Males had a median income of $41,747 versus $37,052 for females. The per capita income for the territory was $26,897. The average private sector salary was $34,088 and the average public sector salary was $52,572. About 28.7% of families and 32.5% of the population were below the poverty line, including 41.7% of those less than 18 years old and 29.8% of those 65 or more years old. Nearly 70% of adults had at least a high school diploma and 19.2% had a bachelor's degree or higher. Financial challenges Analysts reviewing the economy often point to the closure of the HOVENSA oil refinery, the islands' largest private sector employer, in early 2012 as having a major negative impact on the territory's economy. In late 2013, the Federal Reserve Bank of New York's Research and Statistics Group pointed out that manufacturing employment dropped by 50% in May 2012 and by another 4% by November 2012, and that the GDP fell by 13%, "mainly due to an 80% drop-off in exports (mostly refined petroleum)". On the other hand, tourism and some other service industries were growing. As well, the 2010 census indicated that a relatively high share of the adult population is in the labor force: 66%, versus 65% on the mainland and well above 50% in Puerto Rico. A May 2016 report by Bloomberg expressed concern about the islands' tax-supported debt load. By January 23, 2017, this had increased to $2 billion. That translated to a per capita debt of $19,000, which was higher than the per capita debt in Puerto Rico which was undergoing a severe financial crisis at the time. A Debtwire analyst writing in Forbes indicated that nothing short of a miracle would prevent a financial collapse. Another area of concern was the structural budget deficit which was at $110 million in mid February 2017. The government instituted a new law in March 2017 with new or increased taxes on rum, beer, tobacco products and sugary drinks, as well as internet purchases and timeshare unit owners. Tourism Tourism, trade, and other service-oriented industries are the primary economic activities, accounting for nearly 60% of the GDP. Approximately 2.5 million tourists per year visit, most arriving on cruise ships. Such visitors do not spend large amounts of money ($146.70 each on average) but as a group, they contributed $339.8 million to the economy in 2012. Euromonitor indicates that over 50% of