Indicators are facts that help show how a region is doing, the way the unemployment rate helps show the health of the economy. Measuring these kinds of data helps communities to identify existing conditions, measure progress toward goals and to mobilize action to improve the region. The Long Island Index has been providing this data for ten years which allows residents, researchers, civic organizations and others to assess our change over time and evaluate our path for future action.
Gross Metropolitan Product
Long Island’s economy has contracted, and compared to the national average, Long Island is slower to return to economic growth.
Long Island’s private sector employment has declined by 9% since 2007.
Growth in Wages over the Past 10 Years
Long Island wages show a flattening trend, while converging with U.S. wages.
Employment declines continue following the recession. The largest employment losses occurred in the highest-paying sectors.
Long Island continues to be home for new firms with a net gain but firm closings ticked up and the number of firms moving off Long Island is almost double what it was in the mid-1990’s.
Venture Capital Financing
Long Island firms receive relatively little venture capital, although there was an increase in 2010.
Federal Small Business Innovation Research Technology Transfer Awards to Long Island
Small technology companies on Long Island remain competitive in attracting federal funding under the SBIR/STTR programs.
Arts and Entertainment Industry
Although Long Island’s number of artists and entertainers per capita is not as high as other innovation centers, the number of arts and entertainment establishments has increased 57 percent from 1995 to 2009, and two percent between 2008 and 2009.
Household Income Distribution
Median household income fell 11% between 2002 and 2011.