State of Business Survey shows cost of living, traffic, crime, top member concerns
The cost of living and doing business topped the list of members’ concerns in the annual State of Business Survey. Crime and traffic followed in third and fourth, respectively.
Holdups in dealing with government agencies like immigration, WORC and planning were also seen as things that get in the way of business efficiency, with around 10% of members calling for a reduction in red tape (bureaucracy).
Cost of living and doing business broke down to increased rent, insurance payments for health insurance, home and property prices, and business premises.
The lack of affordable housing was among the top issues. Traffic problems should be addressed by building more roads, according to some respondents, but mainly by taking other measures like reducing the import of cars and putting in place a reliable public transport system.
When it came to identifying just one success that members really wanted the Chamber to achieve for them in 2023, addressing increasing electricity bills and health insurance and tackling inflation on food and necessities were all seen as being important priorities.
Other ideas brought to light by the survey included protecting small-and-micro businesses along with better education and training programmes, especially for Caymanians so that they didn’t lose out in the jobs market. There were also calls for more recycling, single-use plastics and programmes which protect the environment. Several respondents saw steps to break down the Caymanian/Expat divide as being necessary for harmonious communities, along with tackling violent crime such as the alarming rate of armed robberies.