Video: Minister Hayward Press Conference
[Updated] Minister of Economy and Labour Jason Hayward is holding a press conference this afternoon [Oct 2] on the Bermuda Job Market Employment Brief 2024. We will have additional coverage later on and in the meantime the live video is below.
Update 4.20pm: Minister Hayward’s remarks:
Good day to members of the media and the listening public; thank you for joining us today.
As Minister for the Ministry of Economy and Labour, I am privileged to present the key findings from the 2024 Bermuda Job Market Employment Briefs, which is based on data collected from the 2023 Employment Survey.
The preliminary survey results, detailed in the February 2024 release of the 2023 National Economic Report of Bermuda, showed encouraging signs of recovery and progress in the labour market.
Overall, we saw a 952 job increase in the total number of filled jobs between 2022 and 2023, bringing the number to 32,866.
The 3.0% increase in total filled jobs reflects positively on Bermuda’s economic health and growth prospects while also highlighting the need to continue building upon this progress.
Here are some of the key findings from the 2022-2023 comparison:
On an industry level, the top 3 job growth sectors included:
- The Accommodation and Food Service sector saw a notable increase of 12.2%, adding 402 jobs, reaching 3,699.
- International Business Activities recorded a 5.0% rise, adding 233 jobs, totalling 4,927.
- Professional, Scientific and Technical Activities sector recorded a 6.4% increase, adding 144 jobs, reaching 2,377.
Job increases were registered across all age categories:
- Filled jobs for workers under age 20 increased 4.2%
- Filled jobs for workers aged 20-24 increase 3.5%
- Filled jobs for workers aged 25-34 increased 4.4%
- Filled jobs for workers aged 35-44 increased 3.8%
- Filled jobs for workers aged 45-64 increased 1.4%
- Filled jobs for workers aged 65 and over increased 6.3%
Filled jobs for Bermudians grew by 121 additional jobs, reaching 22,351, representing 68% of the total jobs.
The number of filled jobs for Other non-Bermudians increased by 11.2%, with 816 more jobs, totaling 8,127.
In terms of income, the median gross annual income for all job holders increased by 2.4%, or $1,639, to $70,238.
While these figures demonstrate positive momentum in many job market areas, the government is fully aware of the need to continue prioritizing the creation of sustainable employment opportunities, especially for Bermudians.
Our unwavering commitment is to ensure that our citizens have access to stable, well-paying jobs, and that Bermudians are positioned to benefit from our economic growth. It is also important to note that while we have made progress, the number of filled jobs is still 1,512 below the pre- pandemic level of 2019, underscoring the work ahead of us.
Table 4 in the Employment Briefs serves as a tool for indicating jobs that present possible job opportunities for suitably qualified Bermudians. The table shows Bermudians and Other Non-Bermudians in selected occupations and the percentage of jobs filled by Other Non-Bermudians.
In 2023, some of the key occupations that present opportunities for Bermudians include:
- Chef de Partie/Cook
- Accountants
- Actuaries
- Registered Nurses
- Beauticians
- Masons
- Underwriters
- Secondary Education Teachers
This annual survey is an essential tool for assessing employment trends and informing our labour policies. It gives us a clear understanding of the employment landscape in our island.
While the latest Employment Survey provides evidence of recovery and growth, it also highlights the ongoing need for targeted efforts to ensure Bermudians are at the forefront of this economic resurgence.
As evidence of this, you will recall that the Mid-Year Review provided for additional funds to the Department of Workforce Development for apprenticeships and training. I can report that the department will use the funds for the following programmes:
- Introduction to Construction and Apprenticeships in Plumbing, Masonry and Carpentry,
- Solar Panel Installation, and,
- Hospitality Training [with a focus on Front Desk/Concierge work and Housekeeping].Through these and other programmes the government remains committed to advancing policies that support job creation which will enhance opportunities for all Bermudians.
More in-depth cross-tabulations on Bermuda’s job market are published in the 2023 Employment Survey Tabulation Set. The 2024 Employment Briefs and the Tabulation Set are available on the Bermuda Government website at https://www.gov.bm/employment-statistics.
Thank you.
The 2023 Employment Survey Tabulation Set follows below [PDF here]:
“Minister of Economy and Labour Jason Hayward is holding a press conference this afternoon [Oct 2] on the Bermuda Job Market Employment Brief 2024.”
I hope he is not going to try to explain economic theory to us.