Business and Real Estate in Puerto Rico
A solid environment has been cultivated by Puerto Rico business over a period of many years and this is a primary reason for international corporations choosing the island as a base for their business. Manufacturing industries continue to flourish and have expanded in recent years. New business investment continues to grow and non-manufacturing operations are also being attracted to Puerto Rico in growing numbers. Investors in Puerto Rico business are covered by US laws because Puerto Rico is within the United States jurisdiction. Shipments to the US mainland are less complex because the Island is part of the US customs area.
The main attractions of Puerto Rico for new business development are the bilingual and highly educated workforce and the proximity of the country to the US. Investing in the Commonwealth of Puerto Rico is not a recent development. U.S. corporations have relied for many years on the tax benefits of Puerto Rico and operational advantages that allow them to improve their profits. Puerto Rico has wisely used the additional income from these businesses to develop a strong infrastructure of roads, services, utilities and education that benefits both the local population and the new corporations. San Juan real estate increased in value because of this development.
Puerto Rico actively supports companies who are planning to re-locate their business there, with practical assistance that continues long after the initial establishment period to further assist as the new enterprise grows and thrives in Puerto Rico.
As well the workforce being bilingual, highly educated, the Puerto Rican people are also loyal with many corporations reporting very high retention rates among their employees. This helps to make Puerto Rico a favorable business destination.
In the late 1940s, manufacturing was seen by the political leaders as the way in which Puerto Rico could develop economically, following the lead of industrialized nations. The island would become industrialized by providing local labor to foreign business who would be enticed to the island, importing the necessary raw materials then exporting the finished goods to the U.S. And so, Puerto Rico's economy forced local labor to move from agriculture to manufacturing and tourism. The increase in manufacturing meant a huge demand for property and San Juan real estate owners were happy to provide land and buildings to accommodate them.
Manufacturing businesses in Puerto Rico have moved from labor-intensive industries like the manufacture of food, leather and tobacco products, to capital-intensive industries like electronics, chemicals and pharmaceuticals.
Puerto Rico’s current manufacturing sector features some strong statistics.
Tourism has been big business in Puerto Rico providing employment for more than 60,000 of its people and contributing approximately $1.8 billion to the local economy. The hospitality sector is thriving due to the establishment of large international hotels and resorts and the service industries that the hotel business supports. Added to this there is opportunity in the small business sector for cafes and restaurants to service the growing numbers of tourists who flock to the island. New tourism projects like the Puerto Rico Convention Centre are an indication of the strength of the tourist industry in current times.
Sugar plantations dominated agricultural and economic business in Puerto Rico economy until the 1940s. In recent times dairy production and other livestock business are the major agricultural enterprise, at the expense of the sugar plantations.
Industry has grown significantly over the past few decades to surpass agriculture as the leading economic sector, mainly due to the heavy investment in Puerto Rico by US companies. Important industries of Puerto Rico include electronics, textiles, clothing, pharmaceuticals, petrochemicals and processed foods. The principal livestock are cattle, pigs and poultry and are often managed by small farmers around the small rural villages.
The real estate industry is thriving in Puerto Rico, answering the need from the increasing number of overseas people who want to relocate to the beautiful island. Americans are choosing to retire here because of the climate, the friendly locals and the vibrant culture. Real estate prices are considerably lower than in other Caribbean countries which makes living here even more attractive. There are a variety of property types available from large residential houses, townhouses and condominiums to farms, waterfront homes, land and commercial properties. Investment opportunities abound and there are numerous options to choose from.
San Juan real estate varies from century old buildings that have been refurbished into modern residences to new, ultra modern homes. The area known as Old San Juan has narrow winding streets flanked by beautiful old buildings and quaint little bars and restaurants. A stone's throw from here you will find lavish apartments which have a starting price of $500,000, which will appeal to those wanting something more modern.
New Business Development in Puerto Rico
The main attractions of Puerto Rico for new business development are the bilingual and highly educated workforce and the proximity of the country to the US. Investing in the Commonwealth of Puerto Rico is not a recent development. U.S. corporations have relied for many years on the tax benefits of Puerto Rico and operational advantages that allow them to improve their profits. Puerto Rico has wisely used the additional income from these businesses to develop a strong infrastructure of roads, services, utilities and education that benefits both the local population and the new corporations. San Juan real estate increased in value because of this development.
Puerto Rico actively supports companies who are planning to re-locate their business there, with practical assistance that continues long after the initial establishment period to further assist as the new enterprise grows and thrives in Puerto Rico.
As well the workforce being bilingual, highly educated, the Puerto Rican people are also loyal with many corporations reporting very high retention rates among their employees. This helps to make Puerto Rico a favorable business destination.
Manufacturing
In the late 1940s, manufacturing was seen by the political leaders as the way in which Puerto Rico could develop economically, following the lead of industrialized nations. The island would become industrialized by providing local labor to foreign business who would be enticed to the island, importing the necessary raw materials then exporting the finished goods to the U.S. And so, Puerto Rico's economy forced local labor to move from agriculture to manufacturing and tourism. The increase in manufacturing meant a huge demand for property and San Juan real estate owners were happy to provide land and buildings to accommodate them.
Manufacturing businesses in Puerto Rico have moved from labor-intensive industries like the manufacture of food, leather and tobacco products, to capital-intensive industries like electronics, chemicals and pharmaceuticals.
Puerto Rico’s current manufacturing sector features some strong statistics.
- Over 75% of the top selling US pharmaceuticals are made in Puerto Rico.
- 50% of US pacemakers and defibrillators are made in Puerto Rico.
- 21 companies in the electronics industry expanded to Puerto Rico in recent years.
Puerto Rican Tourism
Tourism has been big business in Puerto Rico providing employment for more than 60,000 of its people and contributing approximately $1.8 billion to the local economy. The hospitality sector is thriving due to the establishment of large international hotels and resorts and the service industries that the hotel business supports. Added to this there is opportunity in the small business sector for cafes and restaurants to service the growing numbers of tourists who flock to the island. New tourism projects like the Puerto Rico Convention Centre are an indication of the strength of the tourist industry in current times.
Industry
Sugar plantations dominated agricultural and economic business in Puerto Rico economy until the 1940s. In recent times dairy production and other livestock business are the major agricultural enterprise, at the expense of the sugar plantations.
Industry has grown significantly over the past few decades to surpass agriculture as the leading economic sector, mainly due to the heavy investment in Puerto Rico by US companies. Important industries of Puerto Rico include electronics, textiles, clothing, pharmaceuticals, petrochemicals and processed foods. The principal livestock are cattle, pigs and poultry and are often managed by small farmers around the small rural villages.
Real Estate in Puerto Rico
The real estate industry is thriving in Puerto Rico, answering the need from the increasing number of overseas people who want to relocate to the beautiful island. Americans are choosing to retire here because of the climate, the friendly locals and the vibrant culture. Real estate prices are considerably lower than in other Caribbean countries which makes living here even more attractive. There are a variety of property types available from large residential houses, townhouses and condominiums to farms, waterfront homes, land and commercial properties. Investment opportunities abound and there are numerous options to choose from.
San Juan real estate varies from century old buildings that have been refurbished into modern residences to new, ultra modern homes. The area known as Old San Juan has narrow winding streets flanked by beautiful old buildings and quaint little bars and restaurants. A stone's throw from here you will find lavish apartments which have a starting price of $500,000, which will appeal to those wanting something more modern.
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