Heidie Calero, the President of H. Calero Consulting Group, Inc. (HCCG), is a distinguished woman economist and lawyer.


During the past 40 years, of which the past 21 years have been with HCCG, she has collaborated with a wide variety of manufacturing, construction, financial, commercial, and service industry clients in a diversity of tasks. These have included:

  • Corporations in the Fortune 500 list;
  • Foreign corporations;
  • Small and medium companies;
  • Service businesses, including financial institutions;
  • Individual investors and entrepreneurs;
  • Investment companies and Hedge Funds;
  • Higher education institutions;
  • Non-profit institutions;
  • Public corporations, municipalities, government agencies;
  • Clients in Venezuela, St. Thomas, St. Croix, Dominican Republic, US, among others.


Heidie Calero


  • University of Puerto Rico – School of Law
    Received Juris Doctor Degree in 1980.
  • University of York – England (U.K.)
    Received Master of Philosophy in Economics in 1974.
  • University of Puerto Rico
    Received Bachelor of Arts in Economics, Magna Cum Laude in 1969.
  • Various short courses and seminars on continuing education.


  • Lecturer of Managerial Economics, Graduate Level, Central Bayamón University, 1997 and 1998
  • Lecturer of International Trade, BA level, University of Puerto Rico, Río Piedras Campus, 1975
  • Lecturer of Macroeconomics, BA level, University of Puerto Rico, Río Piedras Campus, 1974
  • Often invited to give presentations to university students and other professional organizations on various economic and policy issues.


  • Board of Directors of Scotiabank, Puerto Rico
  • Board of Directors – Medicare y Mucho Más
  • Honorary Consul of Sweden
  • Member of United Who’s Who, 2008-2009
  • Trustee for the Committee for the Economic Development of PR
  • Board of Directors of the Legal Assistance Society
  • Member of American Economic Association
  • Member of National Association of Business Economists
  • Member of National Association of Forensic Economists
  • Member National Association of Business Women Owners
  • Member of the Puerto Rico Bar Association
  • Member of the PR Financial Analysts Association
  • Member of United Who’s Who, 2004-2005
  • Member of Empire Who’s Who Empowering Executive & Professionals, 2007

As a widely recognized and respected professional, she is frequently asked to be a speaker before meetings and workshops of professional, trade associations, corporations, and non-profit institutions.


Heidie Calero is an experienced economist, graduated from the University of York in England and a lawyer, graduated from the University of Puerto Rico, Faculty of Law and admitted to the PR Bar Association. Before founding HCCG in 1993, she was President, Chairperson, and Partner at Estudios Técnicos, Inc., a consulting firm in Economics. This experience enhanced her project management in diverse economic sectors as well as supervisory management and administrative skills applied to a small firm. Prior to that, she had been Senior Vice President at Drexel, Burnham, Lambert, PR and Executive Vice President in charge of the investment-banking firm of Salomon Brothers, Inc. in Puerto Rico. This experience with two of the top multinational investment bankers in the US enabled her to gain insight into financing major projects for both the public and private sectors. During the six years prior to investment banking, she established and directed the Economics Department for Citibank in Puerto Rico. From this position, she distinguished herself by combining a solid economic background and successfully translating it into pragmatic research applicable to a financial institution.  Her major accomplishments in the above-mentioned positions include successful economic presentations to lobby on behalf of specific legislations, such as, Section 936 of the US Tax Code; PR’s Closing Law; local minimum wage; PREPA’s subsidy on residential electricity; DACO’s regulations for school textbooks; economic presentations, and forecasting for financial institutions, multinational corporations, and professional associations, among others.

Heidie Calero has prepared numerous feasibility studies for residential projects, shopping centers, hotels, entertainment parks, small loan companies, mortgage banks, time sharing vacationing complex, manufacturing of fashion jewelry, manufacturing of coins and medals in precious and semi-precious metals, flea market, clinical and imaging laboratories, hospitals, urban centers, and master plans for waterfronts, among others. Market studies include radio, tourism, services, commerce, fast food chains, supermarkets, cinemas, continuing education for professionals, Section 936, construction, automobile market, real estate market, gas industry, sand mines market in PR, corrugated cardboard manufacturing, beer market, banking, financial model used in the privatization of CANTV, the telephone company in Venezuela, financial model for the small loan industry in PR, and market research for selected prescription drugs, among others.
HCCG has also conducted cost-benefit and economic impact studies for infrastructure projects, shopping centers, and other major investment projects. Another area of expertise is in litigation support in cases of loss of income, damages, Law 75, labor discrimination, lawsuits against investment banking institutions, monopoly and competitive concentration, among others.

