Economy

New Data Reveals USVI Lost 4,500 Jobs After Irma And Maria; Territory's Heavy Dependence On Tourism Seen As A Disadvantage

Editor's Note: Taking data gathered by the Federal Reserve Bank of New York, whose jurisdiction includes the U.S. Virgin Islands and whose officials visited the territory in March, Jason Bram, an officer in the bank's Research and Statistic Group, and Lauren Thomas, a senior research analyst in the bank’s Research and Statistics Group, analyzed the information collected following the 2017 storms to gauge the territory's response, where it needs to improve and critical decisions that need to be made to hasten the recovery. Missing from this analysis is the recent announcement of the plans to restart oil refining on St. Croix and the economic boon the restart would have on the territory's economic fortunes. We mention this because the data spoke of the territory's output when HOVENSA was open, and the subsequent shrinking of the economy when it shuttered in 2012. Nonetheless, the piece is loaded with important data that should help local leaders make informed dec...