Unemployment hits new low as population surges again

Unemployment in Cayman has fallen to the lowest point in decades as the island’s population surged yet again, according to the latest data from the Economics and Statistics Office.

An influx of new work-permit holders, as the country bounced back after the COVID-19 lockdown, is behind the latest spike in growth.

The resurgence of the economy, which has also brought an increase in jobs for Caymanians, has accelerated a demographic shift that has been in process for several decades.

For the first time, according to the ESO Spring Labour Force Survey, Caymanians make up less than half of the population – 46.5% of the 83,671 now living on the islands.

The growth has brought both challenges and opportunities.

There are more Caymanians in work than ever, with only 842 listed as unemployed.

Premier Wayne Panton said he was encouraged by the economic and unemployment data but concerned over the rapid rate of growth.

“While these overall economic indicators are positive, I understand the concerns of many Caymanians that the increase in population growth has negatively impacted their quality of life.

“We must continually strive to balance overall economic growth with improved quality of life and increased opportunities for Caymanians.”

Citing stresses on infrastructure, public services, cost of living and the cultural balance of society, he said the report would help inform policy decisions.

Attributing the recent spike to the ‘rebound effect of the pandemic’ he said it was not something government could have fully planned for.

Nonetheless, he added, “We are working steadily to improve our roads and transportation network, alleviate traffic concerns, and ensure that public services such as health, education, and safety are strengthened and expanded to meet increased demands.”

Record low unemployment

Despite those concerns, the core economic outlook for Cayman is good.

The overall unemployment is down to 2.4%, with fewer than 1,000 Caymanians now out of work – the lowest number in decades.

Panton said he was “heartened” by that statistic saying it shows “our people are benefitting from the economic growth through a return to the job market”.

Citing data that indicated higher levels of unemployment among those without high school level education and further training, he said his government was increasing opportunities in this area.

He reiterated previously articulated ambitions to introduce more strategic development and planning.

“Growth cannot come at the cost of peace of mind and quality of life,” he said.

“We must ensure that growth and expansion are sustainable.

“This is one of the key reasons why we need to be both strategic and far-sighted in our planning now and moving forward so we may ensure that all Caymanians and residents have a good quality of life within our shores.”