Last year, for the first time, the Department for Enterprise (DfE) set out an annual target to support the creation of new jobs across the Manx economy.

This was in line with the Alf Cannan administration’s ambitions to see 1,800 new jobs filled by 2026.

The target for 2023 was set at 600. In the event, a total of 588 new jobs were tracked across the four DfE’s four executive agencies

For 2024, the target has been increased to 800, including 200 in finance and 300 in digital.

But five months into the financial year, are these targets realistic?

Earlier this month, international e-gaming software firm Derivco which employs more than 200 staff at its office in the Isle of Man on Circular Road, Douglas, warned of possible job losses.

It said it is looking to restructure its global operations and as part of this is consulting with staff over potential redundancies,

And latest figures for vacancies at the Job Centre show few posts being advertised in egaming, banking, accounting or legal services.

There were just 10 jobs advertised in egaming, 17 apiece in banking and insurance, 14 in accountancy service and six in legal services.

A third of the 1,110 jobs being advertised in July were for Tesco and the new Summerhill nursing home, with 253 and 68 jobs respectively.

There were 39 vacancies in construction and 24 in manufacturing.

A spokesperson for the DfE confirmed that the Digital Agency had tracked just 87 new jobs in that sector as of July, with a long way to go to meet its target of 300.

In contrast the DfE’s Business Agency was ahead of its target of 150 new jobs, with a total of 231.

The spokesperson said the targets are based on sector trends and performance data.

She said: ‘While the department does not directly create jobs, it aims to enable a business-friendly environment and uses job numbers as a means to track economic progress.’

The headline target is broken down into forecasted growth areas across the economy, she explained, but it is to be expected that actual job distribution will differ from these predictions as they are influenced by external factors and seasonal fluctuations.

She said the finance and digital sectors often use employment agencies but these roles are excluded in the job vacancy figures.

‘Looking at initial internal calculations, the Digital Agency’s target was to see the creation of 300 new jobs in 2024 but as of July has tracked only 87,’ she said.

‘Conversely, the Business Agency is tracking jobs in excess of its target of 150 jobs, currently standing at 231 as of July.’

She said the true net results of jobs within each sector will be published on the government’s economic dashboard.