The Cayman Islands have experienced five consecutive years of economic growth.
Cayman’s gross domestic product reached $2.8 billion at the end of 2015 and grew a further 3 percent in the first half of 2016.
“It exceeds the initial GDP forecast for the year of 2.1 percent and is the highest growth rate since 2007,” Said Finance Minister Marco Archer in a statement accompanying the new numbers.
The economy outpaced government’s forecasts in 2016 and grew faster than it did in the first half of 2015.
As of Spring 2016, Cayman’s population increased 2.7 percent from the previous year, standing at 61,259.
The number of work permits continued to grow, increasing to 23,411 as of mid-2016.
The total unemployment rate fell to 3.9 percent, and the unemployment rate of Caymanians dropped to 5.6 percent.
Cruise arrivals continued to grow, up 7.1 percent from last year. However, there was a dip in air arrivals, down 1.4 percent.
(more…)
Robert McCrimmon
November 7, 2017
BlogCayman Islands, economy, tourism
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Cayman islands attract high-quality clientele through having a sophisticated and robust financial services industry at the heart of its economy. The result of this is that other business can flourish from its strong foundation.
By not solely relying on the tourism industry, like many Caribbean islands, the diversification and strengthening of the economy lead to a much more sustainable future.
Amidst increased consumer and investor confidence Cayman Islands property market is now gaining momentum. Property transactions are picking up and residential property construction is improving considerably.
The number of single-family home sales has increased from US$18,308,833.16 to US$44,910,332.77, which is a 30 percent increase. This represents a 145 percent increase of the value of these properties sold. (more…)
Robert McCrimmon
April 29, 2016
BlogCayman, economy, property, real estate
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In 2010, during the height of the global recession, the volume of Cayman’s property transfers dropped to $300 million, six years on it is safe to say that Cayman has recovered. In the past year Cayman has seen property transfers grow 11 percent to a total volume of CI$600 million, beating 2008s high of $560 million.
Tourists numbers and spends have also been on the increase with cruise ship tourists spending approximately $100 per day. A total of 1.7 million arrived on the island, up from 1.6 million the previous year, but still short of the record 1.9 million in 2006.
People flying into Cayman hit a 15 year high as air arrivals topped out at 385,378 during 2015. More than 80 percent of arrivals came form the United States or Canada, 9 percent from Europe and the rest traveled from elsewhere.
There’s also plenty of public and private money being spent across the island, with renovations to the cruise port in the early stages and upgrades to the airport currently underway. Health City is expanding medical tourism, and has announced a $25 million capital investment program this year. Cayman Enterprise City is scheduled to start work on two $25 million gateway buildings, kicking off a 20 year, $300 million project to build a Special Economic Zone. (more…)
Robert McCrimmon
March 15, 2016
BlogBarefoot Beach, Beach Bay, Cayman, Cayman Enterprise City, Dart, economy, Frank Sound, Health City, Ironwood, land sales, property, Special Economic Zone, tourist
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To successfully buy residential property investments abroad depends on understanding local and external forces. Population, affluence and supply of land and housing will all greatly affect house price growth in excess of general inflation. Without all of these variables the housing market can stall or even send values downward.
Savills have recently published ‘World Residential Markets – Performance and Prospects‘, a report that identities what strategies international investors should look to adopt to take advantage of the way the world economy is heading.
The research looks mostly at the rise of secondary properties, growth of second-tier cities and the rise of international resorts.
‘Safe havens’ like London, New York, Hong Kong and Singapore have been and look likely to remain sound investments. The key to overseas investment is finding the higher yielding, lower-price purchases with higher capital growth potential.
One part of the world the report singled out was the Caribbean, and in particular, the Cayman Islands. Tourism is all important to the Caribbean, but Cayman like the British Virgin Islands benefits from a more diverse economy with more than half its GDP generated by the financial services sector. This attracts residents relocating from overseas businesses which in turn supports a prime residential market for long-term residents through high paid jobs. (more…)
Robert McCrimmon
September 29, 2015
Blogaffluence, Airport, Cayman, Cayman Brac, Cayman Islands, cruise port, Dart Reality, economy, housing, housing market, inflation, investments, investments abroad, Ironwood, Little Cayman, local and external forces, population, real estate, report, residential property, Savills, supply of land
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Cayman Brac has seen a twenty percent rise in air arrivals from this time last year.
The increased numbers are the outcome of the upgrades Charles Kirkconnel International Airport underwent during the past year, which were only officially opened in February 2015.
The upgrades included the construction of a Hold Baggage Screening (HBS) Room, which is a necessity for international travel to the United States, an In-transit lounge, and an arrivals hall. The run way also has the capability to accommodate all of the aircraft that can land at the Owen Roberts International airport, on Grand Cayman, apart from the British Airways Boeing 767. (more…)
Jason Pickthall
August 7, 2015
Blogair arrivals, arrival growth, arrivals hall, business, Cayman Brac, Cayman Brac Businesses, Cayman Government, Cayman Island, Charles Kirkconnell International Airport, development, economy, entrepreneurs, Hold Baggage Screening, In-transit lounge, investors, land, Owen Roberts International Airport, property, real estate, tourism
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The Economics and Statistics office announced a 2.1 percent growth in Caymans estimated Gross Domestic Product during 2014, the highest since 2007.
It has been the second consecutive year that the central government has recorded overall fiscal surplus which has amounted to CI$93.2 million attributed to improved revenue collection.
The strong fiscal position the government has found itself in has enabled them to reduce its outstanding debt by $25.9 million to $534.0 million at the end of 2014.
It was also noted that the average income in the Cayman Islands raised from CI$47,170 in 2013 to CI$48,095 in 2014, an increase of just under 2 percent.
The increase of tourism arrivals from both air and sea is believed to have had a strong impact on the Gross Domestic Product with growth in areas such as hotels and restaurants, transport, storage and communications, wholesale and retail trade. Air arrivals in 2014 were up 10.8 percent on the previous year and Cruise ship arrivals up a massive 17 percent on 2013. (more…)
Robert McCrimmon
July 20, 2015
BlogCayman, Cayman Government, Cayman Islands, Cruise ship, Economics and Statistics office, economy, government, Gross Domestic Product, growth, tourism
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The Ocala MSA economy has grown 1/3 faster than the national average each of the last two years according to the US Department of Commerce, BEA. Additionally, in a report for the US Conference of Mayors prepared by IHS Global Insights, the Ocala metropolitan statistical area (MSA) is predicted to have one of the 40 fastest economies in the US in 2015. (more…)
Jason Pickthall
March 6, 2015
Blogeconomy, fastest economies, Florida, housing market, Marion County, Ocala, UCF, US Department of Commerce
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