Economy of Vermont
Thursday, January 4th, 2007Economy of Vermont
According to the 2004 U.S. Bureau of Economic Analysis report, Vermont’s gross state product was $22.1 billion. The per capita personal income was $32,770 in 2004. Over the past two centuries, Vermont has had both population explosions and population busts. First settled by farmers, loggers and hunters, Vermont lost much of its population as farmers moved west into the Great Plains in search of abundant, easily tilled land. Logging similarly fell off as over-cutting and the exploitation of other forests made Vermont’s forest less attractive.
Although these population shifts devastated Vermont’s economy, the early loss of population had the beneficial effect of allowing Vermont’s land and forest to recover. The accompanying lack of industry has allowed Vermont to avoid many of the ill-effects of 20th century industrial busts, effects that still plague neighboring states. Today, most of Vermont’s forests consist of second-growth.
Of the remaining industries, dairy farming is the primary source of agricultural income. An important and growing part of Vermont’s economy is the manufacture and sale of artisan foods, fancy foods, and novelty items trading in part upon the Vermont “brand” which is managed by the Vermont Secretary of Agriculture and fiercely defended by the Vermont Secretary of State and Attorney General. Examples of these specialty exports include Cabot Cheese, the Vermont Teddy Bear Company, Fine Paints of Europe, Vermont Butter and Cheese Company, several micro breweries, ginseng growers, Burton Snowboards, Lake Champlain Chocolates, King Arthur Flour, and Ben and Jerry’s Ice Cream. Vermont’s Agency of Agriculture, Food & Markets maintains the highest dairy standards in the U.S. Only France’s Minister of Agriculture, Food, Fishing and Rural Affairs (see Minister of Agriculture (France)) has standards for butterfat content equal to Vermont’s. (more…)