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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 "Arts, Entertainment, and Recreation" 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 Arts, Entertainment, and Recreation sector in the USVI demonstrated remarkable resilience amidst the pandemic. The industry saw growth in employment and wages, an increase in the number of establishments, and a positive outlook for recovery. However, significant revenue loss and the need for federal aid underscore the severity of the pandemic's impact.
Employment and Wage Growth: The average employment in the sector increased by 7.04% from 2019 to 2021, and total wages increased by 13.04% during the same period.
Establishment Growth: The number of establishments in this sector increased by 15.97% from 2019 to 2021.
Revenue Loss: 34.48% of businesses reported a 25% to 50% loss in gross yearly revenue (GYR) in 2020, and 27.36% reported a 50% to 75% loss in GYR in 2021.
Federal Aid: 50.98% of businesses in this sector were able to apply for federal support, and of those, 80% were approved and received aid.
Future Outlook: 73.04% of businesses in this sector were generally likely to remain open in 2022, and 48.31% were likely to return to pre-pandemic staff levels. Additionally, 64.05% were generally likely to return to pre-pandemic levels of revenue.
The "Arts, Entertainment, and Recreation" 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 growth in employment and wages, the increase in the number of establishments, and the successful acquisition of federal aid are all positive indicators. 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.