Continuing our investigation into the question of where the jobs went I’ve done some additional analysis on the rate of growth vs. decline in Bermudian vs. non-Bermudian + Permanent Residents (PRC).
A reader raised the question of whether PRCs changing status might skew the numbers so I’ve included them as part of the “non-Bermudian” numbers
Let’s start by comparing overall Bermudian vs. non-Bermudian numbers since 2003. In this chart I’ve provided illustrations of both non-Bermudians with and without PRC’s being included. It is worthy to note that from the numbers it looks like most PRC job growth occured leading up to 2009 and then stabilized in a range between 807-842.
It is important to note that the chart is split with Bermudian numbers guided by the numbers on the left axis and non-Bermudians on the right axis. This allows a for better visual relative comparison, though importantly both axis are zeroed so as to give a fair relative comparison.
What we see here is a confirmation of yesterday’s analysis where Bermudian jobs peaked earlier and have been in steady decline while non-Bermudian jobs had a sharp peak in 2008 and had a more aggressive decline.
Let’s look at that from another perspective isolating just the declines from 2009.
Again note, Bermudian numbers are relative to the left axis, non-Bermudians to the right and both axis are zeroed so as to not manipulate the perception of the numbers.
This chart gives a better perspective on the relative decline of non-Bermudian + PRC jobs vs. Bermudian. What it shows is that when considering the decline in jobs by status vs the total number of jobs by status, the decline in non-Bermudian jobs was far more severe than Bermudian.
So why does it matter to compare the relative declines of non-Bermudian vs. Bermudian jobs? Well it is the belief of this writer that imported highly-skilled highly-compensated labour is a major driver of Bermudian job growth and declines. This is a hypothesis, not a fact so we need to examine the numbers to see if there is a correlation that would justify that belief.
There are roughly 3 times as many Bermudian jobs as non-Bermudian jobs.
The ratio itself hovered in a band between 2.5 and 3.2. It is the suspicion of this writer that the only reason why we had a dip in this ratio from 2005 in that Bermudians were near full employment. Verifying that will require a request for the raw data from the Labour Force Surveys going back to 2003. That will be a question we’ll have to come back to when I’ve gone through much of the data the Statistics department has already provided.
None the less, generally the question is whether there is a correlation between non-Bermudian jobs and Bermudian jobs. Generally speaking, does every non-Bermudian job create 3 Bermudian jobs? If this is true and we want full Bermudian employment, how many non-Bermudian jobs do we need? If we have an oversupply of non-Bermudians, what impact and repercussions does that have and how do we prevent it?