Economic Survey

Long Island’s Economic Landscape: Insights from HIA-LI’s 31st Annual Economic Summit

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John Fitzgerald, Partner at Citrin Cooperman, reviewed the survey results and served as moderator of the panel.

Last week, over 200 business leaders gathered at HIA-LI’s 31st Annual Economic Summit to discuss the findings of our latest Economic Survey, conducted in collaboration with Citrin Cooperman and Adelphi University. This event is one of the most valuable touchpoints for our business community, providing data-driven insights that help shape strategic decisions for the year ahead.

Optimism and Challenge: Long Island’s Economic Climate

The 2025 HIA-LI Economic Survey revealed a complex economic picture—one of optimism, growth, and persistent challenges. Among the key takeaways:

  • 54 percent of business leaders believe Long Island’s economy is growing.
  • 70 percent of businesses met or exceeded their 2024 profitability goals.
  • 42 percent of businesses plan to expand their footprint on Long Island.
  • However, 71 percent of respondents cited retention of young professionals as a major concern.
  • High taxes and inflation remain top issues affecting profitability.

These findings reinforce what we see daily at HIA-LI: businesses are resilient and committed to Long Island, yet they face systemic hurdles that require strategic solutions and collaboration.

Infrastructure: A Game Changer for Economic Growth

One of the most exciting discussions of the summit centered on infrastructure investments, particularly the $150 million state investment in MacArthur Airport, announced last week by Governor Kathy Hochul. This initiative, championed by Islip Town Supervisor Angie Carpenter, will create a direct rail connection to the Long Island Rail Road, making regional travel and business operations more efficient.

Christine Flaherty, Senior Vice President of Real Estate Development and Facilities at Catholic Health, highlighted the critical role of healthcare infrastructure in supporting Long Island’s economic vitality. With Catholic Health’s continued investment in ambulatory care centers and telehealth services, the region is strengthening its healthcare ecosystem, which directly impacts business productivity and workforce retention.

Meanwhile, Rich Humann, President & CEO of H2M Architects + Engineers, emphasized how modernizing Long Island’s infrastructure through smart technology and digital transformation will be a catalyst for economic stability and business growth.

Workforce and Housing: The Retention Crisis

The top challenge facing Long Island businesses continues to be talent retention and workforce development. The survey found that 46 percent of business leaders report increasing difficulty in hiring quality candidates—nearly triple the percentage from two years ago.

The lack of affordable housing compounds this issue. John Finn, Director of Leasing and Acquisitions at Damianos Realty Group, stressed that housing affordability is at a crisis level, with local governments needing to rezone and expand housing options to keep young professionals on Long Island.

Meanwhile, Diane Manders, CEO of Habitat for Humanity of Long Island, highlighted that applications for affordable homeownership have skyrocketed by 600 percent in the past five years, signaling an urgent demand for solutions.

The Role of Finance: Navigating Inflation and Growth

Despite the positive business outlook, inflation and rising interest rates remain significant concerns. Brian Teplitz, Chief Credit Officer at Dime Bank, pointed out that while business lending remains competitive, borrowing costs are rising, and companies must adapt their financial strategies accordingly.

Yet, businesses are determined to grow. Many survey respondents indicated plans for capital improvements in 2025, with technology investments being a top priority. This reinforces the need for public-private collaboration to create policies that support business expansion while mitigating financial risks.

Bridging Business, Government, and Education

The panel discussion, moderated by John Fitzgerald, Partner at Citrin Cooperman, was dynamic and solutions-driven. It became clear that businesses, government leaders, and educational institutions must align efforts to address these challenges.

At HIA-LI, we continue to advocate for:

  • Workforce development initiatives that build talent pipelines.
  • Infrastructure expansion to enhance economic opportunities.
  • Policies that make Long Island a competitive place to live and work.

Looking Ahead: Solutions, Not Just Data

The 31st Annual Economic Summit was more than just a snapshot of Long Island’s economy—it was a call to action. We have the resources, talent, and expertise to tackle these challenges, but collaboration is key.

To every business leader, policymaker, and stakeholder who participated: thank you. Your engagement fuels the work we do. As we move forward, HIA-LI remains committed to driving solutions that ensure Long Island’s economic future is strong, sustainable, and forward-thinking.

Let’s continue the conversation. If you’re not yet involved, now is the time. Join us in shaping the future of Long Island.

To view the full Economic Survey, click here.

