Survey: Vermont 4th hardest hit by pandemic effect on tourism
Press release | Apr 15, 2020 | Comments 3
© 2020 Telegraph Publishing LLC
Vermont has been ranked fourth in the states hardest hit by the effects of Covid-19 on tourism, according to personal finance website Wallethub.
Looking at a number of factors having to do with a state’s dependence on tourism as an economic driver, the website came up with a 100-point scale on which Vermont comes in with a 64.6. The only states deemed more dependent on tourism were Hawaii, Montana and Nevada, in that order.
Vermont is highly dependent on both winter and summer tourism, with ski mountains, snowmobile and hiking trails throughout the state. It also boasts lakes, rivers and many acres devoted to state parks.
The factors taken into account included share of businesses in travel and tourism-related industries, share of employment in travel and tourism-related industries, share of travel and tourism industry generated gross domestic product and the default probability on loans of businesses in travel and tourism. These and a few others accounted for 85 points on the score.
Wallethub also included each state’s aggressiveness toward fighting coronavirus as a factor worth 15 points. These included stay-at-home orders and mandatory quarantine for travelers.
Vermont was ranked fifth in the country both for its dependence on the travel and tourism industry and aggressive action to fight the coronavirus.
States near the bottom included Alabama with 33.35 points, Nebraska with 31.30 points, Iowa with 30.42 points and Arkansas with 26.83 points.
Filed Under: Business & Personal Finance • Business in Brief • Covid 19 Coverage • Latest News
Yes, Vermont is highly dependent on tourism and just as important, second homeowners. The population of the “Vermonters” is aging and seriously declining. Kids finish high school, go to college and never come back. Hunting is falling off – young people don’t want to bear hunt, etc. Times a changin!
The bond ratings have been dropped for probably the first time ever. There is no economic growth, no industry. The state leaders decades ago put all the eggs into one basket, tourism. It would take a generation or longer to bring in technology and modern construction methods. The capital cost would be huge and require mega bonds to have money to build and develop. Of course, this would completely change the beauty and character of the state. I don’t want a housing development setting up shop in Londonderry or Jamaica, for instance. Act 250 is important.
My advice is to treat the tourists well and definitely the second homeowners. The rudeness and hostility I read by so many is very troublesome. I spend months up there and provide all kinds of jobs for “Vermonters”. Wake up and stop shooting yourselves in the foot.
Maybe after all this over Vermont will rethink all the monies put into tourism industry and try to get some higher paying manufacturing jobs to come into the state.When you think about it what is the highest income area of the state.Burlington!! not dependent on the tourism industry!! Maybe its time for Montpelier to rethink some of this
That is all we have is tourism. We hinder any other kind of development or growth. When was the last time a business tried to come into VT or grow in VT? Not worth the trouble, act 250 and the people thwarts any growth. And right now, many without jobs or working online with 2nd homes or long term ARBNB rentals are coming to VT to quarantine in place… here.