Because of the vulnerabilities that the pandemic has laid bare, many companies are re-thinking their sourcing strategies. While these issues have been most apparent in goods produced overseas, companies are also re-evaluating the wisdom of relying on providers in far-off locations with different time zones and geographies for outsourced services, such as AI and software development. For this reason, according to consulting firm MJV Technology & Innovation, the interest of Fortune 500 companies in nearshoring has significantly increased during the pandemic.
During the 2006 economic downturn in Puerto Rico, many jobs were lost and people left the island. Fast forward to 2017 when Hurricane Maria made the problem even worse. People left the island in masses; and many didn’t come back. It’s often said that every Puerto Rican knows someone who died and someone who left as a result of the devastation.