Virgin Islands Employment and Wages February 17, 1999
A number of observations may be made about the aggregate Virgin Islands economy through the level of employment and wages paid.
1. Employment in the territory is near where it was 12 years ago, at about 43,600, through year to date November 1998. Through 1993, employment had been growing since the 1960s.
2. Though very negative in and of itself, we are, at least, slowly improving from the worst that came just after Hurricane Marilyn, when it dropped to 43,376 for the year. On a by island basis, St. Croix' labor force has dropped by about 800 or 4% and employment has declined by 700 since 1995. St. Thomas/St.John are now about equal to the levels of 1995.
3. Wages earned are actually more important regarding the condition of the economy as they measure the level of domestic aggregate demand and equal about 3/4 of the value of the Gross Territorial Product. The real value of all wages earned in the territory is the best available and meaningful measure of aggregate demand or expenditure by residents. From the late 1970s to 1986 that level remained at about $500 million. Strong growth in the economy through 1993 pulled total earnings, measured taking away the effect of inflation, to $811 million. This equaled a 61% increase in 8 years or an average annual growth rate of about 7.5%; phenomenal!
4. However, since completion of the Catalytic Cracker at the Hess oil refinery in October 1993, real wages have fallen to a low of $651 million in 1995 and appear to be only slowly recovering since then. The decline was severe and equals a real expenditure loss to our economy.
5. Since 1993, we have spun into recession and only now are we beginning to slowly pull out of it.
6. Jump starts to revive our economy will be achieved quickest through an increase in air arrivals. Their average expenditure has been estimated by the VI Bureau of Economic Research to equal more than $1,200 per visitor.
Richard W. Moore
Economic Research Service
340-774-4272
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US VI Civilian Labor Force, Employment and Unemployment – By Island – CY & YTD |
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|
St.Thomas/St. John |
||||
|
Labor |
U |
|||
|
Force |
Empl. |
Unempl. |
Rate |
|
|
1978 |
21,305 |
20,195 |
1,110 |
5.2% |
|
1979 |
22,451 |
21,364 |
1,087 |
4.8% |
|
1980 |
23,278 |
22,033 |
1,246 |
5.4% |
|
1981 |
23,278 |
22,131 |
1,148 |
4.9% |
|
1982 |
23,188 |
21,902 |
1,286 |
5.5% |
|
1983 |
23,278 |
21,781 |
1,497 |
6.4% |
|
1984 |
23,113 |
22,114 |
999 |
4.3% |
|
1985 |
23,777 |
22,904 |
873 |
3.7% |
|
1986 |
24,252 |
23,572 |
680 |
2.8% |
|
1987 |
25,118 |
24,602 |
530 |
2.1% |
|
1988 |
25,742 |
25,286 |
456 |
1.8% |
|
1989 |
25,679 |
24,933 |
671 |
2.6% |
|
1990 |
27,256 |
26,769 |
487 |
1.8% |
|
1991 |
27,663 |
27,137 |
527 |
1.9% |
|
1992 |
28,18 |
27,500 |
682 |
2.4% |
|
1993 |
28,624 |
27,909 |
715 |
2.5% |
|
1994 |
28,778 |
28,056 |
723 |
2.5% |
|
1995 |
27,836 |
26,593 |
1,243 |
4.5% |
|
1996 |
27,086 |
25,593 |
1,493 |
5.5% |
|
1997 |
27,022 |
25,595 |
1,402 |
5.2% |
|
Year to Date – November |
||||
|
1995 YTD Nov. |
20,107 |
18,567 |
1,542 |
7.7% |
|
1996 YTD Nov. |
18,640 |
17,930 |
890 |
4.8% |
|
1997 YTD Nov. |
