U.S. Census Bureau Releases 2022 Economic Census Data for U.S. Virgin Islands, Highlighting Significant Economic Growth

The U.S. Census Bureau on Tuesday released the 2022 Economic Census of Island Areas, offering an in-depth look at the economic health of the U.S. Virgin Islands. The comprehensive census provides valuable information on sales, wages and other key business performance indicators across a variety of sectors, highlighting the significant growth and development of the territory’s economy.

The retail sector emerged as a standout performer in 2022. Establishments in the sector reported average revenue per establishment of $3.73 million, exceeding the average revenue per establishment across all sectors of $3.10 million. Additionally, retail establishments reported revenue per employee of $287,281 and wages per employee of $28,984. These numbers indicate solid performance for the sector, although the average wage per employee across all sectors was higher at $43,165.

The leader in economic terms was the Accommodation and Food Services sector, which generated $1.5 billion in revenue, ranking first on the list of industries in the U.S. Virgin Islands. It was closely followed by the Professional, Scientific, and Technical Services sector, which recorded $1.2 billion in revenue. Other notable sectors included Wholesale Trade with $595.6 million, Finance and Insurance with $567.2 million, and Retail Trade with $536.1 million.

The census also provided detailed data on the distribution of businesses across the islands. St. John has 242 businesses, while St. Croix and St. Thomas have 879 and 1,179, respectively.

Employment data from the 2022 census reveals significant growth in several key sectors. The construction sector saw a sharp increase in employment, from 872 workers in 2017 to 1,607 workers in 2022. Similarly, the real estate and rental and leasing sectors saw growth, with the number of employees increasing from 1,229 to 1,287 during the same period. The wholesale trade sector also showed an upward trend, increasing from 1,112 to 1,298 workers.

In 2022, the retail sector became the largest employer in the U.S. Virgin Islands, employing 5,287 workers. This sector was closely followed by the accommodation and food services sector, which employed 5,140 people. Other sectors with significant employment included: health care and social assistance with 2,802 workers, administrative and support services and waste management and remediation with 1,953 workers, and transportation and warehousing with 1,897 workers. A snapshot of the report is available Here.