Puerto Rico has experienced several key periods of economic development that have shaped its economy over the years. Let's explore the top 5 times of economic growth and progress in Puerto Rico's history.
1. Operation Bootstrap (1947-1960)
Operation Bootstrap, also known as Operación Manos a la Obra, was a government-led initiative aimed at industrializing Puerto Rico and reducing its economic dependence on agriculture. This period saw the establishment of industrial zones, tax incentives for businesses, and the development of infrastructure to attract foreign investment. Governors: Jesus T. Pinero (1946-48), Luis Munoz Marín (1948-64).
2. Section 936 Tax Incentives (1976-2006)
Section 936 of the U.S. Internal Revenue Code provided tax incentives for U.S. companies operating in Puerto Rico, leading to a boom in manufacturing and pharmaceutical industries on the island. This period brought significant economic growth and job opportunities to Puerto Rico. Governors: Rafael Hernández Colón, Carlos Romero Barceló.
3. Tourism Boom (1950s-1970s)
During the 1950s and 1970s, Puerto Rico experienced a surge in tourism, driven by the development of luxury hotels, resorts, and infrastructure to attract visitors. The tourism industry became a major driver of economic development, creating jobs and boosting the local economy. Governors: José Luis Alberto Muñoz Marín, Roberto Sanchez Vilella (1965-68), Luis Alberto Ferre Aguayo (1969-72, Rafael Hernández Colón (1973-76), Carlos Antonio Romero Barceló (1977-84)
4. Information Technology and Services Sector Growth (1990s-2000s)
In the 1990s and 2000s, Puerto Rico saw a rise in the information technology and services sector, with companies establishing operations on the island to take advantage of its skilled workforce and strategic location. This period brought new opportunities in technology, telecommunications, and business services. Governors: Rafael Hernández Colón (1985-92), Pedro Juan Roselló González (1992-00), Sila Maria Calderón Serra (2001-04), Anibal Salvador Acevedo Vilá (2005-08), Luis Guillermo Fortuño Burset (2009-12).
