Long Island Region Economic Snapshot

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Long Island Region Economic Snapshot OFFICE OF THE NEW YORK STATE COMPTROLLER Thomas P. DiNapoli, State Comptroller Long Island Region Economic Snapshot Highlights Introduction The Long Island Region covers Nassau and • Long Island is home to 2.8 million people. The population Suffolk Counties and is part of the New York City rose rapidly from less than 1 million in 1950 to more than metropolitan area. The region’s economy has 2.5 million in 1970. Since 1970, the pace of growth has greatly benefited from this connection. slowed. From 2010 to 2018, growth was only 0.1 percent, with Suffolk County losing population. Some of the nation’s first suburbs were in Nassau County, which grew rapidly in the middle • Long Island added 115,400 jobs between 2009 and 2018, of the 20th century. It now contains some very reaching a record of more than 1.3 million jobs. wealthy areas alongside areas that have lower incomes and problems usually associated with • The unemployment rate fell from 7.5 percent in 2010 to 3.7 large cities. percent in 2018. Suffolk County developed at a somewhat slower • The region had the second highest average wage in the pace and benefitted from continued population State in 2017, $60,084. growth over the last few decades, though this • The median household income in 2017 was $105,744 for growth has also slowed. Estimates show a Nassau County and $92,838 for Suffolk County, higher moderate decline since 2010. than the State median of $62,765. Broadly speaking, Long Island residents enjoy • In 2017, the homeownership rate for the region was 72 a high quality of life, reflected in high median percent, compared to 48 percent for the State. incomes, relatively low unemployment and crime rates, strong public schools, numerous higher • The 2017 median home value was $460,700 in Nassau educational opportunities and many cultural and County and $379,400 for Suffolk County, much higher natural recreational activities. than the State median of $293,000. • Despite high incomes, 43 percent of homeowners have However, the region’s population and economic housing costs exceeding 30 percent of income in 2017, growth comes with challenges, such as traffic compared with 36 percent in the State overall. congestion and high property taxes. Long Islanders face some of the highest tax burdens • Long Island’s violent crime rate was less than one-third in the State. The recent federal tax law caps the of the State and national rates in 2017. Property crime deductibility of State and local taxes, making was also below the State and national rates. There are, the burden even higher for many taxpayers. The however, some areas where crime remains a problem. region also struggles with high housing costs. • Commute times are long, and 2018 saw the worst on-time Local governments on the Island are currently performance by the LIRR since 1996. undertaking projects meant to improve the quality of life. Downtown corridors and railroad • Wastewater treatment is one of the region’s most critical hubs are among the economic development challenges, especially in Suffolk County, where home septic projects in both counties. tanks and cesspools are contaminating surface water. Division of Local Government and School Accountability May 2019 Geography The Long Island Region is located in the producing regions, creating award-winning southeastern-most part of the State. It is bordered wines in classic European styles. The region’s by the Atlantic Ocean to the south with long 60 vineyards cover more than 3,000 acres, stretches of barrier islands, Long Island Sound to annually producing 1.2 million gallons of wine the north with many harbors and inlets, and the and hosting 1.3 million visitors. Agritourism Borough of Queens in New York City to the west. is also part of the Long Island experience, To the east, the Island splits into the North and with its many farm stands, working farms that South Forks with several bays and smaller islands encourage visitors to pick fresh produce and (see Figure 1). Fishers Island is a part of Suffolk many attractions, such as hay rides, corn County’s Town of Southold, but is only accessible mazes and fall festivals.1 by ferry from the State of Connecticut. Long Island contains many opportunities for While much of the region has urban and outdoor activities at some of America’s top-ranked suburban characteristics, agriculture remains beaches and public areas, including Fire Island an important part of Long Island’s economy National Seashore and Jones Beach State Park and its culture. In fact, Suffolk County has (which has over 6 million annual visitors). In 2017, the highest value for agricultural crops of visitors to the region spent nearly $5.9 