Navigating the Future: Insights from the 30th Annual Long Island Economic Summit

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Pictured: A view from the dais at the February 15, 2024 30th Annual HIA-LI Long Island Economic Summit.

The 30th Annual Long Island Economic Summit, held on February 15, 2024, began with a clear message: Long Island “is a good place to do business.”

This year’s summit, drawing on the findings of the 2024 Long Island Economic Survey conducted by Adelphi University and Citrin Cooperman, brought to light the resilience and adaptability of our local business community. Business leaders across both counties – who were surveyed between November 1, 2023, and January 15, 2024 – made it quite evident that despite some hurdles, there’s a strong sense of optimism about doing business here. The event served not only as a platform for analysis and discussion but also as a beacon of positive expectations for the region’s economic landscape.

I’d like to summarize the findings and share some of the analysis from the summit’s distinguished panelists.

Survey Highlights

  • Taxes, retention of young talent, and inflation are a major concern for most businesses.
  • Long Island businesses seem hesitant to explore the benefits of AI compared to the rest of the country.
  • Supply chain issues, though not as extreme as years past, continue to linger.
  • Compensation, human resource issues, and workforce development remain a high concern.
  • Confidence in government’s role continues to deteriorate, however Long Island continues to be perceived as a good place to do business.

The Role of AI

Panel moderator John Fitzgerald, Managing Partner at Citrin Cooperman, noted the mixed feelings surrounding AI, pointing out that “Long Island businesses seem hesitant to fully explore the benefits of AI compared to the rest of the country.” This underscores a crucial area for potential growth and innovation.

To help meet that need, HIA-LI will be partnering with the LIA in an April 3 Long Island Artificial Intelligence Conference. The goal of the conference is to bring businesses, entrepreneurs, academia, not-for-profit organizations, and government officials together to discuss how our region can play a leading role in the development and implementation of AI technologies.

For more information, go to www.LI-AI.eventbrite.com.

Government Support

Dr. Lawrence Eisenstein, VP and Chief Public and Community Health Officer at Catholic Health, stressed the importance of government support, especially when it comes to healthcare reimbursements. “We need more help in terms of increased Medicaid and Medicare revenue,” he said. “Nobody would go into one of your businesses and say I want services, but I’m only going to pay you 60 percent.”

Food Insecurity

Paule Pachter, President and CEO of Long Island Cares, and an HIA-LI board member, emphasized the critical challenge of food insecurity on Long Island, stating, “A family of four who’s earning $60,000 or $70,000 a year are finding themselves going to food pantries or going to food banks to ask for some assistance. They don’t need everything. But they need some things in order to stretch their budget.”

Economic Outlook

Jeffrey Barber, Executive Vice President of Dime Community Bank, provided an insightful perspective on the economic outlook, highlighting the financial landscape’s strengths and potential growth areas. He noted, “There’s a tremendous amount of liquidity in the market. Many companies sat on those funds during COVID and didn’t know where things were headed.” He added some good news, “They’re now at a point where they’re comfortable spending and creating jobs.”

Talent Retention

Rich Humann, President and CEO of H2M architects + engineers, and an HIA-LI board member, discussed the ongoing challenge of retaining young professionals, underscoring the importance of creating connections, opportunities, and a compelling work environment to encourage talent to stay on Long Island. “Our responsibility as business owners is to provide the kind of environment and opportunity that would keep people with companies like ours.”

Higher Education

MaryAnne Hyland, Dean of the School of Business at Adelphi University, added to the discussion on talent retention by emphasizing the need for higher education institutions to adapt and innovate in preparing the workforce. “We need to make sure that we are providing students with programs that provide cutting-edge knowledge and skills that focus on the demands of the workforce of today and tomorrow,” she stated, highlighting the critical role of education in workforce development.

Moving Forward: A Collaborative Vision for Growth

The 2024 Economic Survey, coupled with the insights from the Economic Summit, paints a picture of a region at the threshold of significant growth, buoyed by optimism, yet mindful of the hurdles that lie ahead. The collective wisdom of the panelists, alongside the statistical data, underscores the need for collaborative efforts in innovation, government support, and talent retention strategies.

As we look to the future, the path for Long Island is clear: leveraging the insights and optimism shared at the summit to foster an environment where businesses and communities can thrive. With a commitment to addressing the highlighted challenges head-on, Long Island is poised to navigate its economic journey with resilience and vision.

You can read the full 2024 Long Island Economic Survey here.