior to U.S. unemployment rate (the State’s unemployment rate has ranked it second lowest in the U.S. in recent times) throughout the calendar year 2014–2018 forecast timeline. Looking at the labor market recovery to-date from the “Great Recession” in Vermont, the data show that the State has re-captured 12,700 jobs, or 86.4% of the 14,700 jobs the State lost during the downturn.

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