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A Comprehensive Analysis of the Impact of COVID-19 and the Path to Recovery in the USVI.
The COVID-19 pandemic has significantly impacted businesses worldwide, and the Caribbean region is no exception. In this blog post, we delve into the "Natural Resources, Mining, and Construction" industry in the U.S. Virgin Islands (USVI), drawing insights from the comprehensive "COVID-19 USVI Economic Impact Report 2021" by Island Analytics & Marketing, LLC.
The Natural Resources, Mining, and Construction sector in the USVI faced significant challenges due to the pandemic. The industry experienced substantial revenue losses and a decrease in skilled labor. However, the sector demonstrated resilience, with a majority of businesses receiving federal aid and expressing a likelihood of remaining open beyond 2021.
Revenue Loss: In 2020, 50% of businesses in this sector reported gross revenue losses of 10% to 50%. The average reported gross revenue losses for 2020 were 45.67%.
Loss of Skilled Labor: In 2021, unskilled/entry-level labor was ranked as the most lost type of skilled labor. Full-time employment was ranked as the most affected type of employment.
Federal Aid: In 2021, 52.4% of businesses in this sector were able to apply for federal support, with 90.9% of those who applied indicating that they were approved and received aid.
Future Outlook: In 2021, 85% of businesses in this sector indicated that they would generally be likely to remain open beyond 2021, with 70% indicating that they would generally be likely to return to pre-pandemic staff levels.
The "Natural Resources, Mining, and Construction" industry in the USVI has faced significant challenges due to the COVID-19 pandemic. However, the data reveals a story of resilience and adaptability. The successful acquisition of federal aid and the positive outlook for remaining open beyond 2021 are encouraging signs. As we move forward, it will be essential for businesses in this sector to continue leveraging available resources and adapt to the changing landscape for sustained growth and recovery.