- 1,040 more businesses
- 16,670 more employees
- 27.4% increase in total wages
- $7,244 in additional annual wages per employee
- 19.1% increase in wages per employee
Since 2009, the number of businesses in Vermont has grown by 4.5% (5.0% less than the national average of 9.5%). Employment in Vermont has grown by 7.0% (7.5% less than the national average of 14.4%). Wages have grown by 19.1% since the end of the Great Recession. This wage growth is 3.5% less than the national average of 22.5%.
The average weekly wage in Vermont of $869 is 18.3% below the national average of $1,064. The gap between the national average has widened from 15.9% a widening of 2.4% since the end of the recession.
The Professional services sector has the most businesses in the state of Vermont . Since the end of the recession, the number of businesses has grown from 2,883 to 3,519, a gain of 22.1%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||1,831||1,735||5.5%|
|Finance and insurance||970||972||-0.2%|
|Real estate and rental||730||747||-2.3%|
|Transport and warehousing||562||558||0.7%|
|Agriculture and forestry||494||386||28.0%|
|Arts and entertainment||435||394||10.4%|
|Mining and oil extraction||58||63||-7.9%|
The Retail and Construction sectors of Vermont have not performed well since 2009 both having the number of businesses contract by 12.6% and 6.5% respectively. There has been significant growth in Waste services, which increased by 36.2% and Agriculture and forestry which has grown by 28% since the recession.
The Healthcare sector employs the most workers in the state of Vermont . The number of jobs has increased 11.8% since the end of the recession from 46,448 to 51,924. The table below illustrates the change in employment in each sector:
|Accommodation and food services||32,938||27,857||18.2%|
|Finance and insurance||8,725||9,067||-3.8%|
|Transport and warehousing||6,575||6,426||2.3%|
|Arts and entertainment||4,399||3,799||15.8%|
|Agriculture and forestry||3,286||2,513||30.8%|
|Real estate and rental||3,006||3,035||-1.0%|
|Mining and oil extraction||616||649||-5.1%|
Several sectors have lost jobs since 2009 including the second largest employer, Retail trade, which has declined by 0.7% and the fourth largest sector, Manufacturing, which has lost 5.3% of its workers. The sector that has added the highest percentage of jobs is Waste services at 41.2% and Agriculture and forestry which has added 30.8%
The sector with the highest wages is the Utilities sector at $1,996. Prior to the recession, the sector’s average weekly wage was $1,690. This is an increase of $306 per week or 18.1%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,551||$1,182||31.2%|
|Mining and oil extraction||$1,148||$1,067||7.6%|
|Real estate and rental||$809||$630||28.4%|
|Transport and warehousing||$782||$700||11.7%|
|Agriculture and forestry||$635||$527||20.5%|
|Arts and entertainment||$466||$399||16.8%|
|Accommodation and food services||$425||$339||25.4%|
The sector that has experienced the lowest wage growth is Mining and oil extraction. This is the states smallest employer and increased 7.6% since 2009. The two other lagging sectors are Transport and warehousing which increased 11.7% and Manufacturing which increased 11.8%. Three sectors increased wages in excess of 30% during the period; Company Management (+33.2%), Waste services (+31.3%) and Finance and insurance (+31.2%).
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Wholesale trade agents and brokers which has grown 145.6%. The top industry that has contracted the most is Private households which has contracted by 16.6% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Computer systems design and related services||897||493||81.9%|
|Residential building construction||818||905||-9.6%|
|Management consulting services||546||429||27.3%|
|Offices of lawyers||411||426||-3.5%|
|Gasoline stations with convenience stores||383||401||-4.5%|
|Wholesale trade agents and brokers||361||147||145.6%|
|Accounting and bookkeeping services||345||320||7.8%|
|Automotive mechanical and electrical repair||340||335||1.5%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Computer systems design and related services which has grown 38.1%. The industry that has lost the most employees is Supermarkets and other grocery storeswhich has contracted by 0.8% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||13,569||11,954||13.5%|
|Hotels and motels, except casino hotels||11,248||9,359||20.2%|
|Supermarkets and other grocery stores||8,173||8,238||-0.8%|
|Services for the elderly and disabled||7,438||6,814||9.2%|
|Colleges and universities||5,222||4,520||15.5%|
|Offices of physicians||4,975||4,982||-0.1%|
|Computer systems design and related services||4,128||2,990||38.1%|
|Nursing care facilities, skilled nursing||3,882||3,870||0.3%|
|Gasoline stations with convenience stores||3,725||3,482||7.0%|
|Outpatient mental health centers||3,488||2,593||34.5%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Nonscheduled air transportation which has grown 160.6%. The average weekly wage in the Investment advice industry has grown by 38.3% since the recession. This is the industry with the lowest change in wages amonth the top industries in Vermont . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$3,852||$2,325||65.7%|
|Plastics materials merchant wholesalers||$2,676||$1,150||132.7%|
|Computer and software merchant wholesalers||$2,608||$1,942||34.3%|
|Medical equipment merchant wholesalers||$2,263||$1,790||26.4%|
|Other chemicals merchant wholesalers||$2,180||$861||153.2%|
|Nonscheduled air transportation||$2,179||$836||160.6%|
|Direct life and health insurance carriers||$2,171||$1,399||55.2%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has grown from 10 to 13, which is an increase of 30.0%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 4,110 to 3,868, which is a decrease of 5.9%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||15,171||13,751||10.3%|
|More Than 1,000 Employees||13||10||30.0%|
The biggest percentage change in the number of employees has been in businesses with 250 to 499 employees. The number of employees in companies this size has grown from 12,677 to 15,601, which is an increase of 23.1%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 26,950 to 25,476, which is a decrease of -5.5%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||22,986||22,008||4.4%|
|More Than 1,000 Employees||23,001||20,179||14.0%|
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $703 to $999, which is an increase of 42.1%.
The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $929 to $1,024, which is an increase of 10.2%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$999||$703||42.1%|
|More Than 1,000 Employees||$981||$847||15.8%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.