(The Center Square) — Vermont saw a population boom in 2021, but the influx of new arrivals appears to be slowing, according to new census figures.
The new U.S. Census data, released by Vermont Treasurer Mike Pieciak’s office, shows an estimated 23,170 people moved out of the state in 2022, offset by a net gain of 26,151 people moving into the state.
The net increase of nearly 3,000 new Vermonters last year is a substantial decline from the net 14,548 people who moved to the state in 2021, according to the report based on state migration data released in October by the Census Bureau.
The report’s authors noted that the combined net migration from the last two years still exceeds Vermont’s combined net migration from the past decade.
“Thanks in part to the flexibility of remote work, Vermont continues to be a desirable destination for those seeking a better quality of life,” Pieciak said in a statement.
He said the data shows progress on “reversing Vermont’s long-standing demographic challenges” but “has also put immense pressure on our housing market.”
“This shows how important it is to address Vermont’s housing shortage,” he said. “It’s not just holding back the full potential of our economy, it’s also worsening social issues like homelessness.”
Data released by the Treasurer’s office shows that the majority of Vermont is leaving the state and flocking to neighboring New York, Massachusetts and New Hampshire. The data shows that others relocated to Florida and as far away as California.
Vermont has some of the highest housing costs in the nation, with the average price of a single-family home increasing to $399,000 in October, according to the Vermont Association of Realtors latest report. That’s an 8% increase over the same month last year, the association said.
Meanwhile, closed sales continue to see double-digit declines, falling by nearly 8.2% since last year. There were 584 single-family residential home closings in October, the report notes.
In September, the state announced it was pumping more than $55 million into boosting its housing stock under the “10% in Vermont” program. The money will leverage an estimated $340 million in new capital to “support” the cost of building 1,100 housing units, state officials say.
Under the disbursement, at least $50 million will be diverted to the Vermont Housing Finance Agency, $5 million will go to the Vermont Economic Development Authority and $500,000 to the Northern Forest Center, the treasurer’s office said.
