Carbon accounting, forest health monitoring and sustainable management of the subtropical dry forests of Puerto Rico and other Caribbean Islands require an accurate assessment of forest aboveground biomass (AGB) and stem volume. One means of improving assessment accuracy is the development of predictive equations derived from locally collected data. Forest inventory and analysis (FIA) measured tree diameter and height, and then destructively sampled 30 trees from 6 species at an upland deciduous dry forest site near Ponce, Puerto Rico. This data was used to develop best parsimonious equations fit with ordinary least squares procedures and additive models fit with nonlinear seemingly unrelated regressions that estimate subtropical dry forest leaf, woody, and total AGB for Bucida buceras and mixed dry forest species. We also fit equations for estimating inside and outside bark total and merchantable stem volume using both diameter at breast height (d.b.h.) and total height, and diameter at breast height alone for B. buceras and Bursera simaruba. Model fits for total and woody biomass were generally good, while leaf biomass showed more variation, possibly due to seasonal leaf loss at the time of sampling. While the distribution of total AGB into components appeared to remain relatively constant across diameter classes, AGB variability increased and B. simaruba and B. buceras allocated more carbon into branch biomass than the other species. When comparing our observed and predicted values to other published dry forest AGB equations, the equation developed in Mexico and recommended for areas with rainfall >900 mm/year gave estimates substantially lower than our observed values, while equations developed using dry forest data from forest in Australia, India and Mexico were lower than our observed values for trees with d.b.h. <25 cm and slightly higher for trees with d.b.h. >30 cm. Although our ability to accurately estimate merchantable stem volume and live tree AGB for subtropical dry forests in Puerto Rico and other Caribbean islands has been improved, much work remains to be done to sample a wider range of species and tree sizes. Published by Elsevier B.V.