Paule Pachter

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.

Elevating the Innovation Park with 400 Flags

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From left, Smithtown Director of Traffic Safety Mitchell Crowley; Councilman Thomas Lohmann; HIA-LI CEO Terri Alessi-Miceli; Long Island Cares CEO and HIA-LI Board Member Paule Pachter; and, Smithtown Supervisor Ed Wehrheim.

When you’re a part of something as impactful as the Long Island Innovation Park at Hauppauge (LI-IPH), you often think about how to better tell its story. I’m excited to share that we’ve taken a significant step forward in doing just that. We recently installed over 400 flags on light poles throughout the park. But why, you might ask, is this such a big deal?

The Importance of Branding

First, let’s talk about the park itself. Spanning 1,400 acres and housing 1,350 businesses, the LI-IPH is a cornerstone of Long Island’s economy. It employs some 55,000 people and contributes an impressive $13 billion to the annual GDP. However, it became apparent through an Opportunity Analysis conducted a few years ago that despite being an economic powerhouse, we needed to do more to elevate its public profile.

The Flag Initiative

That’s where HIA-LI, the organization I’m proud to lead, stepped in, together with the wonderful support of the Town of Smithtown, whose highway workers installed the flags. We decided to give our park’s identity a bit of a facelift, starting with these flags. These aren’t just any flags; they’re a declaration of our space as an economic engine for Long Island. Businesses within the park even had the chance to purchase their own customized flags, which were snapped up swiftly.

What Lies Ahead

This may seem like a small step, but in the grand scheme of things, it’s a catalyst for future growth. The banners serve as a daily reminder to all who pass through that they’re part of something larger — an innovation hub that not only drives employment but also contributes significantly to the local economy. I firmly believe that reinforcing this identity lays the groundwork for new partnerships and greater achievements.

The park already has an excellent track record when it comes to generating net new dollars for the region, a fact pointed out by the Opportunity Analysis conducted by James Lima Planning + Development. We have an exceptionally high proportion of businesses that trade outside Long Island, multiplying our economic impact.

I must give a special shoutout to Paule Pachter, a valued member of the HIA-LI board and CEO of Long Island Cares, Inc., for suggesting this flag initiative. It’s these kinds of ideas that bring a community together and make it stronger.

In wrapping up, I see these 400-plus flags as a promise — of more to come, of greater things ahead, and of Long Island Innovation Park’s continued role as a linchpin in the economic vitality of our region.

Our Solar Task Force Achieves a Clean Energy Milestone

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LI Cares Solar Press Conference 1-31-20
Pictured, from left: Scott Maskin, CEO, SUNation Solar Systems; Hon. Thomas Lohman, Councilman, Town of Smithtown; Lisa Broughton, Energy Director, County of Suffolk; Hon. John Flanagan, State Senator and Senate Minority Leader; Joe Campolo, Managing Partner, Campolo, Middleton & McCormick, LLP and Chairman, HIA-LI Board of Directors; Robert Boerner, Manager, Renewable Programs, PSEG-Long Island; Terri Alessi-Miceli, President and CEO, HIA-LI; Thomas Falcone, CEO, Long Island Power Authority; and, Paule Pachter, CEO, Long Island Cares.

If you’ve ever had the opportunity to lead a company or an organization, you know that your success heavily depends upon the initiative demonstrated by the people around you.

That’s surely the case here within HIA-LI, where we’re fortunate to have forward-looking individuals like Scott Maskin, CEO of SUNation Solar Systems, and Jack Kulka, President of Kulka, LLC, on our team.

Scott and Jack stepped forward a few years ago to launch the HIA-LI Solar Task Force. And with the help of Task Force members Edgewise Energy, Entersolar, Harvest Power, Empower Solar, Top Cat Consulting, H2M Engineering, and Greenstreet Power Partners, they set the ambitious goal of transforming the Long Island Innovation Park at Hauppauge (LI-IPH) into a business park that will be 100-percent powered by clean and renewable energy by 2040.

And on January 31 – with the encouragement of HIA-LI Board of Directors chairman Joe Campolo – the Task Force achieved a big milestone when they announced completion of a solar installation atop the 35,000 square-foot roof of Long Island Cares, one of our region’s premiere charitable institutions.

Joining us at the press event were Smithtown Councilman Thomas Lohman; County of Suffolk Energy Director Lisa Broughton; State Senator John Flanagan; PSEG-Long Island Renewable Programs Manager Robert Boerner; and, Long Island Power Authority CEO Thomas Falcone.

Based on PSEG Long Island data, we’ll reap major environmental benefits thanks to the 350,000 kilowatt hours produced annually by Long Island Cares’ 852 solar panels.

By replacing fossil fuel energy with clean and renewable power, we’ll reduce carbon dioxide emissions by 84 metric tons per year. That’s equivalent to Long Islanders’ driving 191,975 fewer miles per year – and it generates the same benefits as planting 560 trees per year.

But chief executive Paule Pachter and his team at Long Island Cares didn’t stop there. By structuring their project as a “Community Solar” enterprise, the electricity is being offloaded to the homes of 50 food-insecure families at a discounted rate that is 25 percent less than regular utility bills.

Scott Maskin and Jack Kulka keep reminding us that there are 1,300 companies and a potential 20 million square feet of flat rooftop space available for solar at LI-IPH.

So let’s follow the lead of Long Island Cares – and keep turning our business park into Long Island’s great solar power oasis!