According to the U.S. Bureau of Economic Analysis, in 2025, Vermont's
gross domestic product was $48.3 billion, the lowest among all U.S. states. In , Vermont had a total employment of 239,758, and the total employer establishments were 20,696. , Canada was Vermont's largest foreign trade partner, followed by
Taiwan. Quebec received 75% of the state's exports to Canada. In , 7,457 new businesses were registered in Vermont. Retail sales reached in , according to U.S. Census Bureau data.
Personal income According to the U.S. Bureau of Economic Analysis, in 2025, Vermont's per capita personal income was $74,580. In , the state had a median household income of $67,674, with approximately 10.3% of the population at or below the poverty line. In 2007, about 80% of the 68,000 Vermonters who qualify for food stamps received them. 40% of seniors 75 years or older live on annual incomes of $21,660 or less. In 2011, 15.2% of Vermonters received
food stamps. This compares to 14.8% nationally. In 2011, 91,000 seniors received an annual average of $14,000 from
Social Security. This was 59% of the average senior's income. This contributed $1.7 billion to the state's economy.
Agriculture , agriculture, along with forestry and other animal industry, contributed 0.45% of the state's gross domestic product. , about 0.16% of the state's working population was engaged in agriculture jobs.
Dairy farming Dairy farming remains a primary source of agricultural income. In the second half of the 20th century, developers had plans to build
condos and houses on what was relatively inexpensive, open land. Vermont's government responded with a series of laws
controlling development to prevent the decline of Vermont's dairy industry. This proved ineffective, as the number of Vermont dairy farms has declined nearly 95% from the 11,206 dairy farms operating in 1947. , the state had 568 dairy farms, a decline from 658 in 2019, 1,138 in 2006, and fewer than 1,500 in 2003. The number of dairy farms has been diminishing by roughly 10% annually. Dairy farms control 80% of open land. While milk production rose, Vermont's
market share declined. Within a group of states supplying the
Boston and
New York City markets (called "Federal order Class I"), Vermont was third in market share, with 10.6%; New York has 44.9% and Pennsylvania has 32.9%. In 2007, dairy farmers received a record $23.60 for (11.63 gallons at $2.03/gallon) of milk. This dropped in 2008 to $17 ($1.46/gallon). The average dairy farm produced pounds of milk annually in 2008. The dairy barn remains characteristic of Vermont, but the 95% decrease in dairy farms between 1947 and 2021 means that preservation of dairy barns has increasingly become a matter of
preserving historic legacy rather than meeting a basic need of an agricultural economy. The Vermont Barn Census, organized in 2009 by educational and nonprofit state and local historic preservation programs, has worked to record the number, condition, and features of barns throughout Vermont. A significant amount of milk is shipped into the Boston market. Therefore, the Commonwealth of
Massachusetts certifies that Vermont farms meet Massachusetts sanitary standards. Without this certification, a farmer may not sell milk for distribution into the bulk market. In 2019, two-thirds of all milk in New England was produced by Vermont dairies. In 2007,
Windham County contained the largest concentration of kilns for drying lumber east of the
Mississippi River. The decline of farms has resulted in a regrowth of Vermont's forests due to
ecological succession. Today, most of Vermont's forests are
secondary. The state and
non-profit organizations are actively encouraging regrowth and careful forest management. Over 78% of the land area of the state is forested compared to only 37% in the 1880s, when sheep farming was at its peak and large amounts of acreage were cleared for grazing. Over 85% of that area is non-industrial, private forestland owned by individuals or families. In 2013, of wood was harvested in Vermont. A large amount of Vermont forest products are exports with being shipped overseas plus an additional to Canada. In 2017, the price of wood products had either plummeted or remained the same when compared to previous decades, which meant there was cause for concern with jobs in the industry. For example, in 1994, the price of a thousand board feet was $300, the same as it was in 2017. The price of wood chips has halved in the same time frame. In 1980, the price for a cord of wood was $50; in 2017, $25. For lack of demand, Vermont's forests are growing twice as fast as they are being cut.
