Issues and events that shape Long Island's economic and legislative landscape.

Tuesday, September 27, 2016

Economic Development Updates


The substantial upward revision in third quarter GDP, the highest growth rate in two years, provides further evidence of economic recovery. This growth was driven by strong spending on consumer health care as well as recreation-- two key components of Long Island's economy. READ MORE


Today's jobless claims figure was the highest in 9 months, substantially exceeding expectations. READ MORE


The Fed's announcement that it will scale back its stimulus program to $75 billion per month from $85 billion beginning in January 2014 strikes me as premature, given that the economy is still well below capacity READ MORE


The improvement in US homebuilder's confidence released today is good news for Long Island. Home sales were quite robust on Long Island last month, but the available supply has been tight. READ MORE


Such low inflation strengthens the case for continued economic stimulus from the Fed, which should prove favorable for continued economic growth on Long Island and elsewhere. READ MORE


Wholesale prices fell again in November. The 0.1 percent decline in the producer price index (PPI) follows a 0.2 percent decline in the previous month, driven by lower costs for gasoline and gas. READ MORE


This is the fourth consecutive month of solid employment news. The labor market continues to improve along with the economy overall but these and other recent reports of strong economic performance have raised concern that the Fed will begin tapering its economic stimulus. READ MORE


GDP rose by 3.6% in the third quarter of 2013, substantially higher than preliminary estimates of 2.8%. READ MORE


New home sales increased in October 2013 by 25.4% from September, to a seasonally adjusted annual rate of 444,000. This is the strongest monthly growth rate since May of 1980. READ MORE


There was encouraging news today from the Commerce Department on US construction spending in October, which rose by 0.8 percent to a seasonally-adjusted annual rate of $908.4 billion. READ MORE


The Institute for Supply Management''s (ISM) manufacturing index increased to 57.3% in November 2013 from 56.4% in October, its highest reading in more than 2 years. READ MORE


The JDA provides direct loans for the growth of manufacturing and other eligible businesses within New York State by assisting in financing a portion of the cost of acquiring and renovating existing buildings or constructing new buildings READ MORE


The December 2013 Empire State Manufacturing Survey indicated that manufacturing activity improved in New York State, but only slightly. READ MORE


Long Island's unemployment rate fell to 5.9 percent in October, 2013, down from 7 percent in October 2012. READ MORE


Claims for unemployment benefits fell by more than expected during the week of November 16, to 323,000. Economists had expected 335,000 jobless claims. READ MORE


Janet Yellen''s nomination to become the next Chairperson of the Federal Reserve took an important step forward today as the Senate Banking Committee voted 14-8 in her favor. READ MORE


The Commerce Department reported today that core retail sales, which exclude volatile sales of automobiles, gasoline and building materials, increased at a robust pace of 0.5 percent in October, exceeding economists' consensus expectations of 0.3 percent. READ MORE


The National Association of Home Builders (NAHB)/Wells Fargo builder sentiment index registered at 54 in November, the sixth straight month that that index has exceeded 50. READ MORE


The Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York declined somewhat in November 2013. READ MORE


The Half Hollow Hills school board's decision to close two elementary schools due to declining enrollment could be a disturbing harbinger if we don't start growing again. READ MORE


The addition of 204,000 jobs in October was substantially above expectations of 125,000. Moreover, the number of hires in August and September was revised upward by 60,000. READ MORE


The US economy grew at an annual rate of 2.8% in the third quarter of 2013, substantially above expectations of 2% growth. This level exceeded 2nd quarter GDP growth of 2.5% and 1st quarter growth of 1.1%. READ MORE


Through the efforts of New York State, the Long Beach City Council, and a coalition of officials, the application process for New York State's Sandy Rising small businesses grant program has been modified READ MORE


Survey results suggest that, despite the Federal Government shutdown, the U.S. manufacturing sector expanded at its fastest pace in 2-1/2 years last month. READ MORE


The Energy Department's Office of Energy Efficiency and Renewable Energy today announced new topics under its Small Business Innovation Research and Technology Transfer program that will help small businesses develop innovative ideas and deliver market-driven solutions. READ MORE


Improvements Will Save New York State Employers $800 Million Next Year and $300 Million Annually READ MORE


The National Association of Realtors' Pending Home Sales Index declined by 5.6% in September from August, and by 1.2% from a year ago. This pattern may reflect higher mortgage rates and rising home prices. READ MORE


Reducing the cost burden of workers' compensation is an important step to creating a better business climate in New York READ MORE


The redevelopment of EPCAL is crucial to the economic future of both Riverhead and all of Long Island, and thus I commend Supervisor Walter and Senator LaValle for their efforts READ MORE


Jobs growth was a bit weaker than expected, but still enough to lower unemployment slightly. Employers likely held back hiring in light of concerns about the shutdown and possible public default. READ MORE


We are very pleased to announce that the first storm-impacted businesses have been approved for grants through New York State's Small Business Storm Recovery Program and we are ready to assist your constituents with a streamlined application process so they may quickly receive the grants for which READ MORE


The Long Island Association has chosen Dr. John A. Rizzo, a Professor of Economics at Stony Brook University to be its new Chief Economist. READ MORE


New Website Fuels Jobs in the Region's Innovation Economy READ MORE


As a panelist on Governor Cuomo's Building Back Better: NY Rising Storm Recovery Conference, LIA President & CEO Kevin Law said, "With the launch of the New York Rising Community Reconstruction Program, the Governor is recognizing that every area READ MORE


Governor Cuomo announced that Wyandanch Rising broke ground on an active, mixed-use community, as part of the first phase of the major revitalization project in Suffolk County. READ MORE


Qualifications to be eligible to receive the credit were recently modified under the Start-Up NY program; manufacturers now need to create 10 new jobs instead of the previously required 25. READ MORE


Since day one, Governor Cuomo has deployed an aggressive economic development strategy that has redefined the relationship among government, academia and the private sector, leading to new partnerships and regional collaboration that is attracting investment, growing businesses and creating new jobs READ MORE


New York State has recently launched the website to allow business owners such as yourself to apply for financial assistance. READ MORE


Governor Andrew M. Cuomo today announced the launch of New York's largest tourism campaign in decades, committing nearly $60 million to grow the industry, create jobs and attract even more visitors to the Empire State. READ MORE


Program to fund hard hit localities to develop comprehensive rebuilding plans from the bottom up READ MORE


$1.7 billion to help communities in Empire State to rebuild from Superstorm Sandy, Hurricane Irene, and Tropical Storm Lee READ MORE


The Governor's programs to assist homeowners, small businesses, and communities on Long Island will help the region recover and rebuild better than ever. READ MORE


Federal Proposal Would Increase Taxes an Average of $4,500/Year on New York Families READ MORE


We applaud President Obama's commitment to fund Brookhaven National Lab's Relativistic Heavy Ion Collider READ MORE


"There is a lot of good news for Long Island businesses and residents in this budget, including reforms to unemployment insurance and workers' comp, tax relief for small businesses, READ MORE


In 2013, the Long Island Association will continue to advocate for legislation and policies that improve the business climate and promote economic development for our region. READ MORE


Nearly 4 million businesses have received forms for the 2012 Economic Census, the U.S. Government''s official five-year measure of American business and the economy. By law, these businesses must respond by February 12 READ MORE


In the aftermath of Hurricane Sandy, Long Island should rebuild its infrastructure stronger and smarter. READ MORE