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Puerto Rico

The Commonwealth of Puerto Rico has a population of about 3.2 million. The San Juan-Caguas area is the largest of the island's seven metropolitan areas, representing roughly 75 percent of the island's economy. Puerto Rico had suffered from a severe and prolonged economic slump from 2006-17 with GDP, population, and employment all on a downward trend.

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Economic and Demographic Trends

	Population 2024	Pop growth 2024, 10-year change (%)	GDP 2023, billions ($)	Job growth 2024, 5-year change (%)	Median household income 2023 ($)	Median home price 2023 ($)	Pop share age 25+ with BA+ 2023 (%)
Puerto Rico	3,203,295	-10.6	82	8.4	25,100	130,000	30.8
U.S. Virgin Islands	87,146	-14.6	4	-5.7	40,408	291,000	22.3
United States	340,110,988	6.5	27,812	4.7	76,170	325,000	36.2

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; IPUMS USA-University of Minnesota; Government of Puerto Rico Planning Board. Data retrieved through data.census.gov, Moody's Economy.com, or directly from source.
Notes:

*Included for comparison. USVI GDP is from 2022.
**Figure for Puerto GDP is actually GNP, which is the preferred measure for Puerto Rico. GDP in 2023 is $118 billion.

The New York Fed publishes indicators, trends, research and analysis on our Second District. Explore the content below to learn more.

Economic Activity in the Second District Continued to Decline Slightly

October 15, 2025

On balance, employment held steady during the reporting period, and wage growth remained modest. The pace of price increases remained elevated but was little changed, with selling prices rising moderately and input prices rising strongly. Manufacturing activity was little changed after a summer uptick. Consumer spending increased modestly, in part due to the resilience of mid- to upper-income households. Housing markets remained solid.

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Regional Economic Heterogeneity Indicators

October 7, 2025

The Economic Heterogeneity Indicators are broad-based economic indicators that measure macroeconomic outcomes experienced by different demographic, economic, and geographic groups across the New York-New Jersey metro area, as well as all other counties in New York state.

Full Regional Report | Regional Data

Early Benchmarked Employment Data

September 22, 2025

Our economists provide early benchmarks of initial monthly employment releases throughout the year and make the benchmarked data about the New York Fed region available to the public on a monthly basis.

Regional Employment Trends

September 22, 2025

These interactive charts illustrate payroll employment trends for more than 20 geographies in the Second District, from the state level down to metropolitan areas.

Puerto Rico Regional Visit: Economic Growth Followed Disaster. What Comes Next?

BY Jack Gutt | May 27, 2025

President John C. Williams heard from local business, government, nonprofit, and academic leaders during his April regional visit to Puerto Rico. After nearly two decades of economic decline, Puerto Rico’s economy appears to have experienced a significant turnaround. Still, the Island faces uncertainty and structural challenges on issues like affordable housing and the electrical grid.

Joelle Scally's Update on the Puerto Rico Economy

May 21, 2025

In a presentation to the Financial Oversight and Management Board for Puerto Rico’s Economic Forecast Symposium, Joelle Scally, Economic Research Advisor, discussed economic conditions in the region, including employment, inflation, housing, credit, and business conditions.

Jaison Abel's Briefing on Economic Conditions in the Region

March 25, 2025

In a presentation for the 2025 New York Fed Regional and Community Banking Conference, Jaison Abel, Head of Microeconomics, discussed economic conditions in the region, including employment, inflation, housing, and business conditions.

Credit Insecurity in the United States: 2018-2023

BY Jake Scott, Ambika Nair, and Claire Kramer Mills | March 6, 2025

The report introduces a geographic measure of credit access across the United States called the Credit Insecurity Index. The index combines data about the share of adults without a credit score or file and the share who have limited access to affordable credit. The report uses the index to measure access to affordable credit at the national, state, city, town, and county level.

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Firms’ Inflation Expectations Have Picked Up

By Jaison R. Abel, Richard Deitz, and Ben Hyman | March 5, 2025

After a period of high inflation following the pandemic recession, inflationary pressures have been moderating the past few years, dropping from a peak of 9.1 percent in 2022 to 3 percent at the beginning of 2025. However, firms expect both cost and price increases to move higher in 2025, with year-ahead inflation expectations rising from 3 percent last year at this time to 3.5 to 4 percent, though longer-term inflation expectations remain anchored at around 3 percent.

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AI and the Labor Market: Will Firms Hire, Fire, or Retrain?

BY Jaison R. Abel, Richard Deitz, Natalia Emanuel, and Benjamin Hyman | September 4, 2024

Artificial intelligence (AI) has the potential to dramatically change the labor market and possibly the nature of work itself. The results of the authors’ August regional business surveys find most firms that expected to use AI in the next six months plan to retrain their workforces, with far fewer reporting adjustments to planned headcounts.

