What Are The Biggest Industries in Vermont?
Vermont’s bustling economy is driven mainly by a few key industries. Despite its small size, the state’s employment and economic activity are seen in industries as diverse as agriculture, trade, tourism, defense and technology. In this article, we’ll be taking a close look at these leading industries and what they mean to the Vermonters who work in them.
Agriculture
Agriculture is a major mainstay of Vermont’s economy. It is estimated that 10.1 percent of the workforce is involved in agriculture, aquaculture and related industries. In 2013, for instance, the agriculture industry in Vermont contributed $2.2 billion to the economy, according to the A.C. Galloway Company. The bulk of this comes from dairy farming, poultry farming, maple syrup production and grain production. Dairy farms alone account for nearly $900 million of the ag industry’s contribution to the state’s economy.
Trade
Trade is a major component of Vermont’s economy. The state is home to several large businesses, including textile manufacturers, paper mills and other industrial firms. These businesses help Vermont remain competitive economically. Additionally, a number of smaller businesses throughout the state also contribute to the economy by providing goods and services.
Tourism
Tourism is another essential industry for Vermont. With its beautiful mountains and scenic countryside, the state draws visitors from all over the world. Yearly, visitors spend billions in the state and their spending helps to boost the local economy. In 2013, for instance, visitors spent $2.2 billion in the state, according to the Department of Tourism and Marketing.
Defense Industry
Another major industry in Vermont is the defense industry. The state is home to several major military bases and has been an important site of defense production for many years. The defense industry supports numerous jobs in the state and provides a valuable source of income for many Vermonters.
Technology
Vermont is also home to a thriving technology sector. The state is home to numerous startup companies, many of which are focused on the application of advanced technology in the business world. These businesses have the potential to provide hundreds of new jobs and spur economic growth.
The Benefits of Vermont’s Industries
The various industries in Vermont provide a wide range of benefits to the people of the state. The agriculture industry, for example, helps to create jobs in rural areas, where employment opportunities are often scarce. Additionally, the industry provides a supply of fresh, local food, which is both nutritious and convenient.
The trade industry helps to keep the cost of living low and ensures that the state’s economy remains strong. The booming tourism industry is essential for keeping the state’s economy diverse and providing jobs for Vermonters of all skill levels. The defense industry supports a large number of jobs and helps to stimulate innovation in fields such as technology. The technology industry is essential for keeping Vermont competitive on the global stage.
Vermont’s economy is driven by a variety of industries, including agriculture, trade, tourism, defense and technology. The state’s industries provide a source of income for many Vermonters and help to keep the cost of living low. Additionally, the various industries help to spur innovation and ensure that Vermont remains competitive on the global stage. Together, these industries help to make Vermont a great place to work, live and visit.
