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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 "Professional, Scientific, and Technical Services" 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.
Summary:
The Professional, Scientific, and Technical Services sector in the USVI faced significant challenges due to the pandemic. The industry experienced a decrease in employment and wages, 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.
Key Takeaways:
Employment and Wage Decrease: The average employment in the sector decreased by 14% from 2019 to 2021, and total wages decreased by 22.93% during the same period.
Establishment Growth: The number of establishments in this sector increased by 5.08% from 2019 to 2021.
Revenue Loss: 28.95% of businesses sustained 50% to 75% gross revenue loss in 2020, with an average reported loss for 2020 at 42.69%. In 2021, 23.68% sustained 50% to 75% gross revenue loss, with an average reported loss for 2021 at 44.38%.
Federal Aid: 40.6% of businesses were able to apply for federal support, of which 69.2% were approved and received aid.
Future Outlook: 82.8% of businesses were generally likely to remain open in 2022. 51.73% of businesses were generally likely to return to pre-pandemic staff levels, with 51.73% generally likely to return to pre-pandemic levels of revenue.
Conclusion:
The "Professional, Scientific, and Technical Services" 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.