The Cayman Islands’ Special Economic Zone has generated an estimated US$1.23 billion in economic impact since 2012, according to a report.
The Socio-Economic Impact Assessment 2025 was commissioned by Cayman Enterprise City (CEC), which operates the zone, and prepared by economist Marla Dukharan.
It estimates that CEC contributed $152.3 million in economic activity during 2025 alone, driven by business operations, employee salaries, local procurement and spending within the domestic economy.
According to the report, published on 2 June, salary-driven local consumption reached $51.6m in 2025, roughly double the level recorded in 2021.
“Tourism and financial services have long been recognised as the Cayman Islands’ two core economic pillars, but the data now shows that this story is incomplete,” Dukharan said in the report.
“Cayman Enterprise City and the Special Economic Zone companies they serve have become a meaningful third economic pillar, one that connects Cayman to high-growth global industries, generating sustained local economic activity, and creating pathways for Caymanians into the knowledge economy of the future.”
The report states that CEC hosted 444 companies operating in technology and other specialised sectors during 2025 and that those firms conducted business with 164 local companies.
In a press release, CEC says the figures demonstrate the zone’s growing role in diversifying Cayman’s economy beyond its traditional dependence on tourism and financial services.
The report also highlights Caymanian participation within the zone. It notes that 172 Caymanians and permanent residents were employed by zone companies in 2025, receiving a combined $22m in salaries.
Of those employees, 61% held professional or leadership positions, while 80% worked in occupations classified as future-focused or strategically stable.
CEC’s workforce development arm, Enterprise Cayman, reported that it has placed 177 interns since 2012 and invested more than $750,000 in skills training and human capital development initiatives.
During 2025, Enterprise Cayman said it engaged 2,518 residents through 84 programmes, workshops and technology-focused events.
The organisation also continued supporting local entrepreneurs through initiatives including its Business Design Competition.
Among the projects highlighted in the report is FutureMe Cayman, a career-mapping platform developed during the 2025 Tech Futures Week Hackathon Challenge in partnership with the Cayman Islands Computer Science Society, the Workforce Opportunities and Residency Cayman Labour and Demand Unit, and Enterprise Cayman.
CEC chief executive officer Charlie Kirkconnell said the findings highlight the zone’s increasing impact on both economic growth and workforce development.
“This year’s report demonstrates that Cayman Enterprise City is not only attracting global business to Cayman, but also creating meaningful pathways for Caymanians to participate in the industries shaping the future,” Kirkconnell said.
“The impact is being felt across the local economy; through Caymanian employment, local vendor spending, entrepreneurship, skills development and greater access to high-value careers available here at home.”
The report also examines how CEC’s activities align with the Cayman Islands Government’s Strategic Policy Statement for 2026-2028, including priorities related to economic growth, education, workforce development and infrastructure.
The full socio-economic impact assessment has been published on CEC’s website.
