Isle of Man population reaches record high but growth falls short of government ambitions

The Island’s population has risen to 84,523 - its highest on record - but with only 454 more residents since the 2021 Census, growth remains well below the pace needed to meet government targets.

The latest Isle of Man in Numbers 2025 report shows the Island added 454 residents since the 2021 Census – an average rise of around 150 people.

In comparison, between 2011 and 2016 the population actually fell by more than 1,000, before stabilising between 2016 and 2021.

That means the Island’s population is once again growing, but only marginally – below the levels required to reach the government’s ambition of 100,000 residents within the next 12 years.

Natural population change remains negative. In 2024, there were 579 births and 936 deaths, continuing a pattern seen for most of the past decade, meaning net migration is the only source of growth.

Economic performance over time

The Island economic data show modest contraction in the most recent reporting period, with Gross Domestic Product (GDP) for 2022/23 at £5.81 billion, compared with £5.60 billion the year before.

After adjusting for inflation, this represents a five percent fall in real GDP, marking the second decline in three years.

Despite that, the long-term picture remains relatively stable. GDP has grown by around one-third in nominal terms since 2013/14, when it stood at £4.32 billion.

The figures for 2023/24 have not yet been released.

Company income continues to dominate national output, consistently accounting for around 60 percent of GDP over the past decade.

Inflation has cooled considerably after recent highs. The Consumer Price Index (CPI) peaked at around 10 percent in 2022 and early 2023, before falling back to 2.8 percent in March 2025 – close to the long-term average seen before the pandemic.

Employment has remained consistently strong with the total number of people in work standing at 36,593, which is broadly similar to the level recorded 10 years ago, while the unemployment rate has stayed below one percent since 2019, apart from a spike seen during the Covid-19 pandemic.

Media full-time weekly earnings rose from £640 in 2016 to £765 in 2024, an increase of around 20 percent over eight years. However, when adjusted for inflation, real wage growth has been modest.

Housing trends and affordability

The average house price of £384,179 marks a rise of roughly 10 percent on 2021 and almost 50 percent compared with a decade ago.

In 2015, the average home cost around £255,000, meaning property values have grown far faster than median earnings during the same period.

Transaction volumes have remained relatively stable since 2019. Only 150 new dwellings were completed in 2024/25 – down from more than 300 per year in the mid-2010’s.

The report notes that high property costs and limited availability continue to be key factors affecting both affordability and the ability to attract and retain new residents.

Public finances and business activity

Government income reached £1.39 billion in the year to March 2024, up from £1.31 billion a year earlier and almost £600 million higher than a decade ago. Spending has followed a similar trajectory.

The Island’s financial services sector remains strong but stable, with total bank deposits at £42.3 billion.

Funds under management stood at US $14.7 billion, and company registrations remain steady, with 1,807 new incorporations in the last financial year.

Health, wellbeing and demographics

Life expectancy was 79.4 years for men and 84.2 years for women.

The proportion of adults classed as overweight or obese remained at 64.2 percent, broadly unchanged from recent surveys.

Smoking prevalence was 10.8 percent, continuing a gradual decline over time.

The health service recorded 71,522 consultant-led outpatient attendances, 44,915 accident and emergency visits, and 17,045 hospital admissions during the year to March 2025.

The number of full-time equivalent general practitioners has decreased from around 45 in 2015 to 33.2 in 2024, meaning the average GP now serves about 2,689 patients, up from just under 2,000 a decade ago.

Environment and energy

Electricity consumption has remained stable at around 335 GWh annually for much of the past 10 years.

The Island remains heavily reliant on natural gas, which accounted for 82 percent of generation in 2024. Renewable sources provided seven percent, roughly similar to the share recorded in 2018.

Greenhouse gas emissions totalled 573,000 tonnes in 2023, down from more than 700,000 tonnes in 2013.