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Old 09-12-2013, 10:29 AM
Location: Camden NJ
58 posts, read 190,326 times
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I just wanted to know is the Virgin Islands suffering from economic decline, like the way Puerto Rico is, or what?
Is it farring better or worse, when compared to the neighboring territory of Puerto Rico?
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Old 09-12-2013, 11:56 AM
Location: St Thomas, US Virgin Islands
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It goes through its ups and downs in tandem with the economy on the mainland except that the effect is a trickle-down and usually isn't felt for a couple of years after it's noticed stateside. So yes, the economy is very poor right now. The closing of the oil refinery on St Croix impacted hundreds of local workers and the current unemployment rate on that island is I believe now over 14% with St Thomas a little behind that at 12-13%. Tourist spending has dropped and many businesses have closed or consolidated branches in the last 3-4 years.

I've no direct knowledge of the economy in PR so can't compare the two but I would assume they're not too far apart economically.
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