Puerto Rico is seeing renewed momentum in business activity, with new companies, private investment and job creation becoming major drivers of the island’s economic outlook.

At the recent ExpoComPR Foundation convention, Governor Jenniffer González-Colón pointed to 1.2 million people in the labor force and the creation of 27,439 corporations over one year, representing a 16.9% increase from the previous year.

The administration also highlighted its reshoring strategy. According to figures presented by the governor, 29 industrial projects involving 27 companies represent approximately $2.68 billion in committed private investment and 5,069 potential new jobs.

Tourism, construction, financial services, health and education have also recorded growth, adding to the broader business expansion.

The government is simultaneously pushing reforms designed to make it easier to establish and operate businesses, including changes to the permitting system. González-Colón said streamlining permits could strengthen Puerto Rico’s appeal to manufacturing, tourism and other investors.

With companies increasingly considering reshoring and supply-chain diversification, Puerto Rico is positioning itself for another wave of private-sector investment, although infrastructure and regulatory challenges remain important factors for businesses considering expansion on the island.