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Economy
tate government in particular, but government in general dominates Montpelier's
economy, which has contributed to the increasing proportion of the service
sector. Approximately 2,300 State employees work in Montpelier, most within
the downtown area.
Many federal agencies and non-profit agencies are located in Montpelier.
The Finance, Insurance, and Real Estate (FIRE) sector of the economy is
very strong in Montpelier since a number of prominent insurance companies
are headquartered here. National
Life of Vermont, among the largest insurance companies in the country,
employs approximately 900 people in its Montpelier offices.
Montpelier's workforce is well educated, with nearly 17% of its adult residents
holding an advanced degree, and well paid compared to regional and state
averages.
Following are tables indicating employment,
income, and educational data for Montpelier and the region.
|
Employment
by Sector
in Montpelier (1995)
|
Sector
|
#
Employed
|
%
of
Labor
Force
|
| State
Government |
2,387 |
28% |
| Service |
2,072 |
24% |
| FIRE |
1,540 |
18% |
| Retail |
1,166 |
14% |
| Local
Government |
456 |
5% |
| Manufacturing |
247 |
3% |
Transportation
& Utilities |
243 |
3% |
| Federal
Government |
148 |
2% |
| Wholesale |
120 |
1% |
| Construction |
64 |
1% |
Source: Vermont Department of Employment and Training
Top
Ten Employers
in Montpelier (1996) |
Employer
|
#
Employees
|
| State of Vermont (Government) |
2,370 |
| National Life (Insurance) |
950 |
| Washington County
Mental Health (Non-profit) |
340 |
| Montpelier Schools |
200 |
| Vermont Mutual (Insurance) |
180 |
| New England Culinary
Institute (Education) |
135 |
| City of Montpelier
(Government) |
93 |
| Vermont College (Education) |
80 |
| Grand Union (Retail) |
70 |
| Transportation Rentals
(Transportation) |
30 |
| Source: Vermont
Bond Bank |
Educational
Attainment
of Persons Over 25 Years (1990) |
|
Montpelier |
Washington
County |
Vermont |
Education
|
Number
|
Percent
|
Number
|
Percent
|
Number
|
Percent
|
| No
H.S. Diploma |
774 |
13.9 |
6,652 |
18.7 |
68,637 |
19.2 |
| H.S
Graduate |
2,159 |
38.8 |
17,695 |
49.7 |
176,024 |
49.3 |
| College
Degree * |
1,698 |
30.5 |
8,000 |
22.5 |
80,850 |
22.6 |
| Advanced
Degree |
936 |
16.8 |
3,256 |
9.2 |
31,734 |
8.9 |
*Includes
both Associate and Bachelor Degrees
Source: 1990 U.S. Census, STF3A |
| Average
Annual Unemployment Rates |
|
Montpelier |
Washington
County |
Vermont |
|
Year
|
Number
|
%
|
Number
|
%
|
Number
|
%
|
| 1990 |
230 |
4.9 |
1,500 |
5.0 |
15,000 |
5.0 |
| 1991 |
300 |
6.4 |
2,050 |
6.8 |
20,000 |
6.4 |
| 1992 |
360 |
7.8 |
2,200 |
7.3 |
21,000 |
6.6 |
| 1993 |
240 |
5.2 |
1,700 |
5.5 |
17,000 |
5.4 |
| 1994 |
220 |
4.6 |
1,500 |
4.9 |
15,000 |
4.7 |
| Source:
Vermont Department of Employment and Training |
Median
Household
& Family Income |
|
Montpelier |
Washington
County |
Vermont |
Year
|
Household
|
Family
|
Household
|
Family
|
Household
|
Family
|
| 1980 |
$14,486 |
$19,211 |
$14,382 |
$17,006 |
$14,791 |
$17,206 |
| 1990 |
27,702 |
39,151 |
29,623 |
35,396 |
29,792 |
34,780 |
| %
Change |
91% |
103% |
105% |
108% |
101% |
102% |
| Source:
U.S. Census (not adjusted for inflation) |
| Cost of Living Indicators |
| Average Home
Value |
$105,272 (1995) |
| Cost of Living
Index |
109 (based on
US
average of 100) |
| Average Rent |
$353 (1995) |
| Average Annual
Wage |
$25,107
(1990 census) |
| Property Tax
Rate |
$2.85/$1,000
assessed value (1995) |
| Local Income
Tax |
none |
| Local Sales
Tax |
none |
| State Sales
Tax |
6% |
|
|
Turns
out that Montpelier is the place to be. |
Links & Resources
-
- EconData.net,
Web sources for economic activity
- Vermont
Community Data Bank
-
- Vermont
Dept. of Taxes, featuring Vermont meals & room, sales
& use, property transfer, and income tax statistics
-
- Vermont
Housing Data, the largest single source for Vermont-related market rate and affordable housing information
- Vermont
Labor Market
- Vermont
Social & Economic Indicators
- Vermont
State Data Center for U.S. Census Bureau information &
data
Updated July 13, 2004 -- format only unfortunately; content to be updated
VERY soon. |
