It is estimated that the project could generate economic activity of $10.8 million annually, as well as promote the creation of hundreds of direct and indirect jobs. #NewsismyBusiness
The Puerto Rico Public-Private Partnership Authority is conducting a preliminary evaluation of an unsolicited proposal submitted by an undisclosed firm to develop a mega yacht marina and dry dock in San Juan.
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QUOTE OF THE WEEK:
“In an economic context where Puerto Rico is experiencing a clear slowdown and where key sectors like construction are struggling to find workers, cutting the [Earned Income Tax Credit (EITC)] will discourage participation in the formal economy and hinder our economic growth.
In an environment where federal funds are decreasing, adding local austerity through EITC cuts could not only cause our labor force participation rate to drop again, but also force local businesses to absorb much of the reduction if they want to maintain the current incentives for formal employment and prevent part of their workforce from returning to the informal sector.”
— Daniel Santamaría-Ots, co-executive director, Espacios Abiertos
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