Puerto Rico is a United States Territory located near the Virgin Islands in the subtropical Atlantic Ocean and part of NAFTA. The island is approximately 35 miles deep by 100 miles long. The official language is English and over 70% of the population speaks fluent English. The currency is USD and Puerto Rico is located in the Atlantic Time Zone (one hour ahead of EST). Over 40% of the GDP of Puerto Rico is derived from manufacturing, primarily medical and pharmaceutical, and the Island is home to the top names in these industries.
Puerto Rico graduates almost 20,000 technical degree students per year and has the highest median income and education level in Latin American. This outstanding primary, secondary and higher education system produces a highly productive workforce at about 1/3 to 1/2 the labor rate of the US mainland. More importantly this workforce is far more productive then its Chinese or Mexican counterparts. Being educated and raised in the entrepreneurial, creative and free market culture of the US makes the citizens of Puerto Rico a powerful and unique group.
When we made the decision to expand we deliberated carefully and looked at options across the globe and based on our very recent experiences in China, Mexico and Korea. Ultimately we chose Puerto Rico based on the overwhelming positive factors shown in the Table Below.
We believe that the pendulum is swinging back and that “near shoring” in Puerto Rico offers our Partners the best combination of present and futures costs, quality, regionalization, risk mitigation and ease of doing business.