The 2022 Economic Census of Island Areas conducted by the U.S. Census Bureau has revealed significant economic growth in the U.S. Virgin Islands (USVI) [939de071]. The census data highlights positive trends in various sectors of the USVI economy. The construction sector experienced a notable increase in employment, with the number of employees rising from 872 in 2017 to 1,607 in 2022. The Retail Trade sector reported an average revenue per establishment of $3.73 million, surpassing the average revenue per establishment across all sectors. The Accommodation and Food Services sector generated $1.5 billion in revenue, followed by the Professional, Scientific, and Technical Services sector with $1.2 billion. St. John has 242 establishments, while St. Croix and St. Thomas have 879 and 1,179 establishments, respectively. The Retail Trade sector is the largest employer in the USVI, with 5,287 employees, followed by the Accommodation and Food Services sector with 5,140 employees. Other sectors with significant employment include Health Care and Social Assistance, Administrative and Support and Waste Management and Remediation Services, and Transportation and Warehousing [939de071].
In a bid to further enhance economic growth, Stacey Plaskett reintroduced a seven-bill package on January 15, 2025, aimed at revitalizing the U.S. Virgin Islands' economy [ae054df9]. Key measures in this package include the Virgin Islands Visa Waiver Act, which would allow non-immigrant visitors to stay for 45 days without a visa, potentially boosting tourism. Additionally, the Territorial Economic Recovery Act seeks to restore favorable tax treatment for investments in U.S. territories, while the Territorial Tax Parity and Fairness Act aims to extend tax exemptions to Virgin Islands residents. Previous attempts to pass similar measures faced partisan challenges, highlighting the urgency of these proposals as provisions from the 2017 Tax Cuts and Jobs Act are set to expire in 2025 [ae054df9].
The contrasting economic performance between the Commonwealth of the Northern Mariana Islands (CNMI) and the US Virgin Islands (USVI) is evident in the latest census data. While CNMI experienced a decline in revenue and employment, the USVI saw significant economic growth. These divergent trends highlight the importance of analyzing regional economic data to inform policymaking and development strategies. The positive growth in the USVI economy provides valuable insights for addressing economic challenges and fostering sustainable development in the region [939de071] [907080be] [627630fa].