November 29, 2024
Conducting an Economic Impact Study (EIS) on any proposed intervention gives decisionmakers the data (and identifies gaps in said data / information) necessary to objectively make informed decisions, and to have greater desired impact. Of all the EISs my team and I have conducted, this particular one was especially close to our hearts, and one we are grateful to have had the honour of doing, because Seven Mile Beach (SMB) with its warm crystal waters and stunning sunsets is truly a Caribbean treasure. Through rigorous data collection and analysis, we assessed the economic contribution of SMB to the Cayman Islands economy. This includes measuring SMB’s direct and indirect economic benefits such as tourism revenue, job creation, and fiscal revenue. Additionally, we looked at the social value of SMB, considering its importance to the local community. This involved evaluating the recreational, cultural, and aesthetic benefits that SMB provides, as well the preservation of coastal communities, protection of infrastructure, and enhancement of livelihoods, particularly considering the vulnerability of the Cayman Islands population to rising sea levels. Furthermore, we compared the long-term impacts of doing nothing, versus conducting beach renourishment.
Caribbean-Economic-Report.docx