Job creation in the tourism sector
The Canary Islands’ booming tourism sector has been the engine of job growth on the islands, driving the regional economy to new heights. The constant increase in visitors, tourist spending and income from companies related to the sector have contributed to an unprecedented boom in job creation.
Record employment in the first quarter
The first quarter of 2024 has marked a milestone in job creation in the Canary Islands, with a record number of employed people for this period since 2008. The figure of 996,200 employed people represents an increase of 0.99% compared to the previous quarter and a notable increase of 4.2% compared to the same period of the previous year.
Decrease in unemployment
The decrease in unemployment has accompanied the increase in employment, placing the unemployment rate at 14.88%, the lowest for a first quarter since 2008. This figure places the Canary Islands among the five autonomous communities with the lowest unemployment rate in Spain. , approaching the national average of 12.29%.
Decrease in youth unemployment
Youth unemployment has also experienced a notable decrease, with a reduction of 28.28% in the first quarter. This decrease reflects the job opportunities offered by the tourism sector and other growing sectors in the Canary Islands.
Increase in permanent contracts
The quality of employment has also improved, with an increase in permanent contracts. The number of employees with permanent contracts grew by 2,800 people in the first quarter, while temporary contracts decreased by 3,600. This change indicates a greater commitment of companies to their employees and greater job stability.
Private sector drives growth
The private sector has been the main driver of employment growth, generating 14,000 new jobs in the first quarter. This 1.71% increase has offset the loss of 4,200 public sector jobs, resulting in a net increase of 9,800 jobs overall.
Comparison with other communities
Compared to other autonomous communities, the Canary Islands have experienced one of the largest absolute decreases in unemployment, with 14,500 fewer unemployed in the first quarter. This decrease exceeds that of Madrid, which registered a decrease of 14,100 unemployed.
A promising future for employment in the Canary Islands
The rise of tourism and the growth of other sectors in the Canary Islands are creating a favorable environment for employment. The combination of high demand for labor and increased investment in the tourism sector and other high-growth industries points to a promising future for the labor market on the islands.