Supply Chain Disruptions Have Eased, But Remain a Concern

BY Jaison R. Abel and Richard Deitz | May 20, 2024

Supply chain disruptions became a major headache for businesses in the aftermath of the pandemic and were a key contributor to the surge in inflation. The authors present new measures in supply availability from the New York Fed’s Business Leaders Survey, Empire State Manufacturing Survey, and Global Supply Chain Pressure Index. They find that supply availability had generally been improving since early 2023, but improvement has stalled over the past couple of months.

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Many Places Still Have Not Recovered from the Pandemic Recession

May 7, 2024

The onset of the pandemic resulted in one of the sharpest and deepest economic downturns in U.S. history. The authors examine the uneven geographic recovery from the pandemic recession, noting that much of the New York-Northern New Jersey region is still way behind.

Andy Haughwout’s Briefing on U.S. and Regional Economic Conditions

April 18, 2024

In a presentation at the 2024 New York Fed Regional and Community Banking Conference, Andy discussed economic conditions, including employment, inflation, business activity, housing, and commercial real estate.

Small Business Recovery after Natural Disasters

Banks versus Hurricanes

November 20, 2023

Puerto Rico’s location in the Caribbean leaves it highly exposed to all manner of severe weather. Hurricane Maria, which struck the island on September 17, 2017, was a worst case in some respects as it struck just two weeks after Hurricane Irma flooded the island. Even so, the island’s economy and banks recovered surprisingly quickly. This post discusses the various protections—including homeowners’ insurance, federal aid, and mortgage guarantees—that helped buttress the island’s economy and banks.

Small Business Recovery after Natural Disasters in the Fed’s Second District

November 16, 2023

This is the second of the two-part series on how natural disasters such as hurricanes, floods, wildfires, droughts, and winter storms affect small businesses in the Federal Reserve’s Second District. While the previous post focused on the impact of such disasters using data from the Small Business Credit Survey for the period 2021-22, this post focuses on the aftermath of such disasters, and examines disparities in the ability of firms to reopen their businesses and access disaster relief.

How Do Natural Disasters Affect Small Business Owners in the Fed’s Second District?

November 15, 2023

Data from the Federal Reserve’s Small Business Credit Survey shed light on how small businesses in the Second District are impacted by natural disasters (such as hurricanes, floods, wildfires, droughts, and winter storms). The author finds that increasing shares of small business firms in the region sustain losses from natural disasters, with minority-owned firms suffering losses at a disproportionately higher rate than white-owned firms.

Inaccurate flood zones in the Fed’s Second District

Flood Risk and Firm Location Decisions in the Fed’s Second District

November 14, 2023

The intensity, duration, and frequency of flooding have increased over the past few decades. As the frequency of flood events continues to increase, the number of people, buildings, and agriculture exposed to flood risk is only likely to grow. This post focuses on the distribution of flood risk within the Federal Reserve's Second District and examines its effect on establishment location decisions over the last two decades.

How Do Banks Lend in Inaccurate Flood Zones in the Fed’s Second District?

November 13, 2023

This post examines the impact of flood risk, particularly on bank lending in the Federal Reserve’s Second District. Using data on the accuracy of flood maps, the authors examine banks’ lending practices within “very inaccurate” and “inaccurately” mapped areas. A map is considered “very inaccurate” If a property faces significant flooding damage (highest damage quartile) but is not mapped into a flood zone, and “inaccurate” If properties in an area face moderate damage but are insufficiently mapped.

Potential Flood Map Inaccuracies in the Fed’s Second District

November 10, 2023

The National Flood Insurance Program flood maps, which designate flood-prone areas, are updated periodically through the Federal Emergency Management Agency (FEMA) and community efforts. Even so, many of these maps are outdated. Given that climate-related risks vary geographically, it is crucial to produce accurate maps for such risks, like flooding. This post uses detailed data on the flood risk faced by individual dwellings as well as digitized FEMA flood maps to assess the accuracy of flood mapping in the Federal Reserve’s Second District.

Press Briefing: The Region’s Recovery from the Pandemic Recession

April 13, 2023

The press briefing discussed economic conditions across the Second District since the start of the Covid-19 pandemic, focusing on employment trends.

Press Briefing: Employment and Housing Conditions in the Second District

November 10, 2022

The press briefing focused on current economic conditions across the Federal Reserve's Second District and focused on the region's housing markets through the pandemic, including changes in home prices and affordability.

Puerto Rico and U.S. Virgin Islands Hub

January 01, 2018

A collection of reports and information about Puerto Rico and U.S. Virgin Islands.

2014 Update on the Competitiveness of the Puerto Rico Economy

July 31, 2014

The New York Fed has undertaken this update of a 2012 report examining the competitiveness of the Island's economy.

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