The Manx government has a long way to go to achieve its targets on jobs creation and population growth, a new report confirms.
At the heart of the Alfred Cannan administration’s economic strategy is an ambition to create 5,000 new jobs by 2032 and plan for a resulting estimated population of 100,000 by 2037.
But a Council of Ministers’ report on Inward Migration Incentives & Disincentive shows that the population had grown by just 461 since 2021.
Latest available data indicates that 3,705 people migrated into the Isle of Man between May 2021 and May 2023.
However, outward migration over that period was 2,709, leaving an estimated net migration of 996. And taking into account the fact there were fewer births than deaths during that time, the resulting increase in the population was 461.
The report notes: ‘While this inward migration is positive, and is moderating the island’s ageing demographic profile, more is needed achieve the objectives of creating and filling a further 5,000 new jobs as set out in the economic strategy.’
It says there is an urgent need for more workers across many parts of the economy, and it’s been widely reported that employers are facing difficulties finding staff.
The report recommends reviewing the current bundle of incentives to encourage workers to move to the Isle of Man.
It notes that inward migration incentives should continue to be targeted towards those who can contribute positively to the island’s economy.
And it suggests measures to deter those deemed economically in-active.
These included an immigration healthcare surcharge which would bring the Isle of Man into line with the UK and provide a disincentive to potential immigrants with greater healthcare needs.
A land registry fee is also being considered in the immediate term to dampen the potential inflow of new residents looking to move and buy property here but who wouldn’t be part of the workforce and could lead to a substantial increased demand for health and care services.
The report notes a detailed review of the Isle of Man’s immigration pathways is currently underway at a time when the Manx government wants to attract more inward migration while UK policy is seeking to constrain numbers. Figures from a Population Report previously laid before Tynwald show that the average age of new or returning residents is 40 which is lower than the average age of outward migrants (42) and existing residents (44).
The 25-29 age group was the single largest age group of inward migrants.
Of those who relocated to the island as either new or returning residents, about 45% will have left after 10 years, 35% will have left after five years, and 20% will have left after two years.