Vermont Business Magazine A new study from Business Roundtable finds that international trade supports 89,300 jobs in Vermont, representing more than one out of every five jobs in the state. Trade with Canada and Mexico alone supports 27,600 jobs in Vermont, highlighting the need to preserve and strengthen the North American trading relationship by passing the United States-Mexico-Canada Agreement (USMCA) this year.
"The CEO members of Business Roundtable, who lead companies with more than 15 million employees, strongly support congressional passage of USMCA implementing legislation this year. We stand united to preserve and modernize North American trade, which supports over 12 million jobs and a strong U.S. economy," said Tom Linebarger, Chairman and CEO of Cummins Inc. and Chair of the Business Roundtable Trade & International Committee.
The study – prepared by Trade Partnership Worldwide with the latest-available employment data from 2017 – examines the net impacts of both exports and imports of goods and services on U.S. jobs in all 50 states. It also compared 2017 data to pre-NAFTA data from 1992. The study found that trade-supported jobs in Vermont increased by 94 percent from 1992 (when NAFTA was implemented) to 2017 – more than five times faster than total employment.
The study also reveals:
- Vermont exported $1.3 billion in goods and services to Canada and Mexico in 2017;
- Goods and services exports account for 11.5 percent of Vermont’s total GDP; and
- Trade has a positive net impact on both the services and manufacturing sectors across the country.
- In 2017, free trade agreement (FTA) partners purchased 15.2 times more goods per capita from Vermont than non-FTA partners.
A summary of Vermont data can be found here. The full study can be found here.
A summary of data on Vermont's trade with Canada and Mexico can be found here.
Business Roundtable CEO members lead companies with more than 15 million employees and $7.5 trillion in revenues. The combined market capitalization of Business Roundtable member companies is the equivalent of over 27 percent of total U.S. stock market capitalization, and Business Roundtable members invest nearly $147 billion in research and development – equal to over 40 percent of total U.S. private R&D spending. Our companies pay $296 billion in dividends to shareholders and generate $488 billion in revenues for small and medium-sized businesses. Business Roundtable companies also make more than $8 billion in charitable contributions. Business Roundtable CEO members lead companies with more than 15 million employees and $7.5 trillion in revenues. The combined market capitalization of Business Roundtable member companies is the equivalent of over 27 percent of total U.S. stock market capitalization, and Business Roundtable members invest nearly $147 billion in research and development – equal to over 40 percent of total U.S. private R&D spending. Our companies pay $296 billion in dividends to shareholders and generate $488 billion in revenues for small and medium-sized businesses. Business Roundtable companies also make more than $8 billion in charitable contributions.
Source: Business Roundtable 4.25.2019