Primarily a trade and tourism hub, the local economy of Turks and Caicos is dominated by a series of industries including hotels and restaurants, development and construction, trade and manufacture, as well as local financial services. The local economy has grown as a result of being a 2nd and vacation home to a variety of wealthy travelers from Europe and North America, along with a development boom in recent year that has produced upscale Western-style resorts and restaurants. A central hub for regional trade, the Island is a common destination for imports and exports in route to major markets, as well as undergoing active commercial and residential development.
Most local workers remain in manual labor, with a focus on construction, although the professional and skilled classes has grown in recent years. Unemployment remains tame relative to international norms, and, although it has risen with the global recession, development on the island continues. Exports include a variety of local vegetation, including citrus fruit, cassava and a variety of fish. The Island is also the home of the major distribution farm for conch in the Hemisphere and serves as a regional hub for linens, tobacco and other imports from South American in route to Mexico, United State and Canada.
Every year, nearly 75,000 tourists from the United States along come to the Island and the annual total from all sources exceeds a quarter million visitors. This growth in tourism has kept shopping centers, destination tours and new developments active. Catering to specific groups, the Club Med focuses upon serving European tourists by providing upscale spas, water sports and cuisine, with private guides and tours. The world’s economic and cultural elite are known for vacation on the island and a number of prominent destination weddings are held on the Islands every year. Local sports has benefited from development of a Formula One track along with a Provo Championship Golf Course.