Puerto Rico Overview The past four years have challenged Puerto Rico's economy, but the Puerto Rico job market may be ...
Puerto Rico Overview
The past four years have challenged Puerto Rico's economy, but the Puerto Rico job market may be improving. Real gross domestic investment rose 11.5 percent in FY 2010-2011 and domestic demand grew for the first time in three years, reports a Banco Popular economic analysis. However, even though many people have dropped out of the labor force, unemployment is still significantly higher than the US rate.
Puerto Rico Job Opportunities
Puerto Rico's largest employers include the Puerto Rico Telephone Co.; pharmaceutical companies Pfizer, Amgen and Abbott Health Products; security firms St. James Security Services, Capital Security Police and Ranger American; food companies Pueblo and Discount Food Distributors; banks Rico Firstbank Puerto and City Bank Na/Network Cont; and healthcare companies Hospital Espanol Auxilio Mutuo De Puerto Rico and Ryder Memorial Hospital.
Puerto Rico Employment Trends
Government dominates employment in Puerto Rico. Other critical hiring sectors include trade, transportation and utilities; education/health services; professional/business services; manufacturing; and tourism.
While Puerto Rico jobs in trade, transportation and utilities; manufacturing; and professional/business services have fallen in 2012, employment in education/health services rose slightly in the first half of 2012.
After declining for years, Puerto Rico job trends are positive. The unemployment rate fell from 15 percent in March 2012 to 13.7 percent in July 2012.