USVI EDA and Bureau of Economic Research review programs, urge focus on trade zone, housing and workforce

Wayne Biggs Jr., chief executive officer of the Virgin Islands Economic Development Authority, and Haldane E. Davies, director of the Bureau of Economic Research, testified to the Committee on Economic Development and Agriculture on June 9 about current programs, funding and priorities for stimulating economic growth in the territory.

Biggs outlined EDA operations, saying the authority integrates the Economic Development Bank (EDB), Economic Development Commission (EDC), Enterprise Zone Commission (EZC) and Economic Development Park Corporation (EDPC). He told the committee the EDA manages a staff of 48 full‑time employees and oversees two industrial parks, noting the William D. Robock Industrial Park and the Virgin Islands Industrial Park are at or near capacity.

"We are a customer service based organization that creates positive public private sector partnerships to promote economic growth," Biggs said, adding that the authority had an annual local appropriation of $6.6 million and manages roughly $85 million in federal grants.

Biggs described key programs and recent results, including the VI Slice home‑ownership gap financing program and the territory’s allocation under the State Small Business Credit Initiative (SSBCI 2). He said SSBCI 2 provides loan guarantees from a $57.9 million program allotment and that, through March 31, 2025, the authority had expended or committed about $8.998 million and reported pipeline requests totaling roughly $13.7 million. He said SSBCI 2 guarantees have the potential to create about 99 new jobs and retain 94.

On housing, Biggs reported that VI Slice received 74 applications through March 31, 2025, and that 54 had been approved totaling $5.2 million in gap financing commitments and 47 had closed with about $4.7 million disbursed. He said roughly $1.2 million remained of an $8.5 million allotment as of early June 2025.

"VI Slice provides gap financing to time homeowners who are buying a home or constructing a home," Biggs explained. "The gap financing will fill the void in reference to the shortfall that you may have in reference to financing the project."

Biggs said the EDA is promoting the South Shore Trade Zone to attract light manufacturing, transshipment and renewable‑energy supply firms, but added that a lack of ready facilities — and port infrastructure damaged in storms — is limiting immediate growth. He said the William D. Robock Industrial Park is pursuing a microgrid project to lower power costs for tenants and that the park’s FEMA repairs are still under negotiation.

Davies said the Bureau of Economic Research is expanding data collection and modeling to support policy work, listing goals that include updating the territory’s comprehensive economic development strategy (Vision 2040/Division 2040), expanding accommodation data, conducting a household income and expenditure survey, and producing economic‑impact analyses of government operations and capital projects.

"BER is a territory's principal agency for the provision of reliable and quality assured statistics to ensure the social and economic development of The U.S. Virgin Islands," Davies said. He also noted the pause in official GDP publication was driven by federal Office of Insular Affairs concerns about data gaps across U.S. territories and that he planned upcoming discussions with OIA to resolve them.

Committee members pressed both testifiers on operating budgets, vacant staff positions, and the EDA’s local appropriation. Biggs said the authority’s local operating appropriation has been $6.6 million for several years and that delayed allotments and stagnant local funding constrain hiring and compliance capacity. He asked the Legislature to consider directing a portion of taxes generated by Economic Development Commission beneficiaries back to the EDA to cover operations and recommended roughly $10 million annually would materially expand the authority’s ability to deliver services.

Committee members also questioned EDA staffing and compliance capacity. Biggs said EDA had 8 vacant positions, six compliance officers for roughly 99 beneficiaries, and was developing an online compliance portal to improve reporting.

Davies emphasized workforce development and data needs. He told senators the territory needs more skilled trades people, technological expertise and data analysts to capture the economic benefits of construction and recovery projects and to reduce "tax leakage" when contractors or services are purchased off‑island.

The committee held a public outreach reminder: the EDA will host an SSBCI Town Hall the next day for lenders and potential applicants.

The testimony provided updated program counts, funding pipeline figures and identified bottlenecks the agencies said the Legislature and other partner agencies should address to accelerate investment, housing and workforce outcomes in the territory.