HOUSE_OVERSIGHT_018830.jpg
1.17 MB
Extraction Summary
0
People
7
Organizations
6
Locations
6
Events
2
Relationships
3
Quotes
Document Information
Type:
Economic analysis report
File Size:
1.17 MB
Summary
This document is an economic analysis of the U.S. Virgin Islands, dated sometime after September 2015. It concludes that the territory's economic recovery is slow, especially on St. Croix due to the closure of the Hovensa refinery. While tourism is resurgent on St. Thomas and St. John and some development projects are underway, the overall forecast is for only gradual economic improvement.
Organizations (7)
| Name | Type | Context |
|---|---|---|
| Grand Beach Resort |
Mentioned as a development of 262 timeshare condominium units.
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| The University of the Virgin Islands |
Announced plans to develop a medical school on St. Thomas in collaboration with local hospitals.
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| Hovensa refinery |
A closed refinery on St. Croix whose assets were sold at auction. Its closure is described as plaguing the island's e...
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| USVI Government |
Has an operating agreement with the buyers of the Hovensa refinery.
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| IGY American Yacht Harbor Marina |
Mentioned in the footer of the document, suggesting the report may have been prepared for or in relation to this entity.
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| irr. |
A logo in the footer, likely the firm that produced the report (Integra Realty Resources).
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| House Oversight |
Referenced in the document identification number 'HOUSE_OVERSIGHT_018830', indicating its origin from a collection of...
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Timeline (6 events)
Announced (at time of writing)
Plans to develop a medical school on St. Thomas.
St. Thomas
The University of the Virgin Islands
Hospitals on St. Thomas and St. Croix
Future (projected)
Construction of an asphalt plant on the former Hovensa refinery property, projected to create 80 jobs.
St. Croix
Unnamed buyers of Hovensa refinery
Ongoing (at time of writing)
The second phase of the Grand Beach Resort condominium project is under construction.
Grand Beach Resort
Recent (relative to document creation)
Sale of Hovensa refinery assets at auction.
St. Croix
Unnamed buyers
September 2015
The first phase of the Grand Beach Resort condominium project was completed.
Grand Beach Resort
Locations (6)
| Location | Context |
|---|---|
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The subject of the economic analysis.
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An island in the USVI noted for its slower economic recovery, impacted by the Hovensa refinery closure.
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An island in the USVI with a resurgence in tourism. Site of a planned medical school.
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An island in the USVI with a resurgence in tourism.
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A resort property with a new condominium development.
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A marina mentioned in the footer.
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Relationships (2)
A planned medical school on St. Thomas will be operated in collaboration between the university and the hospitals.
An operating agreement exists between the buyers and the USVI Government regarding the use of the refinery's assets.
Key Quotes (3)
"Economic conditions in the U.S. Virgin Islands appear to be slower to recover than many areas of the region, particularly in St. Croix..."Source
HOUSE_OVERSIGHT_018830.jpg
Quote #1
"The closure of the Hovensa refinery and the failure to facilitate a sale to a buyer who can re-open the facility as a refinery will continue to plague St. Croix until other new developments occur that can create new jobs."Source
HOUSE_OVERSIGHT_018830.jpg
Quote #2
"Our forecast is for continued improvement in arrivals and hotel statistics, but only gradual economic improvement for the overall territory."Source
HOUSE_OVERSIGHT_018830.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,577 characters)
Area Analysis
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Grand Beach Resort into 262 timeshare oriented condominium units. The first phase on this project was completed in September 2015 and is open, while the second phase is currently under construction.
• The University of the Virgin Islands has announced plans to develop a medical school on St. Thomas, which will be operated in collaboration between the hospitals on St. Thomas and St. Croix.
Conclusions
Economic conditions in the U.S. Virgin Islands appear to be slower to recover than many areas of the region, particularly in St. Croix, where industrial development had previously been more of a focus than tourism The closure of the Hovensa refinery and the failure to facilitate a sale to a buyer who can re-open the facility as a refinery will continue to plague St. Croix until other new developments occur that can create new jobs. The assets of the refinery were recently sold at auction, but operating agreement with the USVI Government only states the buyers will use the oil storage portion in addition to constructing an asphalt plant on the property, which projects to only 80 jobs created in the immediate future. There appears to be ongoing resurgence in tourism for St. Thomas and St. John, and real estate activity appears to be improving; however, many businesses – even those catering to cruise ship passengers – continue to struggle. Our forecast is for continued improvement in arrivals and hotel statistics, but only gradual economic improvement for the overall territory.
Economic conditions in the U.S. Virgin Islands appear to be slower to recover than many areas of the region, particularly in St. Croix, where industrial development had previously been more of a focus than tourism The closure of the Hovensa refinery and the failure to facilitate a sale to a buyer who can re-open the facility as a refinery will continue to plague St. Croix until other new developments occur that can create new jobs. The assets of the refinery were recently sold at auction, but operating agreement with the USVI Government only states the buyers will use the oil storage portion in addition to constructing an asphalt plant on the property, which projects to only 80 jobs created in the immediate future. There appears to be ongoing resurgence in tourism for St. Thomas and St. John, and real estate activity appears to be improving; however, many businesses – even those catering to cruise ship passengers – continue to struggle. Our forecast is for continued improvement in arrivals and hotel statistics, but only gradual economic improvement for the overall territory.
IGY American Yacht Harbor Marina
irr.
HOUSE_OVERSIGHT_018830
irr.
HOUSE_OVERSIGHT_018830
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