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.