Commerce Dept. Secretary-Designate: Industrial Activity Continues Post-Lockdown

November was 4th Consecutive Month of Increases
SAN JUAN — Industrial activity continues to advance after one of the greatest historical drops in April due to the impact of the lockdown decreed by the government of Puerto Rico to help curb the spread of the novel coronavirus, Economic Development Secretary-designate Manuel Cidre said Tuesday.
“According to the November 2020 Manufacturing Index Coincident Indicators (IICM by its Spanish acronym) report, that month reflected a rise for the fourth consecutive month, as well as being the sixth rise in the last seven months. Compared to the previous month, industrial activity increased by 0.4 percent,” Cidre said in a statement.
The lockdown orders on March 15 significantly affected economic activity. At the time the report was drafted, the value of the Purchasing Managers Index (PMI), an indicator that measures the projections of manufacturing plant managers, which is calculated by the Puerto Rico Institute of Statistics, corresponding to October, was 47.9 points, reflecting managers’ projections of moderate contraction in the industry by marking that period below the 50-point threshold that determines whether the sector would be expanding (+50) or in contraction (-50).
“While we see a decrease when compared to the previous year, we notice how industrial activity was gradually increasing over the past year. We are confident that as the pandemic stabilizes and the number of people vaccinated increases, manufacturing will take off. At the DDEC [Spanish acronym for Department of Economic Development and Commerce], we are working to continue attracting investment to Puerto Rico and positioning ourselves as the best manufacturing and service destination in the hemisphere. We have a committed and prepared workforce, infrastructure that is ready, and unprecedented availability to do business,” Cidre concluded.
Related Posts
Latest News
-
Civil Society and Gov’t Present Tools to Empower Citizens
New Online Platforms Address Social Issues, Provide Jobs Puerto Rico...
- Posted August 9, 2022
-
INTERNATIONAL EVENT HELD ON THE ISLAND
“The AIESEC Alumni Leadership Summit will offer a great opportunity...
- Posted August 8, 2022
-
HUB Advanced Networks, LLC has the first building in Puerto Rico to obtain TIER III certification by Uptime Institute
Press Release (August 5, 2022- San Juan, PR) – The...
- Posted August 5, 2022
-
THINK STRATEGICALLY:
Private Sector Pays for Public Employee Salary Hikes Government Employees:...
- Posted August 4, 2022
-
Draining the Tax Swamp
When Puerto Rico’s Treasury secretary, Francisco Parés, and Justice secretary,...
- Posted August 3, 2022
-
The Fight Against Tax Evasion Ramps Up
Treasury and Justice Team Up to Tackle Complex Cases Puerto...
- Posted August 3, 2022
-
EDB and PRMA Reach Agreement to Help Businesses
Offering Capital for Manufacturers to Expand and Foster Exports The...
- Posted August 2, 2022
-
Medplus Solutions celebrates 10 years Saving Lives
Innovation and continuous growth Expansion of specialized and more...
- May 18, 2022
-
Amazon Web Services Expands Operations in Puerto Rico
Local Office Will Offer Services to other Caribbean Islands...
- April 22, 2022
-
García Padilla: Rubio Is No Friend of Puerto Rico
Governor Says Rubio's Remarks Confirm he Works for 'Vultures'
- February 26, 2016
- 15
You must be logged in to post a comment Login