Bermuda's Job Market Rebounded in 2023: Key Highlights for Job Seekers

Positive Signs: Bermuda's Employment Landscape in 2023

If you're exploring job opportunities in Bermuda or simply curious about the island's economic pulse, the latest official figures offer valuable insights. The Bermuda Job Market Employment Briefs, released in September 2024 and based on data collected during the 2023 Employment Survey (reference week August 27 to September 2, 2023), paint a picture of a recovering job market. This annual survey, conducted by the Department of Statistics, acts as a census of all businesses on the island, providing a comprehensive count of filled jobs. It's a primary resource for understanding employment trends across government, commerce, and the public sectors.

It is important for users to note that the figures presented here represent all filled jobs. This differs from data found in the Labour Force Survey or Census reports, which typically count the number of people working (often in their main job) and are restricted to individuals aged sixteen and over. The Employment Survey counts the jobs themselves, irrespective of how many jobs one person might hold, and doesn't have the same age limitation. Therefore, direct comparisons between these different data sources should be avoided.

Preliminary findings released in February 2024 hinted at positive momentum, and this detailed edition confirms and expands on those initial observations, examining changes between 2022 and 2023.

Overall Job Growth: A Welcome Uptick

The headline news from the 2023 Employment Survey is a clear positive shift in overall employment compared to the previous year.

• Total filled jobs saw an increase of 3.0%, which translates to an additional 952 jobs.
• This brought the total number of filled jobs in Bermuda to 32,866 in 2023, up from 31,914 in 2022.

This aggregate growth signals a strengthening job market, moving closer to, but still below, pre-pandemic levels observed in 2019 (which recorded 34,378 filled jobs). The data reflects employment reported directly by employers across the island. Where businesses did not respond, the Department of Statistics utilized imputation, primarily the carry-forward method, to estimate job counts, ensuring the most comprehensive picture possible. In 2023, data for 16% of businesses (626 out of 3,976) was imputed, accounting for 6% of total filled jobs (1,834 out of 32,866).

Who Gained Ground? Key Demographic Shifts (2022-2023)

Beyond the overall increase, the 2023 data reveals significant shifts within different demographic groups holding jobs in Bermuda:

• By Gender: Both men and women saw job growth. Filled jobs for Males increased by 3.8% (+611 jobs) reaching 16,815. Filled jobs for Females grew by 2.2% (+341 jobs) to total 16,051. The near 51%/49% split between male and female job holders remained consistent.
• By Age: Older workers experienced notable growth, with jobs filled by those aged 65 and over growing 6.3% (+165 jobs) to 2,801. The 25 to 39 age group also saw a healthy rise of 3.4% (+317 jobs), reaching 9,670 filled positions. The largest single group remained the 40-54 cohort, holding 36% of all jobs.
• By Bermudian Status: This category saw significant movement. While jobs held by Bermudians increased slightly by 0.5% (+121 jobs) to 22,351, the most substantial percentage growth was seen among Other Non-Bermudians. This group saw filled jobs climb dramatically by 11.2%, an increase of 816 positions, bringing their total to 8,127. Jobs held by Non-Bermudian Spouses of Bermudians also edged up slightly (+16 jobs). Bermudians still held the majority of jobs (68%), but this share decreased slightly from 70% in 2022.
• By Race: The racial composition of the job market also shifted. Jobs filled by persons identifying as Mixed and Other races saw the largest percentage increase, jumping 12.6% (+666 jobs) to 5,948. Jobs held by individuals identifying as Black grew by 0.8% (+127 jobs) to 16,903, representing 51% of all filled jobs. Jobs held by those identifying as White increased by 159 positions to 10,015 (30% share).

