Public Assets Institute The typical Vermont family saw modest income growth last year, but it was not enough to keep up with inflation. According to new data from the U.S. Census, Vermont median household income1 rose to $73,991 in 2022. That was a 2.2 percent increase from 2021, the second smallest increase in the country. Only New Hampshire had a smaller increase.
The picture looks a little bleaker when inflation is taken into account. Vermont median household income actually fell last year, by 5.5 percent, after adjusting for inflation.
The 2022 change was something of a reversal for Vermont—and New Hampshire—from the previous year. The Census released no state income data for 2020, the first year of the Covid pandemic. But between 2019 and 2021, Vermont and New Hampshire were ranked 1st and 2nd in the growth of median household income. In 2022, they ranked 49th and 50th.
The number of Vermonters employed has continued to rise in 2023. The count for August was still below the pre-pandemic level. But if the pace of growth continues through the rest of the year, there will be more Vermonters employed in December 2023 than in December 2019.
Source: 9.19.2023. Public Assets Institute Vermont median household income takes a hit | Public Assets Institute