Vermont’s Job Market Shows Mixed Signals as Growth Slows
MONTPELIER, VT — The Public Assets Institute reports that Vermont added approximately 1,600 net new jobs during the 12-month period ending March 2024, with nearly 70% of these positions stemming from new businesses. Following a surge in job growth post-pandemic, the pace has notably decelerated, particularly among existing private sector employers, marking the most significant decline in the year leading up to March 2024.
Net new jobs are calculated as the balance between positions generated by newly established or expanding businesses and jobs lost due to layoffs or closures. In total, existing private sector businesses contributed over 15,700 jobs between March 2023 and March 2024. However, they also accounted for more than 15,200 layoffs, resulting in a modest net gain of fewer than 500 jobs. Conversely, startups in the state were responsible for about 8,600 jobs, while business closures eliminated nearly 7,500, thereby yielding a net increase of around 1,100 from new ventures.
In a more recent development, Vermont employers added roughly 700 jobs in October 2024, including 400 in the private sector. However, this growth coincided with a slight decrease in both the labor force and the number of employed Vermonters, leading to an additional 240 residents seeking unemployment benefits. Consequently, Vermont’s unemployment rate edged up to 2.3%, although it remains the second lowest in the nation.
As the state navigates a challenging economic landscape, the data reflects a complex employment environment, with both new job creation and existing job volatility marking the current economic narrative in Vermont.
For more information, visit Public Assets Institute.
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