United States Virgin Islands
1 | P a g e United States Virgin Islands Economic Conditions Bureau of Economic Research January 2014 Economic Overview While tourism continues to improve, current economic conditions are inhibited by decline in employment as the unemployment rate for the U.S. Virgin Islands reached 13.4 percent in 2013, as approximately 6,000 workers remain unemployed as of January 2014. Before the HOVENSA refinery closure in early 2012, the annual unemployment rate was 9 percent and has risen on an annual basis in the Territory. As U.S. economic conditions continue to recover from the aftermath of the Great Recession, tourism and business investment conditions will continue to alleviate the high unemployment level. Employment conditions may be improving in the current year as initial claims for unemployment benefits by local unemployed workers has declined to its lowest level in 5 years in the Territory as shown in the table below. For St. …
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