Review and Outlook for the U
US Virgin Islands Bureau of Economic Research U.S. Virgin Islands Economic Review Bureau of Economic Research (BER) May 2004 Prepared by Lauritz Mills, Director, Bureau of Economic Research (BER) Introduction Over the past year there was improvement in some sectors of US Virgin Islands econ- omy. The US economic expansion, gains from federal tax cuts, and lower interest rates resulted in increased tourism and business and financial activity. The strong performance of these two sectors helped to support growth and bolstered government revenues. However, the gains from tourist and local consumer spending, business ac- tivity, and mortgage refinancing were not strong enough to offset the drag from de- clines in the construction, trade, transporta- tion and utilities, professional and busi- ness, information and other services sec- tors. Although, on balance, the economy is re- covering, there is still one notable and glar- ing observation: job growth is nonexistent. The labor market remained in a slump and ended fiscal year 2003 with a net loss of 1,570 jobs. …
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