The Northeast Kingdom & Vermont Newport, VT October 24, 2014 Mathew Barewicz Economic & Labor Market Information Division Vermont Department of Labor www.vtlmi.info.

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Presentation transcript:

The Northeast Kingdom & Vermont Newport, VT October 24, 2014 Mathew Barewicz Economic & Labor Market Information Division Vermont Department of Labor

E&LMI: W HO ARE WE ? The Economic & Labor Market Information Division – housed in the Vermont Department of Labor – state partner to the federal government – 100% federally funded Purpose: - to produce, explain and disseminate economic data for the benefit of the State of Vermont, educational institutes, employers, students, job-seekers, researchers, and the general public.

Nationwide, job losses during this recession outpace anything in recent history:

The Great Recession: Digging out of a very deep hole

Perhaps the most troubling US trend…

Losses in Vermont resemble 1990… But recovery has been far slower

The Burlington MSA has outpaced the state

S O WHAT DOES IT ALL MEAN ? -The economy is just now getting back to where it was before the last recession -The “recovery” has not been felt by all -And what about the NEK???

T HE R ECENT E CONOMIC H ISTORY OF THE NEK

T HE R ECENT E CONOMIC H ISTORY OF THE NEK

T HE R ECENT E CONOMIC H ISTORY OF THE NEK But that doesn’t tell us anything… – Differences in industry composition and occupational opportunities – Average wage is not the experience of all – Inflation – Etc…

D ATA L IMITATIONS - A VAILABILITY

T HE R ECENT E CONOMIC H ISTORY OF THE NEK

% Change: Employment 2000 v

B UT B EFORE I GO … -A quick point about the labor force…

Labor Force Percent Change by Age Group: Projected Total labor force growth= 5.5%

T HE F UTURE …. MAYBE

E&LMI: R ESOURCES Regional information Publications like the Economic & Demographic Profile Series Employment by Industry data; Including breakdowns by county and by size of firm Employer Database – publicly* available, searchable directory of employers *(not VDOL data)

Questions…. & Thank you! Mathew Barewicz Economic & Labor Market Information Division Vermont Department of Labor

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