Marla Dukharan and Charlie Kirkconnell in front of CEC's facilities at Signal House.
A new socio-economic impact assessment commissioned for Cayman Enterprise City (CEC) says the special economic zone generated an estimated $152.3 million in economic activity in 2025 and has contributed $1.23 billion cumulatively since 2012 through business operations, local spending, salaries, real estate activity and government fees, according to the report.
The study, prepared by economist Marla Dukharan, found that salary-related spending by workers in the zone accounted for $51.6 million in local consumption in 2025, while real estate activity represented the largest component of the annual economic impact at $80.5 million. The report estimates that 2025 activity translated into roughly $417,000 per day flowing into the local economy.
The study describes the special economic zone as an increasingly significant contributor to economic diversification, connecting the Cayman Islands to technology and other specialized industries. It reports that 444 companies were operating within the zone in 2025 and that CEC conducted business with 164 local firms.
Dukharan said the findings suggest the zone has become an increasingly important component of the local economy alongside the tourism and financial services sectors.
“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. “Cayman Enterprise City and the Special Economic Zone companies they serve have become a meaningful third economic pillar.”
The report also highlights employment and workforce development. According to the assessment, 172 Caymanians and permanent residents were employed by zone companies in 2025, earning a combined $22 million in salaries. The study states that 61% of those employees held professional or leadership positions.
Enterprise Cayman, CEC’s workforce development initiative, reported placing 177 interns since 2012 and investing more than $750,000 in skills training and human capital programs. The organization said 2,518 residents participated in 84 workshops, programs and technology-focused events during 2025.
Among the initiatives highlighted in the report is FutureMe Cayman, a career-mapping platform developed through the 2025 Tech Futures Week Hackathon Challenge in partnership with the Cayman Islands Computer Science Society and Workforce Opportunities & Residency Cayman. The platform is intended to support career planning and provide labor market data for workforce development efforts.
Charlie Kirkconnell, chief executive officer of Cayman Enterprise City and chair of Enterprise Cayman, said the report demonstrates the organization’s role in attracting international businesses while expanding opportunities for Caymanians.
“This year’s report demonstrates that Cayman Enterprise City is not only attracting global businesses to Cayman but is also creating meaningful pathways for Caymanians to participate in the industries that are shaping the future,” Kirkconnell said.
The assessment also includes a comparison of CEC’s reported activities against the Cayman Islands Government’s 2026-2028 Strategic Policy Statement priorities in areas including economic development, education, workforce development, health and the environment.
The full report is available at https://www.enterprisecayman.ky/reports.
