The Government released its most recent labour force survey last week. While the report showed marginal improvements in 2024 over 2023, it also suggests that real sustained growth in the Bermuda economy remains elusive.

The survey is one of the more reliable government statistics on the economy since every employer in Bermuda is required to fill it in, thus providing a comprehensive sample of employment, pay and demographics.

That is not to say it is perfect. It takes more than a year to produce, although a “taster” is provided in the government economic report for the February Budget. This makes it less useful than it could be for policy purposes. If the Government, employers or trade unions wanted to act on the findings, they would be very late to the party.

Employers also remain reluctant to fill in the survey, despite it being a legal requirement. Thus, more than 15 per cent of companies’ returns were “imputed” in this year’s survey, as were almost 1,700 jobs.

While it is fair for the Department of Statistics to resort to this approach, it means there are risks that the numbers provided are less accurate than they could be. Given the size of Bermuda’s economy, this means employment in different sectors of the workforce could be off, leading to misguided policy decisions when they are taken.

Despite those reservations, the report does indicate the direction of employment and the economy.

It said employment in 2024 edged up to 33,451 jobs, a 1.8 per cent increase from 32,866 in 2023. Median employment income rose to $71,151 or 1.3 per cent, but inflation in 2024 was 1.8 per cent, suggesting incomes did not keep pace with price rises.

Jason Hayward, the Minister of Economy and Labour, acknowledged that employment continued to lag behind 2020 when the pandemic was beginning to have an impact. In fact, employment in 2019, the last full year before Covid struck, recorded 34,278 jobs, or 2.4 per cent more than last year.

Even 2019 pales in comparison to the years when Bermuda’s economy was white hot. In 2009, there were 39,520 jobs — 17 per cent more than last year.

That helps to explain why Bermuda’s economy remains stuck in first gear. While there is growth in international business, and encouraging signs of new construction and development, the jobs simply are not there.

Unless and until they return, Bermuda will continue to struggle to provide the services people need. There just aren’t enough people paying taxes, health insurance premiums and spending in the shops.

This is exacerbated by the entirely predictable toll that demography — the ageing population — is having on the economy.

Although almost one in five jobs from 2009 has disappeared, two age groups actually saw employment increase from that time.

The number of jobs held by people aged between 55 and 64 was 7,298 last year, compared with 6,089 in 2009 — a 20% increase and the inverse of the overall change in the overall jobs market.

The change was even more stark in the over-65 age group; 3,004 people over 65 were working last year compared with 2,094 in 2009; an astounding 43 per cent rise. At the same time, the number of people in the workforce in their thirties and forties dropped substantially.

In part, these changes reflect the movement of baby-boomers to the upper age groups of the population — the last baby-boomers were born in 1964 and are now at least 60. And people are also being encouraged to work longer as retirement ages are extended and some realise they cannot afford to retire.

But the change is most stark in the number of Bermudians in the workforce. While the number of jobs has increased since the difficult days after the Covid pandemic, the number of jobs held by Bermudians has remained virtually static at 22,369. In 2020 it was 22,003 and in 2019 it was 23,841, so that number has failed to recover. By comparison, there were 26,789 jobs held by Bermudians in 2009.

Where have they gone? Demography has played a large part. Quite simply, there are many more Bermudians retiring from the workforce than there are entering it.

As Mr Hayward said: “Essentially, new jobs filled by Bermudians simply replaced job possessed by Bermudians exiting the workforce. As a result, Bermudian jobs increased by 0.1 per cent.”

The decline in Bermudians in workforce is therefore inevitable. But emigration has also taken a toll, with many younger Bermudians seeking opportunities in Britain and elsewhere.

To some degree, Bermudians gaining experience overseas is to be welcomed, provided they return. Then they bring work and life experience from a wider world that enriches Bermuda professionally and culturally, bringing new ideas and a more expansive world view.

But it is not clear all are returning. In fact, it is likely that many are not, not least because the cost of living is a deterrent. If they want to own a home, that will seem easier in the United States, Canada or Britain than in Bermuda. The range of job opportunities is also more limited.

Bermuda has many advantages. It is a wonderful place to raise a family, the weather is outstanding and it is, for the most part, safer than other countries. It is also beautiful.

But it would be a better place to live if the economy was growing faster and was more diverse, offering more opportunities. If the island got a grip on crime and offered truly outstanding education this would help as well.

Bermuda can welcome its sons and daughters back if it gives them a reason to return. It simply takes will and a clear plan.