BLS data shows stable employment levels in Puerto Rico due to startup growth
The island’s employment levels are stabilizing due to the fast growth rates of startups across business sectors, the US Bureau of Labor Statistics data collected by the Puerto Rico Economic Development Bank shows.
The local agency’s Center for Economic Studies suggests that there has been improvement, since in 2020 the levels approached pre-pandemic averages during the last semester.
EDB President Luis Alemañy said the agency offers these types of businesses credit lines of up to $1 million, as well as another financing product of up to $25,000 for people who employ a maximum of five workers.
“The strengthening in the non-agricultural salaried employment sector was reflected in an increase of 22,400 jobs between January and June 2021. The increase would coincide with an expansion of existing businesses or the opening of new establishments during the first and second quarters of 2021,” said Alemañy.
The Center for Economic Studies’ goal is to keep the entrepreneur informed about macroeconomic and financial matters that could impact their business decisions.
“Despite the fact that at the beginning of 2020 more businesses disappeared than opened, the total number of emerging establishments was higher at the end of the year,” said Gladys Medina, EDB economist.
“For example, during the first half of 2020, 722 emerging businesses opened and 971 closed, generating 3,126 jobs and causing the loss of 3,981, respectively. As of the fourth quarter of 2020, 1,037 establishments were born, generating 3,443 new jobs,” she said.