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US Virgin Islands Economic Review & Outlook Fiscal Year-to-Date May 2018 Release Date: July 2018 Bureau of Economic Research 8201 A Sub Base, Suite 4 St. Thomas, US Virgin Islands 00802 REPORT: ECONOMIC CONDITIONS USVI Bureau of Economic Research Overview On September 6th, 2017 the Territory was struck by Hurricane Irma categorized as a five on the Saffir-Simpson wind scale. The St. Thomas-St. John district sustained severe infrastructure damage. Approximately, twelve days later the US Virgin Islands was again impacted by another category five storm, Hurricane Maria on September 12th, 2017. Both districts experienced flooding and windstorm damaged. According to the recently released 2018 USVI Community Development Block Grant-Disaster Recovery plan, an estimated $10.76 billion in damage was done to the Territory’s public infrastructure and economy. Additionally, millions of dollars were lost from business interruptions, property damage, lost wages, and tax revenues. Prior to the storms, the USVI economy was on the cusp of improvement. Data released by the U.S. …
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