According to research conducted by EJM (the Consulting and Advisory division of EDUCATE JAMAICA), the local education market is worth an estimated annual figure of 1/4 Trillion $JMD. In other words, 1/4 Trillion $JMD gets spent every year on education in Jamaica and this figure is the combined spending of the Government, public/private education establishments and parents. Since independence education has been one of the biggest themes on the island, however, despite the size of the market it remains one of the most under-served areas of the local economy. In other countries with similar market size, we have seen a lot of activity from local players keen to create products and services to meet the local demand for education.
When we examine the local landscape, we still see a significant demand for education products and services in Jamaica, but the supply and response lags significantly. Historically many persons have sat by and waited on the Government to do its best to respond to the local educational needs, but our research of similar markets points to the fact, that educators and local entrepreneurs should take the risk and try and develop local products and services to meet the needs in the local education market. There is a lot of money to be made in education in Jamaica through the provision of products and services.
Our research indicates that a boost in activity in the education market can create as much as 5000 new jobs at the lower investment end and as much as 30,000 new jobs at the higher end in the next 5 years as well as add 0.5-1% to the annual GDP growth.