US Virgin Islands Bureau of Economic Research
US Virgin Islands Bureau of Economic Research U.S. Virgin Islands Economic Review and Industry Outlook Bureau of Economic Research (BER) April 2007 Prepared by Lauritz Mills, Director, Bureau of Economic Research (BER) Introduction The economy continues to move forward at a moderate pace in step with projections that growth in 2007 will be modestly above trend. Construction and retail trade are the prime movers at the moment, but other sec- tors are experiencing moderate growth. The Financial Activities and the Information sec- tors are the two that are currently under- performing. Changes in residency and source of income in the American Job Crea- tion Act 2004 are impacting the Economic Development incentive program and caus- ing a loss of jobs in the financial services sector, while job losses in the telecommuni- cation industry has caused a decline in em- ployment in the Information sector. Nonetheless, activity in the tourism sector and strong private sector development are off-setting the drag in these two sectors and sustaining growth. …
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