Economic Census Shows the U.S. Virgin Islands Generated $6.8 Billion in Sales in 2012
WASHINGTON, July 15, 2014 /PRNewswire-USNewswire/ -- The 2,414 business establishments in the U.S. Virgin Islands generated $6.8 billion in sales, employed 32,465 people and paid $1.1 billion in annual payroll, according to the U.S. Census Bureau's 2012 Economic Census of Island Areas: Geographic Area Series for the U.S. Virgin Islands. Between 2007 and 2012, sales declined by $12.6 billion, or 64.9 percent. In 2007, the U.S. Virgin Islands' 2,583 business establishments had sales of $19.5 billion, an annual payroll of $1.1 billion and 35,300 paid employees.
Every five years, the economic census provides the most authoritative and comprehensive source of information about the entire U.S. economy, including U.S. territories. The 2012 Economic Census statistics for the U.S. Virgin Islands and its component three islands and towns include businesses with paid employees. The U.S. Virgin Islands is a U.S. territory in the Caribbean.
- The U.S. Virgin Islands had 87 businesses with 50 or more employees in 2012, representing 3.6 percent of all businesses. These businesses accounted for 54.8 percent ($3.7 billion) of total sales. In 2007, 109 businesses had 50 or more employees, representing 4.2 percent of all businesses, and they accounted for 83.9 percent ($16.3 billion) of total sales.
- The manufacturing sector accounted for 28.7 percent of total sales in 2012, the most of any sector. Sales totaled $2.0 billion. The manufacturing industry employed 1,984 people and reported $168 million in payroll.
- Retail trade ranked second among sectors in share of sales, accounting for 19.3 percent of total sales in 2012. The sector had sales of $1.3 billion, employed 6,596 people and had $142 million in payroll.
- The largest increase in employment was in the professional, scientific, and technical services sector with 2,108 paid employees in 2012, up 738 employees from 1,370 in 2007.
- In 2012, there were 311 women-owned establishments, up from 271 in 2007 (a 14.8 percent increase). The sales and receipts for women-owned businesses increased 19.9 percent to $247.4 million, from $206.3 million in 2007.
The statistics for the U.S. Virgin Islands are available through the Census Bureau's American FactFinder, an online search tool that allows users to access, filter, manipulate and extract statistics.
The United States Industry Series reports began releasing data in June 2014 and will continue through 2016. More details are available at http://www.census.gov/econ/census/schedule. The Puerto Rico statistics will be released between February 2015 and September 2015. More information about the Economic Census of Island Areas is available at http://www.census.gov/econ/islandareas/.
For information on confidentiality protection, nonsampling error and definitions, see the methodology section at http://www.census.gov/econ/islandareas/methodology.html.
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SOURCE U.S. Census Bureau