The Puerto Rico Manufacturing-Purchasing Managers Index increased to 53.2 in October, remaining on or above the threshold of 50 for the 12th consecutive month, an achievement the government touted Monday.
A reading above the threshold level suggests an expansion in the manufacturing sector with respect to the previous month, according to the PMI data. The PMI has been at or above the threshold level in 62 of the 102 months since the survey was first released in May 2010.
Economic Development and Commerce Department Secretary Manuel A. Laboy attributed the numbers to “the successful execution of various strategies to strengthen this sector.”
“Our team works closely with executives from various manufacturing industries to steer this sector, which has strengthened rapidly after Hurricane María,” he said.
“So far this year, we have managed to retain 967 workers and create about 9,000 jobs. Meanwhile, the total investment that has been generated is about $769.2 million,” he said.
The numbers show significant growth when compared to 2017, when the total between job retention and creation was approximately 1,118 and the investment was $22.6 million,” Laboy said.
The PMI is the result of a collaborative project between the Puerto Rico Manufacturers Association and the Puerto Rico Institute of Statistics.