[ad_1]
(CNS): The Cayman Islands population has grown by at least another 2.6% to almost 84,000, according to the latest Labour Force Survey undertaken by the Economics and Statistics Office. The proportion of Caymanians in this new estimated population has dropped another 1% since the last survey in October to 46.5%, as the growth has been fuelled by 10,000 more work permits over an 18-month period between December 2021 and June 2023.
The figures were revealed by Premier Wayne Panton on Wednesday during a lengthy address to parliament on the current state of Cayman’s economy. Panton acknowledged the public debate and discussion around the increase in the population as he explained why it had grown so much over the past few years.
Dismissing the common assumption that those in power and leaders in the private sector want to increase the number of people here to at least 100,000, he said neither PACT nor any previous government that he was aware of was actually pursuing the growth of the population. He said it was a consequence of the economic rebound following the pandemic and not a deliberate effort.
“This growth has been led by the recovery of some of the most labour-intensive industries, such as construction and tourism-related services and by the expansion of others,” he said, pointing to financial services, IT services, fintech and healthcare. “Let us not forget that during the pandemic, the government made a concerted effort to absorb displaced workers and boost inward economic activity through construction and local spending.”
The premier’s remarks suggest that the construction industry, which was once dominated by Caymanians, has helped fuel the surge in work permits, largely for luxury condos and hotels that are being sold to offshore owners.
The Spring Labour Force report is expected to be made public shortly, but Panton revealed that, as of June, the workforce was a record 57,266, of which 21,615 (37.7%) were Caymanians. Among local people, unemployment has decreased to 3.7% compared to 5.1% in June 2022.
He said this was due to concerted efforts by this government to prioritise the employment of displaced Caymanians as the economy recovered, and the drop in Caymanian unemployment shows that local people are benefiting from the economic growth and returning to the job market.
“We can clearly see that, even while the expat worker population grew, Caymanian employment also increased from 19,494 in 2021 to 22,457 in June 2023. This is an increase of approximately 3,000 Caymanians in jobs,” he noted.
However, he made no mention of the number of Caymanian workers who are either underemployed or underpaid, as wages remain low in the face of record inflation.
As of the end of June, there are 36,372 work permit holders, up from 26,321 in December 2021. Panton indicated that this growth is unlikely to slow down in the near future as labour demand is expected to track with the GDP growth forecasts, and government accountants predict a 3.1% GDP growth this year and another 2.2% in 2024.
As he wrapped up his long address, which also detailed the current state of government finances and recapped the action PACT has taken to help people since taking office, the premier noted the difference between the success of the economy and the quality of life for the people.
“We sought to understand and shrink this divide at the very beginning of our term by taking steps to improve our data collection mechanisms, especially on issues that impact quality of life,” he said, noting that population trends and quality of life indicators are very important when planning new programmes and initiatives as well as evaluating ongoing programmes.
“Timely, accurate, relevant data in sufficient detail helps to make government and government services better,” Panton stated. “A rapidly growing population, such as ours, has tangible consequences for the government’s ability to plan and prepare for the future.”
He said that the rapid population growth of the last few years was not anticipated or forecast, but the government was working steadily to improve the roads and transportation network, alleviate the resulting traffic concerns and ensure that public service mechanisms such as health, education and safety were strengthened to meet the increasing demands.
“Real progress cannot be measured by money alone,” Panton said. “This government understands that. That is why every day we dedicate ourselves to looking beyond the numbers, beyond the balance sheets and income statements straight to the hearts, needs and hopes of our people. That is the true measure of success in any government enterprise: tracking how the lives of its citizens are improved.”
Read the full statement or watch the premier deliver his address on CIGTV below:
[ad_2]
Source link