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News
The Sixteenth Annual Long Island Economic Survey and Opinion Poll
OAKDALE, NY - The 2009-2010 Survey results confirm the uncertainty of the Long Island economy. However, respondents are slightly more optimistic than they were last year. The Survey is conducted by Albrecht, Viggiano, Zureck & Company, P.C. (AVZ) and the Townsend School of Business at Dowling College, and is sponsored by the Long Island Business News.
The Survey highlights are:
- The confidence rating for the Long Island economy increased from 4.9 to 5.2, on a scale of 1-10.
- The confidence rating for the National economy increased from 4.5 to 5.1, on a scale of 1-10.
- 71% of respondents think it will take the Long Island economy more than 12 months to improve.
- 75% of the respondents project their net income for 2009 will be lower than 2008.
- 55% of respondents have experienced a decline in revenue from 2008 to 2009.
- 47% of respondents project their revenue will increase from 2009 to 2010.
- 55% of respondents have experienced a decrease in headcount from 2008 to 2009.
- Over 60% of the respondents think that the stock market indices will go up over the coming year.
- More respondents think that residential real estate prices will increase than decrease in 2010.
- 86% of the respondents do not plan any type of facility expansion during 2009.
- 77% of the respondents believe the Federal economic stimulus programs have had no impact on their business.
- 70% of the respondents are not in favor of a government/public run healthcare system.
- 50% of the respondents have experienced changes in their financing agreements.
"Although most respondents had a difficult year in 2009, business owners are slightly more optimistic as they look towards 2010 and beyond," states Thomas J. Murray, Managing Partner for AVZ. The Survey results appear to confirm that the Long Island economy hit bottom in 2009. Reasons for optimism include an increase in the Long Island and National economic confidence ratings. Survey respondents were also positive about the stock market, residential real estate prices and revenue projections for 2010.
Dr. Matthew Cordaro, Dean of the Townsend School of Business, acknowledges "A modest recovery appears underway, but significant progress is still in the distance. Apparently from the survey, the Federal economic stimulus programs have been of limited value to Long Island up to the present. Hopefully, those programs and the continuation of positive trends will accelerate the pace of recovery in the upcoming year."
For a copy of the 2009-2010 Economic Survey and Opinion Poll, contact Kristin Cassidy at (631) 434-9500 or e-mail kcassidy@avz.com.
The Townsend School of Business at Dowling College offers undergraduate, graduate and custom training programs that are designed to provide students with skills that are appropriate for success in all fields of business.
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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