United States Virgin Islands
1 | P a g e United States Virgin Islands Economic Conditions Bureau of Economic Research January 2013 Economic Overview Economic indicators worsened as Fiscal Year 2012 came to an end, reflecting weak recovery in the U.S. and global economies combined with the closing of the HOVENSA oil refinery in 2012. The downturn in the global economy and the refinery closure caused a downshift to be in effect in the job market, as overall civilian employment slipped by an estimated 2.6 percent in Fiscal Year 2012. The unemployment rate continues to increase in the U.S. Virgin Islands, not only due to HOVENSA direct job losses, but also from the indirect impact on business firms associated with the refinery which have either closed or laid off employees, as well as, seasonal factors. The decline in jobs has moved the Territory’s unemployment rate to 10.6 percent in Fiscal Year 2012, from 8.8 percent in Fiscal Year 2011. The current Virgin Islands local area unemployment rate is 13.2 percent. …
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