Bryan Warns Rapid Recovery Will Spike Inflation and Price Out Residents

Governor Bryan cautions that accelerating the $22.5 billion recovery effort could drive up housing and living costs, making it harder for Virgin Islanders to afford daily expenses. He urges residents to upskill and prepare for the economic shift.

“The faster the recovery goes, the worse the inflation will be,” said Governor Albert Bryan Jr., as he sat down with the Consortium last week to expand on the ideas delivered in his recent State of the Territory address. Governor Bryan was speaking of the complexity of managing the $22.5 billion in federal dollars earmarked for recovery projects in the territory. “When these big projects start to come off…what do you think is going to happen to the hotel rooms, to the apartments, to the workforce housing, to the houses that are for sale?” he asked. “All these things are going to be getting bought up, and people are going to get caught in this wave,” the governor continued, answering his own question.

Rising inflationary pressure caused by the influx of recovery dollars into the territory could then price Virgin Islanders right out of the economy. Residents need to prepare themselves, Governor Bryan warned. “This is a plea to the people of the Virgin Islands, because if you're waiting around for your wages to catch up with inflation, it's not going to happen,” he said.