3 Cities to Watch
Source: U.S. Department of Labor
Neil Pierson is editor of Scotsman Guide Commercial Edition.
Reach him at (800) 297-6061 or firstname.lastname@example.org.
Vermont’s unemployment rate of 2.8 percent this past July was the 11th
straight month the state had a rate below 3 percent. Since 2008, Vermont
has consistently had a lower unemployment rate than the nation as a
whole. Vermont added 4,000 jobs during the first half of 2018, according to
the U.S. Department of Labor. Education and health services is the largest
employment sector, followed by government; trade, transportation and
utilities; leisure and hospitality; and manufacturing.
The Burlington metro area, where 124,000 jobs are located, saw year-over-year employment declines this past June in the information, manufacturing, and professional and business-services sectors. The average weekly
wage of $1,021 in the greater metro area as of fourth-quarter 2017 lagged
behind the national average of $1, 109, according to labor statistics.
A 2018 report from the Computing Technology Industry Association
reveals that Vermont has 1,600 tech-related companies that contribute
$2.3 billion to the state’s economy. The average tech-industry job in
Vermont pays $83,640 per year, compared to the average private-sector
wage of $45,760. And the state saw a 32. 5 percent increase from 2016 to
2017 in job postings for emerging-technology sectors, such as drones,
artificial intelligence, machine learning and blockchain.
The Vermont Technology Alliance reports the tech sector accounts
for about one in four jobs in the state. The number of tech jobs grew
8. 3 percent from 2005 to 2014, compared to 1.2 percent for all other
employment sectors, and the state’s tech industry is projected to grow
by 7. 5 percent annually from 2014 to 2022. The high wages paid by tech
companies help to sustain the state’s traditional businesses as well, such
as agriculture and food production, the alliance reported.
Located on the eastern shore of Lake Champlain, this city of 42,000
is the center of Chittenden County and its population of more than
162,000. Home to many outdoors activities, a bustling arts scene and
the University of Vermont (UVM), its major employers include UVM
Medical Center; People’s United Bank; Burton Snowboards; as well as
Dealer.com, an auto-industry marketing company. The $225 million
mixed-use project called CityPlace in downtown Burlington will feature
nearly 300 apartments and about 350,000 square feet of office and
retail space when completed.
Originally chartered in 1781, Montpelier is the nation’s smallest state
capital, with about 8,000 residents. The city prides itself on a vibrant
arts, recreation and culinary scene, as well as quality schools. Multiple
grants are helping to build the $8 million Taylor Street redevelopment
project, which will include 30 new downtown housing units and the
city’s new transportation hub. Montpelier is within a three-hour drive
of both Boston and Montreal.
This city of more than 15,000 lost about 6 percent of its population from
April 2010 to July 2017, U.S. Census Bureau figures show, but Rutland
County (population 70,000) remains one of Vermont’s major employment centers. General Electric and Rutland Regional Medical Center
each employ more than 1,000 people. Natural resources such as marble,
slate, limestone and lumber drive the local economy. Since 1856,
Rutland has been home to the Vermont State Fair, which has previously
boasted entertainers such as Loretta Lynn, Roy Rogers and Vince Gill.
Sources: Burlington Free Press, City of Montpelier, Computing Technology Industry
Association, Forbes, History.com, Montpelier Development Corp., New England Real
Estate Journal, Rutland Region Chamber of Commerce, Ski Vermont, U. S. Census Bureau,
U. S. Department of Labor, U.S. News & World Report, Vermont Department of Economic
Development, Vermont Department of Tourism and Marketing, Vermont State Fair,
Vermont Technology Alliance.