U.S. Virgin Islands: Facts & Stats

ECONOMY

Economic History:

During the slave days, the islands cultivated cash crops to earn money. When the African slave trade began in 1673, the difficult conditions and inhumane treatment slaves were subjected to bred discontent. In 1733, a long drought followed by a devastating hurricane pushed slaves in St. John to the breaking point. Members of the Akwamu tribe from modern Ghana staged a massive rebellion, seizing control of the island for six months. The Danish, who controlled the island at that point, enlisted the help of French authorities from Martinique to regain control.

Another slave revolt in 1848 was more successful in the long run. The governor at the time, Peter von Scholten, felt enough sympathy for the slaves to grant them emancipation, even though it was against the wishes of Danish Crown and devastated the economy of the islands. After the United States purchased the islands due to fear that if Denmark were conquered by Germany, Germany would attempt to take over Denmark's overseas dependencies. In 1917, a treaty was concluded in which the United States purchased the islands for $25,000,000.

The economy boosted in the 1970s by two main developments: tourism and manufacturing.

Tourism:

The tourism industry is the main industry, 80% of GDP and employment. The islands, every year, are visited by more than 1 million tourists, mainly by Americans and the most common way to get there is by sea. A high percentage of locals are in tourism which include hotel workers, taxi drivers, restaurateurs, etc. In 2005, a record of 2.6 million visitors visited.

The USVI participates in the Powerball lottery game, in addition to 31 states and the District of Columbia. Also, unlike almost all of the US, the legal drinking age is 18.

Industry:

This industry developed more in the 1970s especially on St. Croix. With the exception of rum distilling from sugar, none of the industries owe their existence to the presence of natural resources. Instead, they depend of tax concessions and the financial advantages they derive from being a US territory.

Near the airport, is located the site of a closed (December 2000) alumina factory which processed bauxite from Suriname and West Africa. There is also an oil refinery which produces 495,000 barrels per day (78,700 m3/d) supplied by a fleet of tankers which take away all the refined products.

Elsewhere, there are a number of assembly plants which make watches from parts made in Japan. These, together, with woolen textiles and light industrial products, are sold on the American mainland. 19 % of the labor force is engaged in this industry.

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