Survey Results Confirm the Resilience of the Diversified Long Island Economy
OAKDALE, NY – The 2007-2008 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.
Executive Summary:
- 36% of respondents reported actual revenue growth of over 5% for 2007.
- 48% project their net income for 2007 to be higher than 2006.
- 74% have not been impacted by the recent consolidation in the banking industry.
- 68% have not been impacted by the recent sub-prime mortgage crisis.
- 57% plan some type of facility expansion during 2008.
- 98% predict the Dow will be higher in June 2008 than it was in October 2007.
- 22% plan a general personnel decrease in 2008.
- 53% project residential real estate prices will decrease in 2008.
- The confidence rating for the Long Island economy has remained a consistent 6.1 for the second year in a row, on a scale of 1-10.
Respondents repeated over and over that the high cost of living and/or housing is driving young educated workers off of Long Island. Many cited “runaway†taxes as their primary frustration and rationale for a low confidence rating.
“The largest concern for employers is the lack of future workforce. Dowling College is collaborating with major business organizations and government agencies to help resolve these issues for the future,†said Elana Zolfo, Vice President for Corporate Programs & Interim Dean of the Townsend School 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.
