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Long Island

Long Island, which encompasses Nassau and Suffolk Counties, is home to nearly 3 million people. Long Island's economy is closely linked with New York City's, with many residents commuting to the City for work. Long Island’s workforce is fairly affluent and particularly well-educated, with around 45 percent of adults holding a college degree. In the years leading up to the pandemic, employment had been essentially flat, and as of 2022, it remains well below pre-pandemic levels. The strongest sector has been professional and business services, followed by leisure and hospitality. In contrast, the health and education, wholesale trade, and manufacturing sectors have lagged. Home prices surged to record highs following the onset of the pandemic, exacerbating housing affordability, which has been a perennial challenge across the two counties.

Economic and Demographic Trends
Long Island New York City* Orange-Rockland-Westchester* New York State USA
Population1 2,922,000 8,804,000 1,744,000 20,201,000 331,449,000
Pop growth, 10-year change1 3.1% 7.7% 6.8% 4.2% 7.4%
GDP, billions1 $203 $1,022 $125 $1,725 $20,894
Job growth, 5-year change2 -4.4% -3.0% -4.1% -4.1% 1.2%
Median household income1 $114,260 $70,000 $82,000 $72,600 $67,000
Median home price1 $500,000 $650,000 $350,000 $350,000 $250,000
Pop share age 25+ with BA+1 45.6% 40.3% 38.8% 39.4% 35.1%

1 2020

2 2021

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota. Data retrieved through data.census.gov, Moody's Economy.com, or directly from source.

Reports & Analysis
Regional Employment Trends (March 10, 2023)
Richard Deitz's Briefing on Regional Economic Conditions (March 7, 2023, New York State)
Jason Bram's Briefing on Regional Economic Conditions (January 17, Long Island)
Press Briefing: Employment and Housing Conditions in the Second District (Nov 10, 2022)
A Look at the New York-Northern New Jersey Region’s Pandemic Housing Boom (Nov 10, 2022)
Jaison Abel's Briefing on Economic Conditions in the Region (Nov 5, 2021)
Severe Supply Disruptions Are Impeding Business Activity in the Region (Oct 21, 2021)
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