Unemployment in Cayman Islands slashed by nearly half

Deputy Premier Saunders: Top 5 industries employ more Caymanians than foreigners

GEORGE TOWN, CAYMAN ISLANDS — The Cayman Islands has become the latest Caribbean nation to report a dramatic drop in unemployment figures.

In unveiling the findings of its 2021 census, the government reported that the unemployment level reduced by nearly half between last October and this June.

jobs in Cayman

Cayman Islands Deputy Premier Christopher Saunders said the lower unemployment rate is a positive sign.

Minister for Finance and Economic Development Christopher Saunders, who also serves as deputy premier, summarized the results.

“The preliminary results of the Spring Labour Force Survey [found] that the overall unemployment rate has dropped from 5.7 percent in October 2021 to three percent at the end of June 2022,” said Saunders.

“…The Caymanian unemployment rate has dropped from 8.5 percent in October 2021 to 5.1 percent at the end of June 2022.

“This shows that while we are trending in the right direction, we still have more work to do.”

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    Major industries employing Caymanians

    Minister Saunders also laid out figures for which industries employ the most citizens.

    jobs in Cayman

    Financial services is one of the industries hiring the most Caymanians.

    He said, “The top five industries had more Caymanians employed than non-Caymanians.

    “Financial services, professional, scientific and technical activities and public administration are of the top five industries who had more Caymanians than non-Caymanians.”

    Additionally, Saunders said the occupational categories that accounted for the lion’s share of jobs were: professionals at 18.3 percent; service and Sales at 17.6 percent; craft and related occupations at 14.1 percent; elementary occupations at 13.3 percent; and technicians and associate professionals at 12.6 percent.

    Meanwhile, the five industries employing the most residents were: construction, with 14.2 percent; wholesale and retail, with 11.5 percent; professional, scientific and technical activities, with 10.5 percent; financial and insurance activities, with 8.2 percent; and public administration, with seven percent.

    Foreigners account for majority of employed

    However, Deputy Premier Saunders acknowledged that foreign workers account for most of the total employment figures.

    “Total employment was registered at 44,441,” he said.

    Caymanians account for 45.2% of the labour force.

    “Of these, Caymanians accounted for 19,494 (43.9 percent of total employment), while non-Caymanians accounted for 24,947 (or 56.1 percent of the total).”

    He also noted that unemployed individuals accounted for 5.7 percent of the labour force.

    “The working age population was recorded at 57,360, of which 47,120 persons were in the labour force (those employed and those persons seeking and available for work),” said Saunders.

    “Caymanians comprise 50.7 percent of the working-age population and 45.2 percent of the labour force.”

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    References:

    Cayman Islands 2021 Census Of Population and Housing Report

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