Puerto Rico: Facts & Stats

ECONOMY

The Economy of Puerto Rico is one of the most dynamic in the Caribbean region. A diverse industrial sector has surpassed agriculture as the primary focus of economic activity and income. Encouraged by duty-free access to the US and by tax incentives, United States firms have invested heavily in Puerto Rico since the 1950s. US minimum wage laws apply. Sugar production has lost out to dairy production and other livestock products as the main source of income in the agricultural sector. Tourism has traditionally been an important source of income for the island, with estimated arrivals of nearly 5.9 million tourists in 2007.

Puerto Ricans had a per capita GDP estimate of $18,400 for 2007. Federal transfer payments to Puerto Rico make up more than 20% of the island's personal income. Puerto Rico’s public debt has grown at a faster pace than the growth of its economy, reaching $46.7 billion in 2008. In January 2009, Governor Luis Fortuño enacted several measures aimed at eliminating the government's $3.3 billion deficit. The island unemployment rate is 12% as January of 2009.

Tourism:

Tourism is an important component of the Puerto Rican economy supplying an approximate $1.8 billion. In 1999 an estimated 5 million tourists visited the island, most from the United States. Nearly a third of these are cruise ship passengers. An increase in hotel registrations, which has been observed since 1998, and the construction of new hotels and the Puerto Rico Convention Center are indicators of the current strength of the tourism industry.

The following are significant public and private projects (finished, planned or under construction) which are aimed at increasing the tourism industry in Puerto Rico:

• The Puerto Rico Convention Center (finished)
• The Puerto Rico Convention Center District (under construction)
• The Pan American Port Terminal in Isla Grande for cruise ships and liners (finished)
• The Coliseum of Puerto Rico Jose Miguel Agrelot (finished)
• The Condado Trio Renovation Project (Condado Vanderbilt and La Concha hotels) (under construction)
• Luis Muñoz Marín International Airport expansion and renovation project (under construction)
• Fairmont Coco Beach Resort (planned)
• San Miguel Four Seasons Resort (planned)
• JW Marriot Resort (planned)
• Numerous other hotel projects underway (including new hotels and expansions) adding hundreds of rooms to the industry

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