Young Professionals

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.

Action By HIA-LI Members Helps Secure Long Island’s Future

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Amid the doldrums of the COVID-19 pandemic, HIA-LI members have good reason to pat themselves on the back this year.

Why? Because our organization’s members played a central role in advocating for a public policy victory that will serve, according to Newsday, as a “building block for our region’s future.”

That victory occurred in August, when the Smithtown Town Board voted unanimously to greenlight a “zoning overlay” allowing mixed-used development at the 1,650-acre Long Island Innovation Park in Hauppauge (LI-IPH), formerly known as Hauppauge Industrial Park. The idea for a “zoning overlay” had arisen from a 160-page strategic analysis issued in April 2019. The analysis, commissioned by HIA-LI in cooperation with the Suffolk IDA and others, had enumerated ways to strengthen the Park’s future.

The Town’s decision came in the aftermath of an organized campaign – undertaken by HIA-LI members and many others – to help educate Board members regarding the merits of the change.

Thanks to new development opportunities made possible through the revised zoning rules­­­, one of Long Island’s most respected real estate developers, TRITEC of East Setauket, stepped forward in November and proposed to build a $125-million, mixed-use building with 335 apartments in the Park. The venue would be a development parcel at 49 Wireless Boulevard that TRITEC owns through a subsidiary. The “zoning overlay” opens the door for similar mixed-use projects at twelve other Park sites.

Long Island municipalities like the Town of Smithtown are recognizing the need to take bold steps to promote regional economic development and to help stem the hemorrhaging of young workers from Nassau and Suffolk. 

The Town – under the leadership of Supervisor Ed Wehrheim – understands that mixed-use development like this represents a “building block” for creating a better tomorrow for our area. Such measures boost our economic competitiveness by supporting workforce attraction and retention. In July 2019, a Rauch Foundation survey conducted for Newsday found that 67 percent of Long Islanders aged 18 to 34 years planned to leave the region within five years.

Can you imagine? Such an exodus would seriously disable the Long Island economy and make it highly difficult for Park employers to hire and keep a skilled workforce.

In a November 29 editorial, Newsday called the new Smithtown policy “a prime example of what’s possible” when Long Island municipalities act creatively to re-envision our region’s future.

So, bravo to the members of HIA-LI for helping to create a new model for fortifying Long Island’s long-term competitiveness.  And a special thanks to our LI-IPH Task Force, headed by HIA-LI Board Chair Joe Campolo, Managing Partner at Campolo, Middleton & McCormick, LLP.

Read the complete Newsday editorial here.

Young Professionals Impart Wisdom

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There was a full-house at the June 18 HIA-LI Young Professionals and Entrepreneurs (H.Y.P.E.) Executive Breakfast and Scholarship Awards ceremony.

We all know the challenge of young people leaving Long Island to live and work in other regions. In fact, it is stated by the year 2025 seventy-five percent of the workforce will be millennials who, if they continue to exit Long Island, will create an even larger challenge. We also know the urgent need to create jobs and connect our educational partners. It is the very reason that several years ago the HIA-LI created a Young Professionals Committee (now H.Y.P.E.) that every year creates a young professionals panel to speak to our scholarship recipients.

There were some great takeaways this year from the June 18th HIA-LI Young Professionals Scholarship Awards and Executive Breakfast held at the WizdomOne Group of Companies in Islandia.  Here are a few that stand out:

  • Follow your passion because passion equals excellence. Now is not the time to “settle” or second-guess your dreams.
  • If you’re not sure of your career direction, use college to explore your options. Take classes that interest you . . . one of them might just ignite a ‘spark.’
  • There is no substitute for hard work. (You’ve heard the expression, “The harder I work, the luckier I get.  Well, it’s true.)
  • Look at failures as learning opportunities. You can’t learn to succeed unless you’ve learned to fail.  And when you do fail, fail hard, fail fast, and then get up and continue moving forward.
  • Be present in whatever you’re doing. Put down the cell phone.  Turn off the TV.  Focus on people.
  • It’s important to have a support system. It may your parents.  It may be friends.  It may be extended family.  Or it may be co-workers.  But no matter, surround yourself with people who are positive and supportive.
  • Find work-life balance that makes you happy. It may not look like your parents, friends, or colleagues, but that’s ok.  So long as it works for you.
  • Make your bed every morning! Yes, starting the day in an organized way sets a positive tone for the rest of your day.

Many thanks to the stellar panel of young professionals who helped to impart these insightful pieces of advice.  They were moderators Jason Hershkowitz, Account Manager and Executive Recruiter, Choice Long Island, and Gregg Pajak, Founder and Managing Partner, WizdomeOne Group of Companies. Panelists included Josiah Cheatham, Senior Business Development Representative, People’s Alliance Federal Credit Union; Adam Holtzer, Director of Business Development, Generations Beyond; Lauren Kanter-Lawrence, Director of Communications, Campolo Middleton & McCormick, LLP; and, David Whelan, Director of Development, Harvest Power.

Congratulations to the 12 scholarship recipients, all children of HIA-LI members who chose to continue their post-high school education right here on Long Island.

Want to find out more about HIA-LI’s Young Professionals & Entrepreneurs (H.Y.P.E.) Committee?  Call Connor Robertson at 631-543-5355 or email crobertson@hia-li.org.