Main Story:

State of Business Survey

61% of organisations surveyed employ less than 15 employees
Top 5 industry sectors that completed the survey are:
Financial/Legal/Insurance
Wholesale & Retail Trade
Business Services
Construction
Hotel/Condominium

66% of respondents were owner/CEO or president of the organisation
Main constraints for business growth are:
Labour (recruitment & retention)
Work permit fee increases
Direct wage costs
Business fee increases
Bureaucracy
 
Strategic priorities for the success of the Cayman Islands:
Business climate
Fiscal management
Education
Public safety
Political stability

Top areas for diversifying and or enhancing Cayman’s economy:
Medical Tourism
Overnight cruise ship berthing
Eco-tourism
Convention facilities
E-business

The following were rated by respondents with the choice of Excellent, Good, Fair, Poor:
Current Economy  - Fair
Place to do business – Good
Place to expand company – Fair
Government’s planning for growth – Poor
Government’s planning for infrastructure – Fair
Quality of Civil Service – Poor

80.2% of respondents believe that the Cayman Islands economy has gotten worse in the past 12 months
 
43% of respondents think the economy will remain the same in the next 12 months
 
94% of respondents believe that we are still in an economic recession
Respondents said the recession has caused businesses to:
Decrease prices
Reduce hours
Lay off employees
Increase products/services
Reduce wages
Most businesses reported a decrease in profits in the last quarter of 2009
 
72.9% of businesses reported no increase of profits in 2009
Loss of revenue was the major reason for decrease in profits in 2009
 
57% or respondents do not feel that revenue will increase in 2010
 
72% of businesses plan to reduce (or continue to reduce) costs in 2010
Respondents felt that their capital spending, number of Cayman Islands employees, number of non-Caymanian Islands based employees and space use will remain the same in 2010
 
89% of businesses, which compete or operate in other countries, find that the Cayman Islands duties/fees are higher than competitors
 
47.5% of respondents say the Cayman Islands are less attractive than its competitors when it comes to the regulatory environment
 
57.9% believe the Cayman Islands Government has not become more responsive to the needs of the business community in the past six months
 
87.9% of people surveyed indicate their level of confidence in the future of the Cayman Islands economy is fair to excellent