Spotlight on Growing Industries

Three major industrial divisions stood out for their strong job growth between 2022 and 2023:

1. Accommodations and Food Service Activities: This sector experienced the most significant year-over-year gain, adding 402 jobs, an increase of 12.2%, bringing the total to 3,699. Key roles driving this growth included Chef de Parties / Cooks (+114 jobs), Cleaners / Housepersons (+28 jobs), and Bartenders (+27 jobs). This sector represents 11% of all filled jobs.
2. International Business Activities: Continuing its vital role in Bermuda's economy, this sector grew by 5.0%, adding 233 jobs for a total of 4,927. Increased employment was noted for Directors and Chief Executives (+62 jobs), Underwriters (+41 jobs), Insurance / Reinsurance Processors (+36 jobs), and Finance Managers (+34 jobs). This sector accounted for 15% of total filled jobs.
3. Professional, Scientific and Technical Activities: This knowledge-based sector added 144 jobs (a rise from the previous year, though the percentage wasn't explicitly highlighted as a top percentage gainer), reaching 2,377 positions. Growth was seen in roles such as Accountant II (+42 jobs), Accountant I (+35 jobs), Accountant III (+25 jobs), and Lawyers (+10 jobs).

In contrast, the largest job decrease was observed in Public Administration, which saw a reduction of 132 filled jobs (-132).

In-Demand Occupations: Where Skills Were Needed

Looking at major occupational groups, several categories showed considerable employment increases:

1. Service Workers and Shop and Market Sales Workers: This broad category saw the largest numerical growth, adding 397 jobs (+6.4%) to reach 6,556 positions. Within this group, notable gains were seen for Chef de Parties / Cooks (+120 jobs), Cleaners / Housepersons (+43 jobs), Retail Trade Salesclerks (+35 jobs), and Bartenders (+34 jobs).
2. Senior Officials and Managers: This high-level group advanced by 4.8%, adding 307 jobs for a total of 6,707. Key growth roles included Directors and Chief Executives (+104 jobs), Finance Managers (+21 jobs), and Compliance Officers (+10 jobs).
3. Professionals: This group added 143 jobs, reaching 6,736 positions. Significant increases were reported for Accountant II (+59 jobs), Registered Nurses (+48 jobs), Actuary (+43 jobs), and Accountant III (+40 jobs).

Conversely, the occupational group experiencing the largest decrease was Elementary Occupations, which shed 65 jobs (-65).

Income Trends: What Were People Earning in 2023?

The 2023 Employment Survey also provides crucial data on gross annual employment income (before deductions).

• The median gross annual income for all job holders increased by 2.4% compared to 2022.
• This represents a rise of $1,639, bringing the median income to $70,238.

Key variations in median income included:

• By Sex: Females continued to earn slightly more than males on average, with a median income representing 106% of the overall median, compared to 95% for males.
• By Age: Job holders aged 40 to 54 reported the highest median income at $78,414 (112% of the overall median). Those under 25 earned the least, with a median of $40,341 (57% of the overall median).
• By Bermudian Status: Permanent Resident Certificate (PRC) holders saw a notable increase in median earnings (to $79,263), as did Non-Bermudian spouses of Bermudians (to $81,393) and Bermudians (to $67,187). In contrast, Other non-Bermudians experienced a slight decrease in median earnings (to $82,563 from $82,736).
• By Industry: International Business reported the highest median income at $160,065, more than double the overall median. Other high-paying sectors included Financial and Insurance Activities ($103,531) and Professional, Scientific and Technical Activities ($96,556). The lowest median incomes were found in sectors like Agriculture, Forestry and Fishing ($38,737) and Accommodation and Food Service Activities ($40,926).
• By Occupation: Senior Officials and Managers commanded the highest median income at $116,964. Conversely, Service Workers and Shop and Market Sales Workers earned the least, with a median income of $41,425.

Where to Find More Detailed Information

The highlights presented here offer a snapshot of Bermuda's job market in 2023. For those seeking more granular data, including detailed cross-tabulations by industry, occupation, demographics, and income, the full 2023 Employment Survey Tabulation Set is available.

Both the 2024 Employment Briefs (the source for this article) and the detailed Tabulation Set can be accessed on the Bermuda Government website: Bermuda Government Employment Statistics.

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Disclaimer: This article summarizes findings from the official Bermuda Job Market Employment Briefs (September 2024), based on the 2023 Employment Survey. While care has been taken to accurately represent the source data, users should always consult the official publications on the Bermuda Government website for the most complete and up-to-date information. Employment trends can change, and official sources provide the definitive data.