Overview of Puerto Rico
The World Economic Forum has considered Puerto Rico one of the world's most competitive economies with a high cash flow and considerably better employment opportunities. The pandemic did hit this Caribbean Island severely, but the nation has registered a remarkable recovery. The unemployment rate in the country was around 9% before the pandemic. Still, a rapid reduction in these numbers has been noted, indicating that the doors to more opportunities for the working sector are being opened. The service sector, including trading, finance, and government work, are a few shaping forces of the country's economy.
Total Population: 3,268,802
GDP (PPP): US $107.90 billion (2024 est.)
The driving forces behind the country's economy are pharmaceuticals, tourism, manufacturing, textile industry, finance, agrochemical, and petroleum, to name some. As of 2021, the economy is growing at a rate of 2.5%, and the nominal GDP is US $99.9 billion. Analyzing the recent pandemic situation, a very slight reduction in the growth rate is predicted for 2022, but the authorities here have a plan to minimize the losses.
Market Size of Puerto Rico
The least affected sector on the island happens to be the agricultural sector. The government is investing a lot in this sector to ensure that the local production of goods is promoted to combat the imports and increasing dependence on other countries. Besides, capital-based industries are also growing to replace the industries that manufactured goods like tobacco, textiles, etc., which account for 48.5% of the total GDP. Despite being severely impacted by the pandemic, the industrial sector remains stable and largely unaffected.
A Brief Glimpse of The Industry
- 0.8% of the Island's GDP is contributed by the agricultural sector, which accounts for US $808 million. Though 98% of the island's land is fertile, only 6% is arable. Now this imposes a big threat on the country's food security and makes them more reliant on others for the same. The main reason behind this is the shift of the country's attention to other sectors such as industrialization, mismanaged terrain, deficiency of workforce, and bureaucratization.
- Besides this, the country also imports fuel from other nations due to a lack of coal, natural gas, and other reservoirs such as oil to meet their daily energy requirements. Puerto Rico's government-owned power plants are dependent on fossil fuels. About 58 percent of income goes to the purchasing of these resources from other countries. To tackle these problems, the government is planning various schemes for the improvement of the sector.
- The fishing industry is also a good source of income and provides employment opportunities to many inhabitants of the country.
- The secondary sector is a vast economic sector and is responsible for producing 46% of the country's overall GDP.
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Cost of living in Puerto Rico
In terms of cost of living, this island is 15% cheaper than the United States of America. The expenses here vary depending upon the location a person is looking for. The only downside is that recently real estate prices are increasing because of the COVID-19 pandemic. But the rates are not as high as those in the major cities of America. But even though the property rates are getting high, there are a few places that one can comfortably live in Puerto Rico.
Cost of Renting
One can look up places to live in depending upon their budget. One advantage of living in Puerto Rico is that rental properties can be found at affordable prices in decent localities. Certain places can be expensive, but it is overall manageable to live here with the average monthly rent of around US $300 - US $1500.
Cost of living depending on the location
Resources on this island are allocated in different places. So, the kind of lifestyle and place a person chooses, the cost of living will vary accordingly. Average apartment rental rates may vary between US $300 - US $1500.
- One tier or large cities of Puerto Rico are Carolina, Bayamo, and Carolina.
- The rising two-tier cities include Fajardo, Guaynabo, and Arecibo.
Top Sectors that are hiring in Puerto Rico in 2024:
Top Skills in Puerto Rico
The country is dependent on both traditional and modern ways of living also. Since it is a high-income country, a variety of skills are in demand. Especially since the economy is progressing rapidly, the country has opened its doors to many skilled individuals such as technicians, doctors, graphic designers, artists, etc. Enthusiastic immigrants are welcomed with open hearts here.
Major skills and areas which have witnessed a recent growth
- Clothing and Textile Industry
- Petrochemical Industry
- Medical Science
Top Skills City-Wise Occupation wise
Each city in the commonwealth of Puerto Rico holds its values, landscapes, cultures, and opportunities for the individuals residing there and the immigrants that come there with their dreams. The colors, the lights, and the diversity here are all points of attraction for the tourist, adding to that are the opportunities that the country is providing the people with.
- San Juan: This city is the capital city of the commonwealth of Puerto Rico and the one with the maximum population. This city is the 46th largest under the United States jurisdiction and has a population of 395,326, and the average salary is US $48,000. Significant progress has been made in the tourism sector, and the city has opened its doors to various multinational companies. This has led to an increase in the demands for skilled individuals in various sectors, especially the secondary sector.
- Bayamón: Another city located in the northern coastal valley is the city of Bayamón. Known for its cultures, lights, and festivals, the city has its beauty. The overall population of the city is 185,996, and the average salary is US $16,000. The fauna and flora are remarkable here, and the tourism industry is also growing. This is one reason that the city is opening a variety of entertainment centers, which has led to an increase in demand for qualified employees.
- Carolina: Located in the east of San Juan, the population of this city is 157,832, and the average salary is US$ 45,946. The sports industry has witnessed a boom in this city along with the entertainment industry. The government and the private sector companies aim to train and hire individuals for various essential roles.
The state and the Federal Labour Statutes follow labor contracts, and a highly regulated process is to be followed while dealing with the employees. A few factors are supposed to be investigated before joining a job, such as
- Onboarding expenses
- Cost of training an employee
- Variation in costs concerning the salary and perks
- Interview and background check cost
- Time invested
Salary structure in Puerto Rico
Mentioned below are the details of salaries offered to individuals in various roles across Puerto Rico:
Employment laws in Puerto Rico
The companies decide the hiring, but the federal and state legislation write the employee's rules and regulations. Payment criteria, working hours, nature of the job all vary with the type of job and industry. The National Employment Standards regulate the following employment aspects: -
- Paid and unpaid leaves
- Reduction and increment in payment
- Surveillance of the workplace
- Temporary employment
- Number of working hours
- Employment contract act
How Can Skuad Help You with Hiring in Puerto Rico?
With several rules and regulations governing the employee-employer relationships in Puerto Rico, conducting the hiring process is time-consuming and resource-intensive. But Skuad’s unified employment solution ensures a seamless and hassle-free recruitment. Connect with Skuad to know more.