REPORT: ECONOMIC CONDITIONS
REPORT: ECONOMIC CONDITIONS US Virgin Islands Economic Conditions US Bureau of Economic Research US Virgin Islands 2009 Economic Review and 2010 Outlook October 2009 REPORT: ECONOMIC CONDITIONS US Virgin Islands Economic Conditions US Bureau of Economic Research Overview The US Virgin Islands economy remained in the throes of a recession, with the latest economic indicators pointing towards ongoing contraction. While all sectors were virtually being impacted by the US and global recession, the construction, other services professional and business services, and accommodation sectors have been the most severely affected. Accentuating the widespread effects of the economic recession, declines in employment, visitor arrivals, building permits and government general fund tax revenues have escalated from the first through the fourth quarter of fiscal year 2009. Accordingly, employment losses have spread across most industries. …
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