Islip Town Supervisor Angie Carpenter

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.

Infrastructure, Housing, and Sustainability: The Roadmap from HIA-LI’s Annual Meeting

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More than 400 business, government, and non-profit leaders attended HIA-LI’s 47th Annual Meeting and Legislative Program.

On January 17, 2025, HIA-LI hosted its 47th Annual Meeting and Legislative Program, bringing together over 400 business leaders, elected officials, and dignitaries to discuss pressing issues and opportunities for Long Island’s economic growth. As I stood before this incredible audience, I couldn’t help but feel a deep sense of pride in how far we’ve come as a community and how determined we are to overcome the challenges ahead.

The event underscored the vital role HIA-LI plays in advocating for our members, connecting stakeholders, and driving meaningful action for the region. With leaders like Congressman Nick LaLota, Suffolk County Executive Ed Romaine, Suffolk County Presiding Officer Kevin McCaffrey, Islip Town Supervisor Angie Carpenter, and Huntington Town Supervisor Ed Smyth contributing to the dialogue, we demonstrated that collaboration between government and business is the foundation for Long Island’s prosperity.

The discussion was expertly guided by Joe Campolo, Managing Partner at Campolo, Middleton & McCormick, LLP, an HIA-LI board member, and Chair of our Long Island Economic Development Task Force. Joe’s skillful moderation ensured that key issues were explored in depth while keeping the conversation engaging and solution-focused.

Building a Business-Friendly Environment

The theme that resonated throughout the meeting was the critical need to create a more business-friendly Long Island. Congressman LaLota addressed the ongoing efforts to increase the State and Local Tax (SALT) deduction cap, emphasizing how this federal tax relief is essential for sustaining businesses and families in one of the most highly taxed regions in the nation.

At the local level, County Executive Romaine highlighted Suffolk County’s focus on infrastructure investments, including sewer expansion—a linchpin for economic development. Supervisors Carpenter and Smyth echoed this sentiment, emphasizing the importance of keeping businesses here and enabling growth through infrastructure support. Presiding Officer McCaffrey added his perspective on the importance of workforce development programs to ensure Long Island remains competitive. The unified message was clear: Long Island must continue to fight for its fair share of federal and state funding to maintain its position as an economic engine.

Infrastructure as the Cornerstone of Progress

One of the key takeaways from the meeting was the critical importance of infrastructure development, especially in areas like sewer systems, transportation, and clean water initiatives. As the second-largest industrial park in the nation, the Long Island Innovation Park at Hauppauge (LI-IPH) is a cornerstone of our regional economy, contributing over $13 billion annually. Yet, the lack of adequate sewer systems throughout the bi-county region remains a significant barrier to attracting new businesses and housing opportunities.

The urgency of addressing this was underscored by multiple leaders. Supervisor Smyth reminded us that “sewers are everything,” illustrating the environmental and economic consequences of outdated systems. Both Romaine and Carpenter stressed the need for careful, long-term planning to ensure that infrastructure projects like sewers, roadways, and renewable energy initiatives align with Long Island’s growth trajectory. These investments are not just critical for businesses but for the overall quality of life for residents.

Housing: A Challenge and an Opportunity

Housing emerged as another pivotal issue—one directly tied to workforce retention and economic vitality. The consensus was clear: Long Island needs more affordable housing to prevent the exodus of young professionals and families. In Islip, projects like TRITECH’s Shoregate in Bay Shore and the proposed housing at Pilgrim State exemplify how transit-oriented development can revitalize communities and create sustainable growth.

However, as Supervisor Carpenter pointed out, housing projects cannot succeed without the infrastructure to support them. Presiding Officer McCaffrey highlighted the need to balance housing development with the preservation of Long Island’s unique suburban character, ensuring that growth is sustainable and community focused. The call to action for state and federal partners was loud and clear—Long Island needs the resources to build not just homes but the roads, sewers, and public transit that make those homes viable.

Sustainability: A Forward-Thinking Priority

Environmental sustainability was another key focus. With Long Island’s unique position as a sole-source aquifer region, preserving water quality and managing waste are non-negotiable priorities. As landfill closures like Brookhaven’s loom, waste management has become a critical issue requiring regional solutions. Romaine, Carpenter, and Smyth emphasized the importance of recycling innovation and leveraging state resources to address these challenges.

HIA-LI is proud to support initiatives like the Suffolk County solar program and workforce development programs that integrate sustainability into our economic goals. These efforts align with our broader mission to ensure that Long Island’s growth is both responsible and forward-looking.

The Path Ahead: Action and Advocacy

As we move into 2025, our focus at HIA-LI is clear: continue building partnerships, amplifying the voice of Long Island businesses, and driving solutions for critical issues like infrastructure, housing, and sustainability. We are not just advocating for change—we are actively working with government and private sector leaders to implement it.

