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International business sector now Island?s largest employer

The number of jobs has risen by more than 500 as the international sector finally beat out Government as Bermuda?s largest employer.

The latest statistics show there are now 4,213 jobs in international business although the hotel industry saw a three percent rise to 3,231 jobs.

Construction saw an eight percent rise to 3,494 positions according to the 2005 annual Employment Survey, released yesterday.

Total employment rose nearly two percent between 2004 and 2005 reaching 38,947.

The number of guest workers rose by 566 while Bermudians in the workforce declined by 130.

Booming construction was the biggest factor behind the jobs rise, contributing 266 new jobs with $300 million of building activity between the third quarter of 2004 and the second quarter of 2005.

International business added 139 new jobs while there were 109 new hotel jobs.

Unsurprisingly retail took a hit with the loss of Trimingham?s contributing to a six percent decline to 3,286 jobs.

Men are more likely to be employed and more likely to earn more than women who now make up 48 percent of the workforce but earn about 92 percent of what men earn.

The average income now stands at $48,183 although the median income for males increased to $50,553 while women earn a median income of $46,270.

The median income level for blacks was $44,263 compared to $61,154 for whites while the median income for Asians was $43,708.

Black professionals earned an average median income of $64,456 ? 15 percent less than the $75,694 earned by their white counterparts.

Median incomes of Bermudians stood at $45,559, non-Bermudians stood at $58,315, spouses of Bermudian at $56,426 and permanent resident certificate holders at $48,499.

High median salaries included actuaries at $149,378, lawyers at $150,499 and auditors at $89,999.

Job benefits went up with 9,551 getting annual bonuses and 3,341 getting stock options. More than 2,000 workers got mortgage subsidies while more than 1,000 got travel allowances

1,000 got travel allowances. The survey threw up some interesting statistics over the last five years with the loss of 250 clerical jobs and 322 sales jobs. Retail trade and repair services lost 411 jobs while manufacturing lost 168 jobs. The Agriculture, forestry and fishing sector was up by 36 jobs. The percentage of Bermudians in the workforce fell from 74 percent in 2001 to 70 percent in 2005.