billion at any county in New York State. Nearly 4,000 restaurants, hotels and attractions.2 people work in agriculture on Long Island, with production centered on nursery, greenhouse Long Island has a dense road network, and sod products; vegetables; fruits; poultry connecting the communities in the region and and eggs; and aquaculture (e.g., fish, clams). ultimately feeding into major highways that Since its start in 1973, Long Island’s wine convey commuters into New York City. The industry has grown dramatically to become one region also has commuter railroads that connect of the State’s main grape-growing and wine- most areas of Long Island to the City. Figure 1 Long Island Region Map Long Island Cities Railroads Fishers Island Long Island Towns Major Highways Long Island Villages Other Highways Shelter Island Southold Long Island Sound East Hampton Riverhead Southampton Brookhaven Glen Cove Smithtown S u ff ff o ll k Huntington Oyster Bay North Hempstead Islip Atlantic Ocean N a s s a u Babylon Hempstead Babylon Long Beach 2 Office of the New York State Comptroller May 2019 Demographic Profile In 2018, Long Island’s population reached 2.8 Hispanic or Latino population (19 percent, equal million, with 1.36 million in Nassau and 1.48 million to the State percentage) than Nassau County in Suffolk.3 (See Figure 2.) The region’s population (16 percent). Nearly 19 percent of Long Island’s grew rapidly, from under 1 million to over 2.5 million population was foreign-born in 2017, and over 25 between 1950 and 1970. From 1970 to 2010, this percent spoke languages other than English. trend shifted, with Nassau County losing almost 90,000 residents, while Suffolk County’s population These percentages have changed over time. grew by about a third. Overall, Long Island’s Residents reporting their ethnicity as Hispanic population grew by 2.9 percent from 2000 to 2010, or Latino and those reporting their race as Black faster than the statewide increase of 2.1 percent. or African American, Asian or another non-white However, from 2010 to 2018, growth was only 0.1 category represented one-third of Long Island’s percent, slower than the State rate of 0.7 percent, population in 2017. As recently as 2000, their share with Suffolk County losing population. If not for of the population was one-quarter, and in 1990 it immigration, the region as a whole would have was 16 percent. lost over 40,000. Long Island had a population density of 2,373 persons per square mile in 2018, The population is older, in comparison to the compared to 415 persons per square mile for the statewide demographics. The median age of State. Nassau County’s density is particularly high, residents is 41 years for Suffolk County and 41.5 for over 11 times the statewide density. Nassau County, both higher than the State median age of 38.4. The region also has a higher share Long Island has a generally less diverse of persons over 65 (16.2 percent) than the State population than the State as a whole, and much as a whole (15.2 percent). The over-65 population less diverse than neighboring New York City, has increased by almost 2 percentage points since based on 2017 data. Nassau County has the more 2010, while the share of the population under 14 has diverse population of the region’s two counties – declined by 1.3 percentage points. 69 percent White, 12 percent Black or African- American (lower than the statewide 16 percent) Nearly 91 percent of Long Island’s adult residents and 9 percent Asian (higher than the statewide have a high-school diploma, higher than the 86 8 percent), while Suffolk County is 81 percent percent of the State’s population. Almost 40 percent White, 8 percent Black or African-American and have at least a bachelor’s degree, again exceeding 4 percent Asian. Suffolk County has a larger that of the State (35 percent). Figure 2 Total Population of Long Island (Nassau and Suffolk counties) 2018 3,500,000 Estimate 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Source: U.S. Census Bureau May 2019 Division of Local Government and School Accountability 3 Income and Housing By most wealth measures, including income homeowners have housing costs exceeding 30 and housing value, Long Island is generally percent of income, compared with 36 percent in prosperous. The median household income the State overall. in 2017 was $105,744 for Nassau County and $92,838 for Suffolk County, both significantly The housing market collapse before and during the higher than the State median of $62,765. The 2008-2009 recession hit Long Island hard. This disparity of income is fairly wide, however, with led to a wave of foreclosures that peaked around the villages of Hempstead and Greenport having 2015 with 28,399 pending cases in the region.
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