19,050 |
17,780 |
1,270 |
6.7% |
|
1998 YTD Nov. |
19,350 |
17,880 |
1,470 |
7.6% |
St. Croix |
||||
|
Labor |
U |
|||
|
Force |
Empl. |
Unempl. |
Rate |
|
|
1978 |
18,312 |
16,880 |
1,432 |
7.8% |
|
1979 |
19,178 |
17,950 |
1,228 |
6.4% |
|
1980 |
19,861 |
18,508 |
1,353 |
6.8% |
|
1981 |
20,375 |
18,693 |
1,682 |
8.3% |
|
1982 |
20,568 |
18,423 |
2,146 |
10.4% |
|
1983 |
20,689 |
18,584 |
2,105 |
10.1% |
|
1984 |
20,567 |
18,268 |
2,298 |
11.2% |
|
1985 |
19,808 |
18,060 |
1,748 |
8.8% |
|
1986 |
19,740 |
18,340 |
1,400 |
7.1% |
|
1987 |
19,839 |
19,013 |
826 |
4.2% |
|
1988 |
20,843 |
19,772 |
1,071 |
5.1% |
|
1989 |
20,473 |
19,347 |
1,022 |
5.0% |
|
1990 |
21,003 |
20,163 |
839 |
4.0% |
|
1991 |
21,293 |
20,439 |
853 |
4.0% |
|
1992 |
21,758 |
20,713 |
1,045 |
4.8% |
|
1993 |
24,905 |
23,742 |
1,163 |
4.7% |
|
1994 |
21,611 |
19,497 |
2,114 |
9.8% |
|
1995 |
19,976 |
18,479 |
1,498 |
7.5% |
|
1996 |
18,676 |
17,948 |
893 |
4.8% |
|
1997 |
19,063 |
17,788 |
1,276 |
6.7% |
|
Year to Date – November |
||||
|
1995 YTD Nov. |
27,855 |
26,721 |
1,135 |
4.1% |
|
1996 YTD Nov. |
27,060 |
25,540 |
1,520 |
5.6% |
|
1997 YTD Nov. |
27,010 |
25,590 |
1,400 |
5.2% |
|
1998 YTD Nov. |
27,350 |
25,730 |
1,530 |
5.6% |
|
V.I. |
||||
|
Labor |
U |
|||
|
Force |
Empl. |
Unempl. |
Rate |
|
|
1978 |
39,518 |
36,976 |
2,542 |
6.4% |
|
1979 |
41,628 |
39,314 |
2,314 |
5.6% |
|
1980 |
43,131 |
40,533 |
2,598 |
6.0% |
|
1981 |
43,653 |
40,824 |
2,829 |
6.5% |
|
1982 |
43,756 |
40,324 |
3,432 |
7.8% |
|
1983 |
43,967 |
40,365 |
3,602 |
8.2% |
|
1984 |
43,682 |
40,383 |
3,299 |
7.6% |
|
1985 |
43,585 |
40,964 |
2,621 |
6.0% |
|
1986 |
43,992 |
41,912 |
2,080 |
4.7% |
|
1987 |
44,957 |
43,601 |
1,356 |
3.0% |
|
1988 |
46,584 |
45,058 |
1,527 |
3.3% |
|
1989 |
46,048 |
44,355 |
1,693 |
3.7% |
|
1990 |
48,258 |
46,933 |
1,326 |
2.8% |
|
1991 |
48,956 |
47,576 |
1,380 |
2.8% |
|
1992 |
49,849 |
48,213 |
1,727 |
3.5% |
|
1993 |
53,529 |
51,651 |
1,878 |
3.5% |
|
1994 |
50,379 |
47,553 |
2,837 |
5.6% |
|
1995 |
47,818 |
45,078 |
2,741 |
5.8% |
|
1996 |
45,762 |
43,376 |
2,386 |
5.2% |
|
1997 |
46,085 |
43,383 |
2,703 |
5.9% |
|
Year to Date – November |
||||
|
1995 YTD Nov. |
47,970 |
47,970 |
2,676 |
5.6% |
|
1996 YTD Nov. |
45,690 |
43,290 |
2,400 |
5.3% |
|
1997 YTD Nov. |
46,060 |
43,370 |
2,690 |
5.8% |
|
1998 YTD Nov. |
46,600 |
43,610 |
3,000 |
6.4% |
|
Source: VI Bureau of Labor Statistics |
||||
|
Compiled by: Richard W. Moore |
||||
|
February 17, 1999 |
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|
US Virgin Islands |
|
|
Aggregate Real Wage Payments |
|
|
Year |
Total |
|
1979 |
$499,798,013 |
|
1980 |
$510,062,281 |
|
1981 |
$522,542,936 |
|
1982 |
$503,644,484 |
|
1983 |
$522,273,365 |
|
1984 |
$521,587,982 |
|
1985 |
$502,579,079 |
|
1986 |
$519,009,428 |
|
1987 |
$577,964,154 |
|
1988 |
$588,478,299 |
|
1989 |
$644,009,147 |
|
1990 |
$680,997,383 |
|
1991 |
$711,000,000 |
|
1992 |
$728,295,782 |
|
1993 |
$811,261,647 |
|
1994 |
$675,171,555 |
|
1995 |
$651,790,470 |
|
1996 |
$657,204,975 |
|
1997 |
$671,000,000 |
|
Source: VI Bureau of Labor Statistics |
|
|
Compiled and estimated by: Richard W. Moore |
|
|
tel. |
340-774-4272 |
|
February 17, 1999 |
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