COVID’s toll on business was less disastrous than feared

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COVID’s toll on business was less disastrous than feared

Fri, 11/19/2021 - 4:58pm -- tim

Public Assets Institute Vermont netted a loss of just 75 businesses between March 2020 and March 2021, according to new data from the US Bureau of Labor Statistics. That followed a net loss of 258 businesses during the previous 12 months, most of which occurred around the onset of the pandemic. Between March 2020 and March 2021, nearly 2,500 businesses shut their doors, but more than 2,400 opened or reopened, most likely thanks to massive federal spending to mitigate the economic effects of the pandemic.

Even though the state’s net loss of businesses was modest, job losses hit a record high during the same time. More than 40 percent of businesses eliminated positions, and new and expanding businesses offset just over half of the 38,000 jobs lost. Overall Vermont tallied 17,018 fewer jobs in March 2021 than in the same month the year before.

THIS MONTH

In October Vermont had 295,400 jobs, down from 300,900 in July, the highest level of the pandemic. Since then, job numbers have slipped. Last month Vermont was short 19,000 jobs compared with January 2020.

Source: Public Assets Institute | PO Box 942 Montpelier, VT https://publicassets.org/