Bryan Vows to Fix WAPA, Start Teachers at Over $50,000, and Lead USVI Into Era of Prosperity With $800 Million in Yearly Construction Spending
On Monday, for the fifth time, Governor Albert Bryan delivered his State of the Territory address before the Legislature, telling Virgin Islanders that construction will lead the USVI's prosperous outlook with hundreds of millions of dollars in funding every year heading into the next decade. He further stated that changes were underway in critical areas such as housing, energy, crime-fighting, education, health and infrastructure which have remained underdeveloped through past administrations.
2023-01-24 13:10:31 - VI News Staff
Mr. Bryan said his government was “ushering in a new era of prosperity in the Virgin Islands,” which involves the development of the territory’s cannabis industry, an area of production that the governor believes can create a major revenue stream to drive the economy.
“We understand the high-risk, high-reward nature of this business, and so we will be taking a cautious and conservative approach to building the regulatory ecosystem that will sustain the cannabis industry in the Virgin Islands,” he noted.
In the years ahead, Mr. Bryan said residents can also look forward to “a burgeoning construction sector." He anticipates revenue of at least $800 million in federal spending each year.
“Growth in the overall Gross Territorial Product by two percent is considered robust. This is an almost 20 percent increase in spending every year for the next four years. We expect that this influx of dollars will continue annually for at least the next 10 years,” he said.
In addition, he said the government has identified $17 million in local funds to dredge the inner harbor in Charlotte Amalie. That project is currently going through the Army Corp of Engineers permitting process. Once completed, the harbor will be able to accommodate the largest cruise ships serving the Caribbean region and is expected to grow cruise tourism past the 777,000 passengers who visited in fiscal year 2022.