Other , Vermont was the leading producer of
maple syrup in the United States at , representing 50.7% of the nation's total production. In , its production value totaled $56.0 million at $32.00/gallon. There were about 2,000 maple products producers in 2010. The
wine industry in Vermont started in 1985. As of 2007, there were 14 wineries. ,
apple growing is the third largest contributor to the state's agricultural economy, after dairy and maple syrup. Vermont orchards primarily grow
McIntosh apples, and the industry has seen a steady decline as consumer preferences have shifted to newer apple varieties. The number of acres devoted to apple growing decreased from approximately 3,700 in 1997 to just 1,700 in 2017, and many of the orchards now focus on growing apples for
cider production and providing
Pick-Your-Own orchards to appeal to the state's
agritourism market. In 1999, apples and
apple pie were named the official state fruit and state pie, respectively. Around 23% of Vermont's vegetable farms are organic.
Manufacturing As of 2015,
GlobalFoundries was the largest private employer in the state and provided jobs to 3,000 employees at its plant in the village of
Essex Junction within Chittenden County. A 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 the state manages and defends. Examples of these specialty exports include
Ben and Jerry's Ice Cream,
Burton Snowboards,
Cabot Cheese,
Fine Paints of Europe,
King Arthur Flour, the
Vermont Teddy Bear Company,
Vermont Creamery, several
microbreweries, and ginseng growers. In 2010, a
University of Connecticut study reported that Vermont, Rhode Island, and New Hampshire tied as the most costly states in the U.S. for manufacturers.
Energy Vermont has no fossil fuel reserves, however its forest products industry provides fuel for electricity generation and home heating. Electricity consumption per capita ranks it among the lowest 20% of states, and total electricity consumption was the lowest in the United States. Vermont consumed three times more electricity than it generated in-state in 2019, and imported its largest share of electricity from Canada. Vermont's 99.9% share of electricity generation from renewable sources was the highest among all 50 states.
Health An increasingly aging population is expected to increase demand for aging-related services and healthcare. The
University of Vermont Medical Center, with more than 8,800 employees, is the largest employer in the state. In 2010, all of Vermont's hospitals billed patients $3.76 billion, and collected $2 billion. 92,000 people are enrolled in Medicare. In 2011, Medicare spent $740 million on health care in the state. As of 2006, there were 305,000 workers in Vermont. Eleven percent of these are unionized. Out of a workforce of 299,200 workers, 52,000 were government jobs, federal, state, and local. A modern high unemployment rate of 9% was reached in June 1976. A modern low of 2.4% was measured in February 2000. As of May 2025, the unemployment rate was 2.6%. Employment grew 7.5% from 2000 to 2006. From 1980 to 2000, employment grew by 3.4%; nationally it was up 4.6%. Real wages were $33,385 in 2006 constant dollars and remained there in 2010; the nation, $36,871. As of 2014, the Pew Research Center estimated that farms in the state employed fewer than 5,000
illegal immigrants. In 2017, Vermont Governor Phil Scott announced that the state was "exploring a legal challenge" to the executive order signed by President
Donald Trump for Vermont law enforcement authorities to cooperate with
U.S. Immigration and Customs Enforcement and "perform the functions of immigration officers in relation to the investigation, apprehension, or detention of aliens".
Insurance Captive insurance plays an increasingly large role in Vermont's economy. With this form of alternative insurance, large corporations or industry associations form standalone insurance companies to insure their own risks, thereby substantially reducing their insurance premiums and gaining a significant measure of control over types of risks to be covered. There are also significant tax advantages to be gained from the formation and operation of captive insurance companies. According to the Insurance Information Institute, Vermont in 2009 was the world's third-largest domicile for captive insurance companies, following
Bermuda and the
Cayman Islands. In 2009, there were 560 such companies. In 2010, the state had 900 such companies.
