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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.

Charting the Future of Long Island’s Construction and A&E Industries

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Over 200 leaders from Long Island’s construction, architecture, and engineering sectors gathered on Thursday, December 12, 2025 for a breakfast event that was as insightful as it was impactful. Hosted by HIA-LI in collaboration with the Long Island Builders Institute and the Long Island Contractors Association, the event spotlighted the findings of the Grassi 2024 Construction and Architecture & Engineering (A&E) Industry Survey Report. It was a morning of thoughtful discussion, led by highly respected voices in our community.

The program began with opening remarks from Marc Herbst, Executive Director of the Long Island Contractors Association, who set the tone by emphasizing the critical role these sectors play in the bi-county region’s economic vitality. Carl Oliveri, Partner and Construction Practice Leader at Grassi, skillfully moderated the panel, which included Robert Brewer, Partner and A&E Practice Leader at Grassi; Jimmy Coughlan, Executive Vice President and Partner at TRITEC; Rich Humann, President & CEO of H2M architects + engineers; and Devin Kulka, CEO of The Kulka Group. Each speaker brought unique perspectives on the survey’s findings, and together, they painted a comprehensive picture of where we stand — and where we’re headed.

Insights and Challenges from the Survey

The survey provided an honest assessment of the current landscape for construction and A&E firms, capturing feedback from 248 industry leaders. While optimism about revenue growth in 2024 is strong — 56% anticipate an increase — there’s no denying the headwinds our region faces.

The Challenges:

  1. Labor Shortages
    Labor shortages remain a top concern, with over half of respondents citing this as the most significant challenge. The scarcity of skilled workers isn’t just a business problem; it’s a community issue. It impacts the pace of development and the ability to meet growing housing and infrastructure needs.
  2. Inflation and Rising Costs
    Inflation, coupled with escalating material and overhead costs, continues to squeeze margins. Eighty-three percent of firms reported increased overhead costs, with many facing double-digit hikes. This reality forces companies to make tough choices and adapt to maintain profitability.
  3. Supply Chain Disruptions
    While supply chain issues have eased somewhat, they remain a persistent challenge. Many firms are turning to innovative solutions such as diversifying suppliers and locking in prices through agreements to mitigate volatility.

The Opportunities:

  1. Technological Investments
    Companies across the sector are embracing advancements like project management software, artificial intelligence, and building information modeling. These tools are enhancing efficiency and helping firms stay competitive in a rapidly evolving market.
  2. Cybersecurity Leadership
    Long Island’s A&E firms are leading the way in cybersecurity, with 96% implementing robust protocols, including dual-factor authentication. This commitment to protecting sensitive data is a model for other industries.
  3. Optimism in Residential Construction
    Despite challenges, there is cautious optimism about residential construction, particularly here in Nassau and Suffolk counties. This is a positive indicator of the region’s resilience and its ability to adapt to market demands.

What This Means for Long Island

The findings of this survey are a mirror reflecting both the promise and the pressures of doing business in our region. As we look to 2025, it’s clear that collaboration will be key to addressing these challenges. Workforce development must take center stage. HIA-LI is committed to working with local schools, trade groups, organized labor, and government agencies to cultivate a pipeline of skilled workers who can sustain this vital industry.

At the same time, our businesses must continue to innovate. Investments in technology and strategic partnerships will not only help firms weather economic uncertainties but also position Long Island as a hub for cutting-edge construction and engineering practices.

Finally, we must celebrate our strengths. The construction and A&E industries are pillars of our economy, contributing to the development of homes, offices, schools, and infrastructure that enhance our quality of life. By supporting these sectors, we are investing in the future of our entire community.

A Call to Action

To the leaders in attendance last week: Thank you for your insights, your dedication, and your vision. Let’s continue to work together to strengthen Long Island’s position as a leader in innovation and growth. And to those who couldn’t attend, I encourage you to engage with the findings of this report. The challenges are real, but so are the opportunities.

Together, we can rise to meet them.