Summary of Findings

Vermont had 1,112 wholesale establishments in 1992 with $4.5 billion
in sales. This represents a 12.8 percent increase in wholesale
establishments and a 59.7 percent increase in sales over 1987 according
to the 1992 Census of Wholesale Trade conducted by the Bureau of the
Census, U.S. Department of Commerce. 

Merchant wholesalers accounted for 92.2 percent or 1,025 of the total
establishments and 88.0 percent or $4.0 billion of the total sales in
1992 compared with 91.3 percent of the establishments and 92.0 percent
of the sales in 1987. Manufacturers' sales branches and offices with 45
establishments and $440.6 million in sales and agents, brokers, and
commission merchants with 42 establishments and $104.4 million in sales
made up the rest of the wholesale trade total in 1992. 

Sporting and recreational goods and supplies wholesalers were the
largest group of wholesalers by kind of business in terms of sales with
$262.1 million followed by petroleum bulk stations and terminals with
$217.1 million and industrial machinery and equipment wholesalers with
$203.2 million. Out of 69 kind of business groups, these three
accounted for 15.1 percent of the total sales in the State. 

Annual payroll for all wholesalers in the State was up from $205.1
million in 1987 to $306.9 million in 1992. Merchant wholesalers had
annual payroll of $271.6 million in 1992 while manufacturers' sales
branches and offices recorded $31.4 million and agents, brokers, and
commission merchants had $3.9 million. 

Employment by all wholesalers in Vermont as of mid-March 1992 was
11,353, an increase of 10.5 percent since 1987. Merchant wholesalers
with 10,358 employees accounted for 91.2 percent of the total wholesale
employment in 1992 compared with 93.3 percent in 1987. 

Inventories of $394.6 million were held at wholesale establishments in
the State at the end of 1992. Merchant wholesalers held 95.7 percent of
these inventories while manufacturers' sales branches and sales offices
held 4.3 percent and agent, brokers, and commission merchants held .0
percent. Inventories of all wholesalers increased during 1992 by 17.9
percent while those of merchant wholesalers increased 18.6 percent. 

Payroll per employee in the State averaged $27.0 thousand for all
wholesalers in 1992, an increase of 35.4 percent since 1987. Merchant
wholesalers averaged $26.2 thousand per employee while manufacturers'
sales branches and offices was $38.7 thousand and agents, brokers, and
commission merchants were $21.4 thousand in 1992. 

Annual payroll as a percent of operating expenses for all wholesalers
increased from 45.3 percent in 1987 to 46.6 percent in 1992. The ratio
for merchant wholesalers was 45.8 percent; for manufacturers' sales
branches and offices it was 54.8 percent; and for agents, brokers and
commission merchants it was 45.5 percent.