Guam – The U.S. census Bureau released data today which indicates Guam’s economy has become stronger over the past 5 years.
The data comes from the 2012 Guam Economic Census.
Branch Chief Lee Wentela said that sales volume on Guam has grown 23.9%. Payrolls are up 17% and the number of people employed has increased 2.3%
Wentela was reluctant to draw any conclusions from the data. But the Guam Department of Labor’s Chief Economist, Gary Hiles, says the numbers show that Guam’s economy has been growing.
The majority of the sales growth occurred in the Tamuning-Tumon area which recorded 59% of total sales, underscoring the importance of tourism to Guam’s economy.
A release from Adelup quotes Governor Calvo as saying “in five short years, businesses hired more people, and paid their current employees more. This is because our economy is stronger than it was five years ago. I will keep this momentum going so our businesses hire even more people, pay employees higher wages, and grow further.”
BREAKING NEWS: Economy stronger, wages higher, more employment in private sector
“We still have a long way to go, but this data shows how far we’ve come. In five short years, businesses hired more people, and paid their current employees more. This is because our economy is stronger than it was five years ago. I will keep this momentum going so our businesses hire even more people, pay employees higher wages, and grow further. There has been a lot of naysaying about our island—those who don’t believe that good things are happening and good things are coming. I hope this black and white data can show the doubters that Guam is moving in the right direction.” – Governor Eddie Baza Calvo
Guam’s economy and wages for employees grows over five year period
Guam has seen significant gains in total economic activity, wages, and a modest growth in employment from 2007 to 2012. The findings are a part of the 2012 Economic Census of Island Areas: Geographic Area Series for Guam. In this report, done every five years from the U.S. Census Bureau, the following positive economic statistics were confirmed:
Overall revenue generated: $7.7 billion. This figure is up 23.9 percent from 2007 ($6.2 billion).
Overall payroll costs: $1.3 billion. This figure is up 17 percent from 2007 ($1.1 billion).
Overall employment: 53,579 people. This figure is up 2.3 percent from 2007 (52,394).
Paychecks are bigger
This means businesses are doing better in general than they were in 2007. It also means that Guamanians who already are employed saw higher paychecks than in 2007.
U.S. Census Bureau releases 2012 Guam Economic Census summary
Lee Wentela, a Branch Chief with the U.S. Census Bureau who helped prepare the report, thanked the local business community and his counterparts at the Guam Department of Labor for their assistance.
“The accuracy of economic reports relies heavily on the availability of information and the cooperation of the business community. This particular census had a response rate in excess of 90 percent – which is higher than the national average. I would like to thank all of the Guam businesses for their cooperation in providing the requested information. In addition I would like to note the cooperation and support of the Government of Guam, Department of Labor staff Naomi Aquiningoc and Chief Economist, Gary Hiles,” he said.
The report shows increases in revenues payroll and employment from the prior Economic Census in 2007. It also includes information by village, industry, class of customer, ownership, size of business, payroll and fringe benefits, capital expenditures and business operating expenses. The report will be available in its entirety tomorrow at census.gov.