799 new businesses opened in 2020 & 2021 during pandemic– Premier
Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) said the impacts were felt particularly in the tourism and related industries, however, the new businesses opening still augers well for confidence in the VI economy at the height of the pandemic.
In the 2023 Budget Address delivered at the Ninth Sitting of the Fourth Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff’s Bottom on November 29, 2022, Dr Wheatley also touched on the local employment statistics.
“Prior to the 2017 catastrophic events and the pandemic, employment grew by at least 1% each year. However, with the hurricanes, declines in growth were recorded in 2017 and 2018, but in 2019 there was a substantial growth of 10.0% to 21,254 employees, over 19,317 employees in 2018, which speaks to the resilience of the economy in producing jobs,” he detailed.
Decline in employment due to pandemic
The Premier said, however, in 2020, the pandemic again resulted in a decline in the growth of employment, “By the end of 2021, there were 20,747 persons employed throughout the Virgin Islands. However, we expect to see another increase in the workforce spurred on by our recovery from the pandemic.”
He detailed that average earnings increased by 5.0% in 2021 to $26,398, from $25,144 in 2020, and based on these increases in average earnings, total earnings in 2021 grew by 3.8% or $547.68 million, from $527.66 million in 2020.
“The key industry drivers of employment in the Virgin Islands, excluding public service, health, and education, are construction, wholesale and retail, financial services, professional services, and administrative services,” he said.
Population continues to grow – Dr Wheatley
“With our small geographic size, the Virgin Islands population normally grows at a rate of 2.6%. This trend continued annually up until 2017 when there was a 9.1% decline in the population as persons left our shores due to the disasters from the floods and the two Category 5 hurricanes,” the premier added.
Dr Wheatley said in 2018 there was a 3.0% increase in population as persons returned to the Virgin Islands and that since 2018, the population began to grow as the country began to rebuild, and there was a need for a significant influx of labour.
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20 Responses to “799 new businesses opened in 2020 & 2021 during pandemic– Premier”
As for Church Businesses, Latino Bars, Hair Salons, Watering Holes(shacks) I can see those up and running.
Allegedly many of these were ****A ********* family members getting trade licences so that F*T A****T could give them grants during COVID. Another fishers and farmers scam from the big man himself.