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News
Long Island Businesses Still Confident About the Economy
OAKDALE, NY – The 2008-2009 Long Island Economic Survey and Opinion Poll, compiled by the Paul and Terry Townsend School of Business at Dowling College and Albrecht, Viggiano, Zureck & Company, P.C. (AVZ) was mailed to approximately 6,000 Long Island business owners. The mailing is aimed at a cross-section of industries with companies employing 20 or more employees. Results show that even in light of the recent economic conditions, participants are still confident of the resilience of our economy. However, a lack of affordable housing and a dropping housing market are still major concerns.
Executive Summary:
- The majority of respondents are finding an adequate supply of workers on all levels.
- The majority of respondents (64%) feel that their employees are most concerned with salary.
- More than 7 out of 10 respondents (71%) granted annual raises of less than 4%.
Consistent with the past fourteen years, respondents have continued to indicate a desire to stay on Long Island. The number one obstacle reported in 2008 was the lack of affordable housing (37%) just as it was in prior years. The study shows that the housing market dropped precipitously as a result of the subprime mortgage crisis of 2008. The majority of respondents (68%) predict prices will continue to drop in 2009.
Participants responded that their concern is that "Our young people cannot make a living on LI without help from family. They are leaving. They can't rent or buy." This survey reiterates Long Island's growing Brain Drain problem.
About Dowling College
Dowling College is an independent, coeducational college that serves more than 6,500 students at
its historic Rudolph Campus on the banks of the Connetquot River in Oakdale, NY, and the 105-acre
Brookhaven Campus in eastern Long Island and a business center located near the Nassau-Suffolk
border in Melville. Dowling offers Bachelor′s, Master′s, and Doctoral degrees in several
disciplines through its four schools: Arts and Sciences, Aviation, Business, and Education.
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