Heidie Calero has developed a macroeconomic model for the PR economy; a car market forecasting model; quarterly indices for the PR economy, a market potential index, and various demand and financial models for selected clients, among others. As a widely recognized and respected professional, she is frequently asked to be a speaker in meetings and workshops of professional and trade associations, corporations, and non-profit institutions.


  • Book – Inside the Puerto Rico Economy, 1998-2007, HCCG, a collection of 120 essays on the Puerto Rico economy and other countries.
  • A Balancing Act, 2008-2011
  • A Time for Change, January 2009
  • Economic Checkmate, April 2008
  • Inside the PR Economy, 2007
  • Chindia, 2006
  • On the Shoulders of Consumers, 2006
  • Seniors Shape the Future, August 2006
  • Winds of Change, July 2005
  • Welcome back recovery, April 2004
  • Where do we stand, February 2004
  • Carmania, January 2004
  • Fast Forward, September 2003
  • Coping with 2002, April 2003
  • Facts you didn’t know about the Pharma Industry in PR, November 2002
  • Inside the PR economy, August 2002
  • Winds of Change, February 2002
  • The Mirror has two faces, February 2002
  • The Legacy 2001, January 2002
  • Election Year 2000, January 2001
  • Journey Inside a Record Year, November 2000
  • Internet Coverage, October 2000
  • Health Care Reform, July 2000
  • Inside the Caribbean, May 1999
  • Breaking into the Millennium, February 1999
  • A Glimpse of the PR Economy, May 1998
  • Tourism in Puerto Rico, January 1998
  • San Juan Metropolitan Area, Urban Land Institute Market Profiles, 1998
  • San Juan Metropolitan Area, Urban Land Institute Market Profiles, 1997
  • “Competitividad: Marco Conceptual para Puerto Rico” en Estrategias para el Desarrollo, Cámara de Comercio de Puerto Rico, 1997
  • San Juan Metropolitan Area, Urban Land Institute Market Profiles, 1997
  • M. Negrón Portillo y L. Santana Rabell, editores, La Administración Pública de Puerto Rico ante el Siglo XXI, Escuela Graduada de Administración Pública, UPR, 1996
  • San Juan Metropolitan Area, Urban Land Institute Market Profiles, 1996
  • San Juan Metropolitan Area, Urban Land Institute Market Profiles, 1995
  • The Shopping Center Industry, April 1996
  • A Glimpse of the Puerto Rico Economy, November 1995
  • Regional Trade Blocs and Investment Flows, April 1995
  • Macroeconomic Impact of P.R.’s Tax Reform, March 1995
  • Trends in Globalization and Impact on PR, August 1994
  • Information and Telecommunications, May 1994
  • P.R.’s Economic Pulse and Forecasts, January 1994
  • Decision and Transformation, October 1993
  • Risk Factors in PR, March 1993
  • Analysis of Economic Platforms of Political Parties in PR, September 1992
  • Puerto Rico, Inc., March 1991
  • Economic Impact of Retail Sales in PR, December 1990
  • Managing Change, June 1988
  • From Lace to Technology, August 1987
  • Housing and Demographics in PR, June 1987
  • “In Search of Competitiveness”, March 1987, Citibank Conference.
  • A Comparative Analysis of Puerto Rico’s Debt Burden: PR & Latin America, September 1985
  • Tourism in Puerto Rico: An Unrealized Potential, May 1985
  • “Economic Challenges Facing PR”, March 1985, Citibank 936 Conference.
  • Impact of 936 Corporation’s Passive Income on the Puerto Rico Economy, March 1985
  • Understanding the Economic Recovery- Some Open Issues, March 1984, Citibank 936 Conference, published by Citibank, Puerto Rico.