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Report analyzes VT small business economy
MONTPELIER, Vt. – Vermont small businesses employ 156,760 workers, approximately three-fifths of the state’s workforce, according to a new state-by-state report released June 17 by the Small Business Administration Office of Advocacy.
Vermont’s unemployment rate dropped from 5.1 percent in December 2012 to 4.2 percent in December 2013. The national unemployment rate average is 6.7 percent.
The report also shows Vermont has 77,726 small businesses, most of which are sole proprietors. Annual income from sole proprietorships increased 7.6 percent in the 3rd quarter of 2013 and totaled $2.3 billion.
“No small business is the same. From an innovative startup to a family run small business on Main Street, the story of entrepreneurship is constantly being re-affirmed. This is why America remains a vibrant nation,” said Dr. Winslow Sargeant, Chief Counsel for Advocacy.
The Office of Advocacy is an independent office within the SBA. Each year the office releases small business profiles for each state and territory. Vermont’s report includes information about the number of firms, employment, demographics and other statistics using the most recently available government data.