U.S. Virgin Islands
1 | P a g e U.S. Virgin Islands Economic Conditions Bureau of Economic Research August 2015 Economic Overview The performance of the economy so far this year has been variable and, judging by revenue growth and a few other indicators, the downward trend in economic conditions appears to be moderating. There has been a pickup in growth of government tax revenues, aided by aggressive property tax collections, and modest improvement in the labor and housing markets. However, the partial recovery that has materialize has been uneven, with weaknesses persisting in the labor market and sectors of the economy. Government revenues for the first nine months of fiscal year 2015 showed improvement compared to one year earlier. Individual income and corporate tax revenues increased 4.5 percent and 15.1 percent, respectively. Property tax revenues grew 213.4 percent during the period compared with fiscal year 2014. Gross business receipts rose 1.5 percent, hotel room tax increased 8.7 percent, but trade and excise fell by less than one percent. …
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