This year, we’ll host programs like the Workforce Development Summit and the Women’s Leadership Conference, fostering opportunities for innovation and collaboration. We’re also committed to expanding our footprint, with a 15 percent membership increase in 2024 already strengthening our collective voice.

To every business owner, elected official, and community leader who attended the meeting: thank you for being part of the conversation. Your engagement is what makes our work possible. Together, we can make 2025 a banner year for Long Island, one that sets the standard for economic resilience and community growth.

Let’s keep the momentum going. If you’re not already involved, I encourage you to join us. Let’s advocate louder, collaborate stronger, and ensure that Long Island’s best days are ahead.

Water, Energy, Housing, and Infrastructure Top the List of Legislative Priorities for 2023

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From left: State Senator Mario Mattera; HIA-LI President & CEO Terri Alessi-Miceli; Congressman Nick LaLota; Smithtown Supervisor Ed Wehrheim; Assemblyman Mike Fitzpatrick; Islip Town Supervisor Angie Carpenter; Joe Campolo, HIA-LI Board Member and Partner, Campolo, Middleton & McCormick, LLP; and, Brookhaven Town Supervisor Ed Romaine.

It’s essential that our public policymakers have a proper grasp of the needs of the regional business community. And one of the most effective ways to achieve this is through hands-on, real-time interaction between government leaders and businesspeople as well as non-profit leadership.

Throughout the year, HIA-LI works hard to create opportunities for this kind of in-person interaction. And we hosted such an engagement earlier this month at our 45th Annual Meeting and Legislative Program. It was held January 13 at the Radisson Hotel in Hauppauge.

No less than eight elected officials from the federal, state, county and town levels were present at the breakfast forum, which was attended by some 300 people and was moderated by HIA-LI board member Joe Campolo, managing partner with Campolo Middleton & McCormick, LLP.

Water. Energy. Housing, Infrastructure. These were the topics many of our speakers returned to again and again. How can our officials shape policies that ensure a strong, long-term economic future for Nassau and Suffolk counties?

Let me offer a quick, thumbnail summary of some of the key points raised by each of our panelists:

Lt. Gov. Antonio Delgado was present via a video presentation. He highlighted the state’s investment strategy for Long Island, including Governor Kathy Hochul’s underwriting of a feasibility study to examine the possible relocation of the terminal at Long Island MacArthur Airport closer to the Ronkonkoma LIRR station. He also reinforced the value of the state’s investments in offshore wind energy. Mr. Delgado underscored the merits of the new State Office of Strategic Workforce Development he has set in motion along with the Governor. He also cited the administration’s efforts to expand housing development as a critical way to attract and retain a competitive regional employment base.

Suffolk County Executive Steve Bellone concentrated most of his remarks on the issue of water quality – and on the need to not only create a county wastewater district – but also to find the right way to fund it.

I also had the privilege of speaking at the event, where I had a chance to emphasize the massive economic impact of The Long Island Innovation Park at Hauppauge as we mark our momentous 45th anniversary in 2023. To help promote the Park’s growth, we’ll be initiating an ambitious branding program, including vanity flags and new signage. I also cited Circuit Transit’s battery-powered rideshare initiative that will create new commuting opportunities for the Park’s 55,000 employees.

Newly elected Congressman Nick LaLota spoke about the need for honesty and integrity in government, and also focused attention on two themes: economic growth and public safety.

State Senator Mario Mattera called upon policymakers to fight for “local jobs for local people.” The senator also advocated for a balanced energy policy, as well as for sewer systems that will “finally bring the Town of Smithtown into the 21st century.”

Assemblyman Mike Fitzpatrick expressed concerns over the ultimate costs associated with the Climate Action Council Scoping Plan recently adopted by state officials. He also agreed with the Governor that the state needs more housing. But he said that it shouldn’t be done at the expense of abandoning “local control.”

Town of Islip Supervisor Angie Carpenter urged government to “get out of the way and let businesses do what they do best.” Public officials should promote incentives – and use “carrots, not sticks.”

Town of Brookhaven Supervisor Ed Romaine urged business advocates to focus their attention on tax policy as a primary concern, inclusive of “real estate, sales, personal, and business taxes.” He also stated that “the one thing that will improve productivity in America is investing in infrastructure.”

Finally, Town of Smithtown Supervisor Ed Wehrheim echoed the same sentiment, asserting that investment in infrastructure is the key to “allowing Long Island to move forward.”

We are committed to working with everyone in the HIA-LI family to help secure a bright and promising future for our Park – and for Long Island.