In 1897, the year before the war, Americans had invested roughly $700 million in business ventures overseas. By 1904, they had invested over $2.5 billion. The war made Cuba safe again and American investment in sugar plantations and mining surged. Hawaii was now an American territory and companies there no longer had to pay tariffs to ship goods to the United States, making it attractive to investors. Puerto Rico was in a similar position. American investors revived the island’s sugar industry and expanded its tobacco industry. American investments in the Philippines helped build railroads, open mines, and expanded its sugar industry as well.All of these developments came at a cost. Together, the war with Spain and the battle against the Filipino guerrillas had cost some $400 million. Over 5,400 men had died in the war with Spain, and another 4,200 died fighting Filipino guerrillas. The war also led to a steady increase in naval spending, from $64 million in 1899 to $135 million in 1912. The spending helped stimulate parts of the economy related to shipbuilding, though it also diverted money from investment in other areas. But as a new world power with far flung bases and territories, the United States now needed a larger naval force to project its power and safeguard its interests.