Recreation Summer camps such as Camp Abnaki,
Camp Billings,
Camp Dudley, and Camp Hochelaga contribute to Vermont's tourist economy. In 2005, visitors made an estimated trips to the state, spending . In 2012, fall accounted for $460 million of income, about one-quarter of all tourism. In 2011, the state government earned $274 million in taxes and fees from tourism. 89% of the money came from out-of-state visitors. Tourism supported over 26,000 jobs, 7.2% of total employment. According to the 2000 census, almost 15% of all housing units in Vermont were vacant and classified "for seasonal, recreational, or occasional use". This was the second highest percentage nationwide, after
Maine. In some Vermont cities, vacation homes owned by wealthy residents of
New England and
New York constitute the bulk of all housing stock. According to one estimate, as of 2009, 84% of all houses in
Ludlow were owned by out-of-state residents. Other notable vacation-home resorts include
Manchester and
Stowe.
Hunting Hunting is controlled for
black bear,
wild turkeys, deer, and moose. There are 5,500 bears in the state. The goal is to keep the numbers between 4,500 and 6,000. In 2010, there were about 141,000 deer in the state, which is in range of government goals. However, these are distributed unevenly and when in excess of , reduce timber growth. In 2012, hunting of migratory birds was limited to October 13 to December 16.
Waterfowl hunting is also controlled by federal law.
Skiing and snowmobiling Resort Village Some of the
largest ski areas in New England are located in Vermont. Skiers and snowboarders visit
Burke Mountain Ski Area,
Bolton Valley,
Smugglers' Notch,
Killington Ski Resort,
Mad River Glen,
Stowe Mountain Resort, Cochrans Ski Area,
Sugarbush,
Stratton,
Jay Peak,
Okemo,
Saskadena Six,
Mount Snow,
Bromley, Brattleboro Ski Hill, and
Magic Mountain Ski Area. Summer visitors tour resort towns like
Stowe,
Manchester,
Quechee,
Wilmington,
Woodstock,
Mount Snow, and. The
effects of global warming have been predicted to shorten the length of the ski season across Vermont, which would continue the contraction and consolidation of the ski industry in Vermont and threaten individual ski businesses and communities that rely on ski tourism. In winter, Nordic and backcountry skiers visit to travel the length of the state on the
Catamount Trail. Several
horse shows are annual events. Vermont's state parks, historic sites, museums, golf courses, and new boutique hotels with spas were designed to attract tourists. In 2000–2001, there were 4,579,719 skier and snowboarder visits to the state. There were 4,125,082 visits in 2009–2010, a rise from recent years. In 2008, there were 35,000 members of 138 snowmobiling clubs in Vermont. The combined association of clubs maintains of trail often over private lands. The industry is said to generate "hundreds of millions of dollars worth of business."
Quarrying The towns of
Rutland and
Barre are the traditional centers of marble and granite quarrying and carving in the U.S. For many years Vermont was also the headquarters of the smallest union in the U.S., the
Journeymen Stonecutters' Association of North America, of about 500 members. The first marble quarry in America was on
Mount Aeolus overlooking
East Dorset. The granite industry attracted numerous skilled stonecutters in the late 19th century from Italy, Scotland, and Ireland. Barre is the location of the
Rock of Ages quarry, the largest
dimension stone granite quarry in the United States. Vermont is the largest producer of slate in the country. The highest quarrying revenues result from the production of dimension stone. The Rock of Ages quarry in
Barre is one of the leading exporters of granite in the country. The work of the sculptors of this corporation can be seen down the road at the
Hope Cemetery, where there are gravestones and mausoleums.
Nonprofits and volunteerism There were 2,682 nonprofit organizations in Vermont in 2008, with in revenue. The state ranked ninth in the country for volunteerism for the period 2005–08. 35.6% of the population volunteered during this period. The national average was 26.4%. ==Education==