Puerto Rico Economy Sees Diversified Growth Across Sectors

Popular Inc.'s CEO Jorge J. García said that investment in Puerto Rico is expanding across various sectors, including construction, tourism, logistics, and pharmaceuticals.

García pointed out that the island's economy is stable, with historically low unemployment rates and higher labor-force participation. He also noted that while the population has decreased by 10% over the past decade, more people are working today, which helps to offset inflationary pressures.

The CEO emphasized that the diversity of investment in Puerto Rico is crucial for sustaining economic activity, mentioning construction projects financed with federal hurricane recovery funds as well as private investment. Tourism is also creating opportunities beyond traditional hospitality businesses, García said, citing Airbnb-related activity and tourism services.

Manufacturing adds another layer to Puerto Rico's economy, with roughly $3 billion in pharmaceutical investments announced, including expansions by Eli Lilly and Amgen. Garcia estimated that manufacturing represents around 40-50% of the island's economy, with pharmaceuticals and biotechnology accounting for a significant portion.