Hayward: healthy job growth seen in early figures for 2025
An array of statistics for the first quarter of this year included a 6.3 per cent rise in employment income overall compared with 2024 — topped by business services, which showed a growth of 17.1 per cent.
Jason Hayward, the Minister of Economy and Labour, said that the “key indicators as it pertains to whether or not our economy is performing well are hitting those benchmarks”.
He highlighted an expansion in hospitality, including hotels and restaurants, as well as increased construction activity.
Mr Hayward said that the island’s top challenges were “our capacity to fill our housing needs” and “the affordability of living and doing business in Bermuda”.
Overall, he said the first three months of this year reflected “positive consumer confidence, with growth in both service consumption and the consumption of goods”.
The income increase for transportation and communication came second for the start of this year, standing at 12.8 per cent, followed by hotels and restaurants at 9.8 per cent.
International business recorded a 5.1 per cent growth in income, while the wholesale and retail sector lagged at 0.2 per cent.
Mr Hayward said that government consumption had increased by 1.5 per cent to $201.4 million during the first quarter of 2025, reflecting increased expenditure on wages, salaries and insurance.
He said the island’s “business ecosystem remains robust”. Total local business registration increased year-over-year, bringing the register to 4,082.
There were 50 new local businesses registered in Bermuda during Q1.
Mr Hayward concluded: “The Government is committed to fostering the expansion and sustainability of Bermuda’s economy by cultivating a business environment that enables businesses to flourish.
“To that end, the Government will continue executing the strategic initiatives outlined in Bermuda’s Economic Development Strategy to ensure Bermuda experiences sustainable and inclusive economic growth and development.”
Year-over-year, the island continues to see a growth in its employment levels and the number of workers.
Jason Hayward, the Minister of Economy and Labour said he expected that trend to continue.
He added: “As we have larger hotel projects come on board, it is estimated that numbers will continue to expand, as those hotels will create economic hubs and the expansion of jobs.”
Mr Hayward said an accurate picture of the make-up of the island’s workforce would come from the census scheduled for next year.
“We will have all our emigration figures and also figures of individuals who have returned home,” he added.
Overall in the first quarter, the Bermuda economy grew an estimated 1.1 per cent, adjusted for inflation, which the minister attributed to “increased household and government expenditure and investment”. GDP increased by 3.3 per cent.
Mr Hayward called the significance of economic growth “far reaching”.
He added: “It is accompanied by higher employment levels, improved household incomes and stronger consumer confidence.
“This momentum underscores Bermuda’s resilience, its ability to adapt to shifting global conditions and its capacity to maintain stability while fostering an environment where both public and private sectors can prosper.”
Consumer spending in the first quarter increased 1.5 per cent year-over-year to $824.1 million.
Consumption of services increased by 1.3 per cent year-over-year, reflected in higher expenditure for personal care, catering and air transport services.
Mr Hayward linked a 1.1 per cent rise in spending on durable goods to “purchases of new and used cars, sound and picture reception equipment, recording and reproduction, and photographic and cinema equipment”.
Spending on non-durable and semi-durable goods rose 2.2 per cent.
Gross capital formation, or investment in fixed assets, rose 5.2 per cent to $216.1 million.
Mr Hayward said investment in machinery and equipment rose 7.3 per cent, which he attributed to “higher imports of industrial machinery, transportation equipment and agricultural machinery”.
“Construction investment continued its rebound, increasing by 2.9 per cent.
“Investment in capital assets serves as a strong foundation for increased economic development.”
• To read the minister’s remarks as well as economic statistics for the first quarter, see Related Media
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