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2.9% ECONOMIC GROWTH. The Planning Board said the island's economy grew by 2.9% during Fiscal 2003-2004 which ended June 30, reports El Nuevo Dia (Aug. 6, 2004). The growth was due to strength in the manufacturing, especially in pharmaceuticals, as well as public and private sector investment in infrastructure, housing and commercial construction. Planning Board President Angel Rodriguez said that economic growth in the current fiscal year was projected at 2.7%, due largely to increases in fuel costs. Total employment in Fiscal 2003-2004 was 1.234 million workers, up by 1.9% from the previous year. The jobless rate was 11.4%. Construction permits grew by 6.8% to 10,037. The value of construction permits grew by 8.2% to US$2.9 billion.
FILM CORP. HAS ECONOMIC IMPACT. Established over a decade ago to promote the local film industry and its contribution to the island's economy, the Puerto Rico Film Corp. had a stellar performance in 2003. The small public corporation-it has a staff of fewer than 10-saw the industry make a total economic impact of nearly US$23 million, reports Caribbean Business (July 19, 2004). The number of filming days on the island jumped 30% to 437 in 2003 from 335 in 2001. These filming days supported the creation of 6,105 jobs in 2003, up 163% from 2001 and 66% more 2002. In the tourism sector, film production on the island generated 10,706 hotel room-nights. Film producers can claim 40% of budget items paid to residents of Puerto Rico and use or sell the tax credit." The tax credit helped to attract to Puerto Rico such high-profile productions as Miramax/ Artisan's "Havana Nights" and Columbia Pictures' "Bad Boys II." In 2003, eight local producers (out of 23 applicants) received US$3.16 million in loans from the fund.
AUTO SALES UP 7.8% With 11,400 units sold in all categories, local auto sales in June were 6.9% higher than the 10,665 units sold in the same month last year, according to Plaza Motors Corp.'s latest monthly report on automobile retail sales, reports Caribbean Business (July 29, 2004). Low interest rates, manufacturer rebates, special financing incentives, and good inventory levels of 2004 and 2005 models continued to generate auto sales. Auto sales were hot throughout the first half of the year, when sales surpassed...