U.S. Virgin Islands
1 | P a g e U.S. Virgin Islands Economic Review Bureau of Economic Research May 2012 Overview The Virgin Islands economic performance, as tracked by employment indicators, was mixed for first half of fiscal year 2012 compared to the same period a year earlier. Industries including tourism, trade, utilities, professional and business, food and services, and information showed growth over the past six months. Other sectors of the economy namely construction, manufacturing, arts and entertainment, and government waned. The manufacturing sector is expected to continue hemorrhaging jobs due to the January 2012 announcement by HOVENSA, L.L.C. to cease refinery operations by mid-February 2012. The refinery officially closed on February 21, 2012 and HOVENSA proposes to turn the facility into a storage terminal that will employ approximately 100 workers. HOVENSA, L.L.C. has agreed to allow the V.I. Water and Power Authority and St. Croix gasoline retailers to continue purchasing fuel supplies at a discounted rate through the end of 2012. …
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