Long Island 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.

Despite challenges, many L.I. employers expect to boost hiring in 2023

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Moderator Michael Sabatini, a Partner with Citrin Cooperman, third from left, poses with panelists, from left: Renee Daniel Flager, Executive Director of Girls Inc. of Long Island; former HIA-LI Chair Rich Humann, President and CEO of H2M architects + engineers; MaryAnne Hyland, Dean of the Robert B. Willumstad School of Business at Adelphi University; Kevin O’Connor, CEO of Dime Community Bank; and Dr. Patrick O’Shaughnessy, President and CEO of Catholic Health Services.

While local business leaders grapple with such challenges as inflation, supply chain issues, and employee recruitment and retention, many still plan to increase the size of their workforces this year.

That’s a key finding of “The Long Island Economic Survey 2023,” a new survey of more than 200 Long Island executives. It was commissioned by HIA-LI and conducted by Adelphi University and the Citrin Cooperman accounting firm.

Survey results were discussed by a panel of leading regional executives on February 15 before more than 250 attendees at HIA-LI’s 29th Annual Business Summit held at the Hamlet Golf & Country Club in Commack. We were pleased to have Michael Sabatini, a Partner with Citrin Cooperman, moderate the panel.

Executives were asked to identify up to three of “the most important issues facing Long Island today.” Inflation and taxes were each cited by 22 percent of respondents. One-third identified workforce-related challenges as a top issue.

Yet despite their concerns over hiring and retention, virtually half of respondents (49 percent) expect to increase their employee rolls in 2023. Thirty-one percent of all respondents expects to augment their Long Island-based workforce, four percent will do more hiring outside of Long Island, and 14 percent plan to expand their workforce both on and outside Long Island. Forty-three percent anticipate no increase in staff size. Eight percent were unsure.

Some four out of ten were optimistic about their projected revenue and net profits next year, while half expected level growth. Ten percent expect a decline in revenues this year.

Similarly, more than a third (38 percent) of participants expected to expand their Long Island-based businesses in 2023.  

How concerned were local executives about the effects of inflation on their business? Most (62 percent) were “very concerned.” Thirty-one percent were “somewhat concerned,” and seven percent were “slightly concerned.”      

Sixty-five percent of respondents said they were affected by disruptions to the global supply chain. Most respondents expect supply chain issues to persist for another six months to two years.

Who took part in the survey?

A large majority of respondents represented businesses generating less than $100 million in revenue. More than three-quarters had been in operation 20 years or more. While respondents came from many industries, those with the largest representation were professional services (21 percent) and manufacturing, distribution and retail (17 percent). Most respondents (52 percent) were based in Suffolk County. Ten percent were situated in Nassau County, and 32 percent were based in both counties.

We were grateful for the participation of our panelists at the 29th Annual Business Summit: Kevin O’Connor, CEO of Dime Community Bank; Renee Daniel Flager, Executive Director of Girls Inc. of Long Island; former HIA-LI Chair Rich Humann, President and CEO of H2M architects + engineers; MaryAnne Hyland, Dean of the Robert B. Willumstad School of Business at Adelphi University; and Dr. Patrick O’Shaughnessy, President and CEO of Catholic Health Services.   

Newly elected Rep. Nick LaLota was also present to greet attendees.

How closely does your point of view match up with those reflected in our survey?

I urge you to see for yourself.

“The Long Island Economic Survey 2023” can be found here.