The sugar industry, once the mainstay of the island's economy, declined during the early decades of the twentieth century, and finally collapsed in the 1940s when the US Navy took over much of the land on which the sugar cane plantations stood. After an initial naval construction phase, opportunities for making a living on the island were largely limited to fishing or subsistence farming on reduced area. Crops grown on the island include avocados, bananas, coconuts, grains, papayas and sweet potatoes. A small number of permanent local jobs were provided by the US Navy. Since the 1970s General Electric has employed a few hundred workers at a manufacturing plant. Unemployment was widespread, with consequent social problems. The 2000 US census reported a median household income in 1999 dollars of $9,331 (compared to $41,994 for the USA as a whole), and 35.8% of the population of 16 years and over in the labor force (compared to 63.9% for the USA as a whole).
Like the rest of Puerto Rico, the island's currency is the US dollar.
Following the 2003 departure of the US Navy, efforts have been made to redevelop the island's agricultural economy, to clean up contaminated areas of the former bombing ranges, and to develop Vieques as a tourist destination. The Navy clean up is currently the largest employer on the island, and has contributed over 20 million dollars directly into the local economy over the last 5 years thru salaries, housing, vehicles, taxes, and services. The Navy has provided specialized training to several local islanders ; which they will be able to build a career on after the clean up is over
