Partnerships are paving a new path for Puerto Rico

Puerto Rico is rapidly becoming the most competitive jurisdiction within the United States.

The island is undergoing a steady transformation that involves government right-sizing, reductions in public spending, a trimming of the number of political appointees, and a reformation of permitting processes. The government, led by new Governor Ricardo Rosselló, is also working on tax and energy reforms.

Rosselló's future vision also focuses on the use of public-private partnerships, a largely-overlooked model on the mainland but nonetheless a powerful tool to spur Puerto Rico's growth and create long-lasting, well-paying jobs. Instead of merely selling off government assets, these partnerships allow the government to capitalize on its resources and services by working with with the private sector.

Partnerships are not new to Puerto Rico. After a four-year process, Puerto Rico's main air hub, San Juan Airport, became the U.S. Federal Aviation Administration Airport Privatization Pilot Program's first success story in 2013. This partnership paved the way for liquidity to meet debt obligations. It also created a revenue source for the duration of the lease, and more importantly allowed for long-overdue modernization and renovations of airport facilities, as well as job creation.

Today, San Juan Airport serves as a regional hub for JetBlue. It is also one of the few airports in the U.S. that operates an automated baggage-scanning system. In addition, new retail stores in the renovated terminals have created 3,000 jobs.