Puerto Rico’s tourism industry has reached new heights, marking a strong economic recovery from the global pandemic. With $733 million in capital investment and 4,900 new jobs created in fiscal year 2024, the territory’s tourism sector is breaking records and attracting international attention.
January 2023 set an unprecedented milestone with $11.8 million in room tax collection, surpassing both the 2022 record of $7.8 million and the historical January average of $6.7 million. This growth was complemented by record-breaking air passenger traffic, reaching 1,028,927 travelers – the highest in four years.
Strategic Advantages Driving Tourism Growth
Puerto Rico’s unique position as a U.S. territory since 1898 has created distinct advantages for its tourism sector. The island benefits from:
- Direct flights from multiple U.S. cities, Madrid, Frankfurt, and key Latin American destinations
- U.S. citizenship for residents since 1917
- Lower crime rates compared to other Caribbean destinations
- A robust GDP growth trajectory since 1970
- An impressive GNI of $24,560 per capita (2022)
Economic Growth and Investment Momentum
The tourism surge aligns with broader economic developments across the island. Major infrastructure projects, such as Abertis’ 2.7 billion euro highway development, demonstrate growing international investor confidence. The housing market has shown particular strength, with the price index maintaining a steady recovery trend since 2017.
Expanding Tourism Infrastructure and Services
The tourism boom has catalyzed significant developments in supporting infrastructure:
- Enhanced airline connectivity with major global cities
- Expanding hospitality sector creating new employment opportunities
- Modernization of tourist facilities and services
- Growth in short-term rental markets
Jorge Hernández, CEO of Aerostar, attributes this success to “effective and consistent promotional efforts in coordination with the airport community, airlines and the government,” while emphasizing their commitment to maintaining high service standards.
Emerging Opportunities Beyond Tourism
The island’s economic renaissance extends into several promising sectors:
- Renewable Energy: Leading initiatives in sustainable energy development
- Technology Sector: Growing investments in digital infrastructure
- Biotechnology: Expanding research facilities and company presence
- Manufacturing and Import/Export: Strong business opportunities complementing tourism
Investment Advantages and Support
Investors in Puerto Rico benefit from:
- Comprehensive tax incentives for key industries
- Streamlined business registration processes
- Modern infrastructure and digital connectivity
- Access to a skilled, bilingual workforce
Biz Latin Hub can assist you in Latin America & the Caribbean
At Biz Latin Hub, our team of experienced corporate support specialists is available to help you enter the Puerto Rican market, whether you are seeking to take advantage of the opportunities on offer in Puerto Rico tourism, or any other sector.
We offer a comprehensive portfolio of back-office solutions, including company formation, accounting & taxation, legal services, and hiring & PEO, meaning that we can be your single point of contact for doing business in Puerto Rico, providing a tailored package of integrated services to suit every need.
With local teams in place around Latin America and the Caribbean, we also specialize in multi-jurisdiction market entry, and offer support in 18 markets around the region.
Contact us now to discuss how we can support your business.
