Long Island Economy
- Long Island is an economically vibrant, attractive region, in part because it combines into a single market two prosperous counties with large populations and successful economies in close proximity to New York City.
- Its economy accounted for nearly 12 percent of New York State’s gross product in 2015, second only to New York City. As a result, it has relatively low unemployment and poverty rates, high household income and rate of home ownership, and a highly educated workforce.
- Average household income in Nassau is $114,233 and in Suffolk is $102,002.
- The percentage of the population living below poverty level is 5.9% in Nassau and 7.3% in Suffolk.
- The region has had a consistently strong labor market with an unemployment rate below 4%, lower than any other region in the state.
- Small business comprises nearly 90% of business establishments on Long Island; consumer spending accounts for more than two-thirds of local economic activity.
- Occupations in health care, education, and social assistance account for more than a quarter of jobs in both Nassau (28%) and Suffolk (26%) counties. Professional, scientific, and management occupations, as well as retail trade are also leading occupations among Long Island’s residents. Finance, insurance and real estate occupations are also substantial in Nassau County.
- Employment in professional and technical occupations is projected to grow by more than 11% from 2012-2022, or a gain of 150,900 jobs. The rate of jobs growth is projected to be highest in healthcare and technical fields (18.9%), life, physical, and social sciences (15.8%) and community and social service.
- Long Island has an educated workforce with almost 40% of persons aged 25 and older have college degrees on Long Island.
- Residents pay some of the highest property taxes in the country; Long Island consists of 900 taxing districts.
- Agriculture is heavily concentrated in Suffolk County, which accounts for approximately 90% of farm income on Long Island.
- The vast majority of owner-occupied homes are detached single-family homes. Apartments account for just 8.3% of housing units in Nassau and 4.2% in Suffolk.