The Commonwealth of Northern Mariana Islands (CNMI) is showing promising signs of recovery as it moves further away from the impact of the Covid-19 pandemic. One notable indicator of this recovery is the increasing number of new businesses opening their doors. Records from the Department of Finance reveal a significant uptick in the issuance of licenses over the past year. From October 2021 to September 2022, a total of 8,367 licenses were issued. This number rose to 8,613 licenses from October 2022 to September 2023, marking an increase of approximately 246 licenses. Finance Secretary Tracy Norita sees this as a positive sign of economic recovery in the post-Covid era.
Increasing Number of New Businesses
Discover the rise in new businesses opening in the Commonwealth of Northern Mariana Islands (CNMI) as a sign of economic recovery.
The Commonwealth of Northern Mariana Islands (CNMI) is experiencing a surge in the number of new businesses opening their doors, signaling a promising economic recovery post-Covid. Records from the Department of Finance reveal that from October 2022 to September 2023, a total of 8,613 licenses were issued, an increase of approximately 246 licenses compared to the previous year.
This rise in new businesses is a positive indicator of the growing confidence in the CNMI's economy. It reflects the resilience and determination of entrepreneurs to rebuild and contribute to the recovery efforts. These new ventures bring fresh opportunities and inject vitality into the local business landscape.
Diverse Industries Leading the Way
Explore the top industries driving the economic recovery in the Commonwealth of Northern Mariana Islands (CNMI).
As the CNMI makes strides towards economic recovery, certain industries have emerged as key drivers of growth. The real estate, rental, and leasing sector have taken the lead, followed closely by the retail trade industry.
The real estate sector's resilience can be attributed to the demand for housing and commercial spaces, driven by both local residents and investors. The retail trade industry, on the other hand, has witnessed a resurgence as consumer confidence returns and tourism starts to rebound.
These industries not only contribute to the CNMI's economic recovery but also create job opportunities, stimulate local spending, and attract investments. They play a vital role in shaping the future of the islands' economy.
New Business Ventures Making an Impact
Learn about the exciting new businesses that have recently opened in the Commonwealth of Northern Mariana Islands (CNMI) and their contributions to the local community.
The CNMI has seen the emergence of several new businesses that are making a positive impact on the local community. These ventures bring fresh offerings and services, filling gaps left by previous closures and providing new opportunities for residents and visitors alike.
Shoes Outlet: Affordable Footwear for All
Shoes Outlet, which opened last September, aims to provide affordable and high-quality footwear to the CNMI community. Its establishment came after the closure of the international brand Payless ShoeSource in 2018, leaving a void in the market. Shoes Outlet's presence offers accessible options for individuals of all ages and backgrounds.
Bistro On The GO: Culinary Delights at the Northern Marianas College
Bistro On The GO, opened on September 15, is the CNMI's only community college's newest culinary destination. It offers a variety of food options, catering to the diverse tastes and preferences of the local community. This establishment not only provides delicious meals but also contributes to the vibrant campus atmosphere.
Kantos Diyes: Authentic Filipino Cuisine
Kantos Diyes, a recently opened restaurant, specializes in serving authentic Ilonggo and Cebuano food. It caters to the Filipino community in the CNMI, offering a taste of home and a place for cultural connection. The restaurant's warm ambiance and flavorful dishes have quickly made it a favorite among locals and visitors alike.
These new businesses exemplify the entrepreneurial spirit and resilience of the CNMI community. They contribute to the local economy, create employment opportunities, and enhance the overall quality of life for residents and tourists.
Tourism Rebound and Visitor Arrivals
Explore the recovery of tourism in the Commonwealth of Northern Mariana Islands (CNMI) and the changes in visitor arrivals.
The CNMI's tourism industry is gradually rebounding, indicating a positive shift towards recovery. Visitor arrivals in October 2023 have increased by 80 percent compared to the same period in 2022. While this growth is encouraging, it is important to note that the October 2019 figures, which represent pre-pandemic levels, have not yet been reached.
In October 2019, the majority of visitors to the CNMI were from Korea and China. However, in October 2023, only seven percent of visitors are from China. The Marianas Visitors Authority recognizes the need to diversify the source market mix to boost arrival numbers and revenue generation. Visitor arrivals from Korea have shown a significant increase of 82 percent in October 2023 compared to the previous year. The number of visitors from Japan has also risen, although it remains below pre-pandemic levels. While China's arrivals have increased compared to October 2022, they are still far from reaching pre-pandemic levels.
Efforts are underway to attract a wider range of visitors and ensure the sustainability of the CNMI's tourism industry. By expanding the source markets and implementing strategic marketing initiatives, the CNMI aims to regain its position as a sought-after destination for travelers from around the world.