Puerto Rico

Economy

Main article: Economy of Puerto Rico

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The economic conditions in Puerto Rico have improved dramatically since the Great Depression due to external investment in capital-intensive industry such as petrochemicals pharmaceuticals and technology. Once the beneficiary of special tax treatment from the U.S. government, today local industries must compete with those in more economically depressed parts of the world where wages are not subject to U.S. minimum wage legislation. In recent years, some U.S. and foreign owned factories have moved to lower wage countries in Latin America and Asia. Puerto Rico is subject to U.S. trade laws and restrictions.

Related Topics:
Great Depression - Industry - Petrochemical - Pharmaceutical - Technology

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Puerto Ricans had a per capita GDP estimate of $17,700 for 2004 {{ref|CIA}} , which demonstrates a growth over the $14,412. level measured in the 2002 Current Population Survey by the Puerto Rican Legal Defense and Education Fund {{ref|PRLDEF}}. In that survey, Puerto Ricans have a 48.2% poverty rate. By comparison, the poorest State of the Union, Mississippi, had a median level of $39,319, according to the U.S. Census Bureau?s Current Population Survey, 2002 to 2004 Annual Social and Economic Supplements {{ref|WV_inc}}.

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