Non-Bermudians bear brunt of job losses, report
There were 698 fewer jobs in Bermuda last year than there were in 2010, a two percent decline.
This is the third straight year of job losses on the Island.
The figures come from a report released by the Department of Statistics today entitled, The Bermuda Job Market.
The report said the number of filled jobs reported in 2011 was 37,399 compared to 38,097 in 2010, a loss of 698 jobs. Non-Bermudians with no spousal ties to Bermuda comprised the majority of job losses, accounting for 691 positions. There was a loss of 60 jobs among Bermudians, offset by spouses of Bermudians and permanent resident certificate holders increased their job counts by 30 and 23, respectively.
The number of jobs in international business dropped from 4,287 in 2010 to 4,077 in 2011, down 210 jobs.
Men were more likely than women to have lost their job last year. 90 percent of the 698 people who lost jobs were men. A major contributor to that statistic was cuts made in the construction industry, which lost 493 jobs between 2010 and 2011.
Also hit hard was the real estate sector, which lost 14 percent of its jobs due to a slump in the housing market.
One of a handful of sectors not cutting positions was the hotel industry, which added 131 jobs last year. Restaurants, cafes and bars added 53 jobs. And 270 positions were added in education, healthcare and social work.
Those who managed to stay employed are likely earning more money. The median annual salary for job holders in companies with ten or more employees increased three percent from $57,915 to $59,364.
The highest average salary was in the international business sector at $111,938 while the lowest averages were in the retail ($42,000), hotel ($35,898) and restaurant ($35,664) sectors.