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US Virgin Islands Selected Economic Indicators Review & Outlook Fiscal Year-to-Date September 2020 November 2020 Office of Management and Budget Division of Economic Research No. 5041 Norre Gade Emancipation Gardens Station 2nd Floor St. Thomas, US Virgin Islands 00802 REPORT: ECONOMIC CONDITIONS USVI Division of Economic Research Overview After the two major hurricanes of September 2017, the Territory began a period of economic recovery, fueled mostly by federal disaster assistance, resurgence in tourism expenditures, and refinery construction related activities at the Limetree Bay Terminals. However, the recovery came to an abrupt end in March 2020. The Territory identified and confirmed the first COVID 19 (coronavirus) case within the Territory. In an effort to slow the spread of COVID 19, The Governor issued an executive local “Stay-at- Home” or “Shelter-in-Place” order. The order stalled economic activity that lasted until June 2020. Prior to the pandemic, the USVI economic indicators saw cautionary improvement in the economy. …
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