Job promotion update.

JOB PROMOTION UPDATE. The Puerto Rico Industrial Development Co. (Pridco) reported 11 promotions during first quarter (1Q) fiscal 2006 (July, August, and Sept. 2005) and 492 job commitments, with US$6.1 million pledged in investment and a possible US$7.8 million in annual payroll, reports Caribbean Business (Dec. 26, 2005):

According to the agency's monthly analysis of its promotional efforts, 90 projects are pending establishment, with a possibility of 5,181 new jobs and an investment commitment of US$6.5 million. The sectors with the highest number of job commitments are the apparel / textile sector (1,195 jobs) and the chemical sector (1,017 jobs);

A total of 1,386 new jobs were created during 1Q 2006 vs. 895 in 1Q 2005. Twelve startups were new local businesses vs. three nonlocal businesses. One company opened a subsidiary while seven companies underwent expansions. Two companies were reactivated through Pridco's purchase of at least 50% of the companies' assets to avoid their closure. The remaining eight companies were established as either nonmanufacturing companies or service companies;

Job losses increased 78% during 1Q 2006, with Pridco reporting 185 jobs lost to eight company closings vs. 104 jobs lost during 1Q 2005, although the number of company closings was 79. Job losses in the top sectors within the manufacturing industry occurred in the chemical (65 jobs), nonmetallic mineral products (53 jobs), food (38 jobs), and apparel / textile sectors (19 jobs).