Data from the Census Department show that it is twice more difficult for young people to get a job. The challenge is to retain talent and develop businessmen.

The unemployment rate among young Puerto Ricans is twice as high as the average unemployment rate. People aged 16 to 24 years old have twice the difficulty to get a job, when compared to the rest of the population. And there are several factors that contribute to this.

Youth employment is one of the indicators usually examined to analyze the future of a country’s economy, particularly if it is rather open to immigration.

The economic crisis that Puerto Rico has been experienced since 2006, has an impact on this indicators. According to data from the Community Service of the Census Department, Puerto Rico has lost 9.395 jobs since 2010. These were jobs that were filled by young people. The number of workers aged 16 to 24 years old has decrease in 11,132 people (6%).

Data from the Census Department suggest a youth unemployment rate close to 41%. This is one of the highest percentages registered during the past few years. Data from the Labor and Human Resources Department, suggest a lower rate, around 24%. However, this rate doubles the 11.5% unemployment rate that the agency declares for the Puerto Rican labor market.

“The problem is the lack of opportunities. The economy is not providing young people with opportunities. This encourages migration”, said the economist José Alameda.

Data from the Census warns about this migration and the reduction of the young population, which is faster than the decrease of the rest of the population. During 2015, Puerto Rico’s population decreased close to 1.7%, but the number of young people (16 to 24 years old) dropped 4%.

Migration, and the drop of the birth rate, explain this phenomenon.

Lots of these youngsters, says Alameda, are students who have just graduated from college and cannot find a job in their field of studies. This situation forces them to look up for opportunities in other labor markets.

The talent drain that Puerto Rico is going through, causes the exit of educated people, who have elevated labor productivity expectations.

They are people who, in a different economic situation, would generate production, wealth and consumption. Y that economic activity is lost every time one of them takes off in a plane to pursue opportunities somewhere else.

Nevertheless, the economist pointed out that, due to the advances in communications, this lost is minimized given the capacity that professionals who migrate have in sharing the knowledge they have from the local level training and that they generate in the working experience abroad.

 “The brain drain problem finds some relief in that. Technology helps to keep that knowledge… however, the economic activity they generate is lost”, said Alameda.

For that reason, the economist believes that colleges must not only educate experts in their fields, but also businessmen who develop their own work opportunities.