Governor De Jongh Signs Contract For Business Development Study For St. Croix

July 17, 2014

Via: Governor John P. de Jongh, Jr.

Photo Credit: "St Croix: Christiansted Harbor" by Erik Larson Via Flickr (CC BY-ND 2.0)

Governor John P. de Jongh, Jr. has signed an agreement with TIP Strategies, Inc., for the development of a Comprehensive Targeted Competitive Industry Study primarily for St. Croix. The scope of the project includes the examination of potential opportunities for recruiting and developing new businesses that promote both job creation and private investment in the territory. The study will be completed and submitted by November 1, 2014.

“Economic development and diversification has been the cornerstone of my administration,” explained the Governor, “and combination of the Great Recession and closing of oil refinery has reinforced our need for a competitive industry report to serve as an industry, and especially as a blueprint for St. Croix’s financial future.” He added, “I am confident that the study commissioned by the Bureau of Economic Research will provide invaluable information and ideas for the expansion of our economic base, with special focus on St. Croix.”
As outlined in the agreement with TIP Strategies, the deliverables include identifying needed technologies for St. Croix and the Virgin Islands, recommended public infrastructure and private capital needed, required supporting industries, industry support strategies to promote private investment in St. Croix and the territory and identify emerging opportunities to enhance existing firms on St. Croix. “The need for this competitive analysis was heightened by the HOVENSA closing and its benefit will be in the diversification of industries that we can attract to especially to St. Croix, while also putting in place support for our existing businesses in capitalizing the opportunities that we identify,” said Wharton Berger, Director of Bureau of Economic Research.
TIP (Theory into Practice) Strategies is a privately-held economic development consulting firm, based in Austin, Texas. The company, which was established in 1995, is dedicated to finding quality solutions for both public and private clients. The compensation for the development of the Comprehensive Targeted Competitive Industry Study is not to exceed $138,268 including travel and administrative expenses.