Economy
Main article: Economy of the United States Virgin IslandsTourism is the primary economic activity. The islands normally host 2 million visitors a year, many of whom visit on cruise ships.
The manufacturing sector consists of petroleum refining, textiles, electronics, rum distilling, pharmaceuticals, and watch assembly. The agricultural sector is small, with most food being imported. International business and financial services are a small but growing component of the economy. Most energy is also generated from imported oil, leading to electricity costs four to five times higher than the U.S. mainland. The Virgin Islands Water and Power Authority also uses imported energy to operate its desalination facilities to provide fresh water.
Until February 2012, the Hovensa plant located on St. Croix was one of the world's largest petroleum refineries and contributed about 20% of the territory's GDP. It has since been largely shut down and is now operating as no more than an oil storage facility, provoking a local economic crisis.
The U.S. Virgin Islands are located in the Atlantic Standard Time zone and do not participate in daylight saving time. When the mainland United States is on Standard Time, the U.S. Virgin Islands are one hour ahead of Eastern Standard Time. When the mainland United States is on daylight saving time, Eastern Daylight Time is the same as Atlantic Standard Time.
To draw more technology-focused companies and expand this segment of the economy, the government founded and launched University of the Virgin Islands Research and Technology Park in conjunction with private businesses and the University of the Virgin Islands.
The U.S. Virgin Islands are an independent customs territory from the mainland United States, but operate largely as a free port. U.S. citizens thus do not have to clear customs when arriving in the U.S. Virgin Islands, but do when traveling to the mainland.
Read more about this topic: United States Virgin Islands
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)