barbados economy

Economy

St. Cro...

St. Croix Eyes Economic Growth with Potential Ship Repair Facility That Could Generate Up to $73 Million Annually

  • Ernice Gilbert
  • May 24, 2024

The U.S. Virgin Islands is considering expanding its maritime capabilities with a new shipyard in the South Shore Trade Zone (SSTZ) on St. Croix, according to the V.I. Economic Development Authority, which commissioned a feasibility study conducted by First Marine International, a subsidiary of Royal HaskoningDHV. Driven by the feasibility study, the initiative explores the potential for establishing a ship repair facility that could significantly boost local economic growth. The study, completed on May 9, 2024, reveals that such a facility could generate annual revenues ranging from $39 million to $73 million, depending on the docking configuration implemented. These configurations could accommodate vessels up to 574 feet, aligning with the existing infrastructure capacities of St. Croix's South Shore, including a turning basin diameter of 1,115 feet and a channel width of 295 feet . The ship repair industry is noted for its high employment and economic multipliers due to its labo...

latest