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EDA provides economic development financial assistance to communities so they can encourage innovation and entrepreneurship in a way that works best for them.
At $35 billion, Vermont has the smallest economy in the U.S. Its five-year average unemployment rate of 2.9% was the fourth lowest among states, but Vermont suffers from business costs that are 12% above the national average.
The Department of Economic Development works to improve the economic well-being and quality of life of Vermonters, while preserving our natural resources and community values.
FAQ. What's so important about a CEDS? A Comprehensive Economic Development Strategy is federally-approved planning and action tool for strengthening Southern Vermont's economy. It relies on a broad array of participants to set realistic goals and, later on, to deliver measurable results.
Labor Force Vermont's economy is led by tourism, manufacturing, and agriculture, with tech and food manufacturing sectors becoming more prevalent. Northwest Vermont is home to the state's largest economic center, Burlington, with other cities and towns in the region such as Essex, St.
The purpose of the Economic Development Council is to develop and implement a proactive economic development strategy that addresses issues relating to economic development, business retention and job creation.
In the 1st quarter of 2023, the real GDP for Vermont was $40.9 billion in goods and services per year.
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The Vermont Employment Growth Incentive (VEGI) program provides cash payments to businesses that have been authorized to earn the incentive and who then meet performance requirements.