July 26, 2018
Hagatña — Guam’s unemployment rate is at 4.4% thanks to a strong economy and continued investment in our people and our island community.
This most recent rate is for March 2018 and shows an improvement over the prior report, which indicated a 5.8 percent rate for September 2017, according to the Guam Department of Labor Bureau of Labor Statistics report. Compared to the March 2017 4.3 percent, there is a slight increase of .1 percent.
Governor Calvo says this continued trend is a sign of strong interest from individuals, businesses and investors who see opportunities in the local community.
There are a number of local government projects such as the police station in Sinajana, the emergency foster care home in Barrigada, road projects, and improvements at the Guam International Airport Authority. Additionally, existing businesses are investing in new or expanded space such as Island Girl Coffee n’ Quenchers, Bank of Hawaii, and StayWell Insurance; and we have new businesses, such as Olive Garden, that many people are happily anticipating.
“Our economy is growing. The low unemployment number is another indicator that we have, thus far, been able to manage our resources as well as promote and support our local economy,” Governor Calvo stated.
Gary Hiles, Chief Economist at Department of Labor Bureau of Labor Statistics, said the“strength of the economy in terms of increased tourism in recent years and the considerable number of ongoing construction projects is contributing to the long-term trend of low unemployment numbers.”
Governor Calvo and Lt. Governor Ray Tenorio continue to warn senators that the lack of a solution to the government’s Fiscal Year 2019 budget will not only effect government services but also would upset the island’s economy.
“We are counting on this Legislature to pass a responsible budget that addresses the gap caused by federal tax cuts, so we don’t unwind the progress made by the business community the past 8 years,” Lt. Governor Tenorio stated.