San Juan, Puerto Rico – The Puerto Rico Chamber of Commerce today released its 2024 Business and Consumer Confidence Index, providing valuable insights for strategic planning and economic development in the coming year. Conducted in partnership with Estudios Técnicos, Inc. and NielsenIQ, the study reveals a mixed bag of optimism and challenges for the Puerto Rican economy.

Consumer Confidence on the Rise

The survey indicates a notable surge in consumer confidence compared to 2023, with Puerto Rican households expressing optimism about their financial outlook. However, concerns about the rising cost of living, particularly for food and utilities, persist. Despite these challenges, consumers appear more willing to spend and invest in the local economy.

Businesses Eyeing Growth

On the business front, a significant 58.6% of businesses have reported reaching pre-pandemic sales levels. Nevertheless, companies continue to grapple with a range of obstacles, including taxes, energy costs, and the looming threat of a recession. Despite these challenges, a substantial 40.8% of businesses anticipate expanding their workforce in the next six months, and 49.3% expect increased profits.

Key Findings and Implications

Resilience and Adaptation: Puerto Rican businesses and consumers have demonstrated remarkable resilience in the face of economic challenges.
Focus on Innovation: The study highlights the importance of innovation and technological advancements to drive economic growth and improve competitiveness.
Skilled Workforce: The demand for a skilled workforce remains a top priority for businesses, emphasizing the need for investments in education and training.
Infrastructure and Logistics: Improving infrastructure and logistics will be crucial for attracting new businesses and facilitating trade.
Sustainability: There is a growing emphasis on sustainability and environmental protection, presenting opportunities for businesses to adopt green practices.

Looking Ahead

Luis Pizarro Otero, President of the Puerto Rico Chamber of Commerce, emphasized the significance of these findings for shaping the island's economic future. "These results provide a roadmap for businesses and policymakers as we navigate the complexities of the global economy," said Otero. "By understanding the evolving needs of both consumers and businesses, we can develop targeted strategies to foster sustainable growth and improve the overall quality of life in Puerto Rico."