COVID relief continued to boost income in 2021

-A A +A

COVID relief continued to boost income in 2021

Fri, 03/25/2022 - 4:18pm -- tim

Public Assets Institute In 2021 Vermont saw its second-highest gain in personal income in 10 years—4.5 percent. But preliminary numbers from the U.S. Bureau of Economic Analysis show that Vermont’s total state personal income—earnings, dividends, interest, rents, and government transfers—had the lowest rate of growth among the states. One reason: Vermont was one of only two states where Medicaid transfers declined from 2020 to 2021.

Vermont’s highest annual gain was in 2020, thanks to the first year of federal pandemic relief. COVID-related payments grew in 2021—but more slowly than in other states—and continued to make up nearly 6 percent of Vermont’s personal income. Earnings, dividends, interest, and rents also increased.

THIS MONTH

Labor force gains
In the first two months of 2022, Vermont added 1,500 people to the workforce, bringing the number of people working or seeking work to just over 330,000. This gain comes as more workers moved into paid employment and unemployment fell. The labor force was still 27,000 people smaller than at its pre-pandemic peak.

Public Assets Insittute, Montpelier 3.25.2022 https://publicassets.org/