Long Island

Long Island, which encompasses Nassau and Suffolk Counties, is home to nearly 2.9 million people. Long Island's economy is closely linked with New York City's, with many residents commuting to the City for work. However, since the Great Recession, employment has not grown as rapidly on Long Island as it has in New York City, though it has grown at a comparable rate to the nation. The strongest sector has been health and education. The leisure-and-hospitality and construction sectors have also performed well. Some communities on Long Island were hit hard by foreclosures during the Great Recession, and the backlog of foreclosures on Long Island is still more than double the national rate and is the highest in the Federal Reserve’s Second District. Long Island’s workforce is fairly affluent and particularly well-educated, with around 40 percent of adults holding a college degree.

Economic and Demographic Trends
Long Island New York City* Orange-Rockland-Westchester* New York State USA
Population1 2,839,000 8,399,000 1,675,000 19,542,000 327,167,000
Pop growth, 10-year change1 1.2% 0.6% 3.9% 1.7% 7.6%
GDP, billions2 $186 $937 $118 $1,598 $19,485
Job growth, 5-year change1 5.0% 13.2% 6.7% 8.0% 9.3%
Median household income2 $100,000 $60,000 $83,000 $64,000 $60,000
Median home price2 $420,000 $575,000 $320,000 $300,000 $200,000
Pop share age 25+ with BA+2 40.6% 37.3% 43.0% 36.0% 32.0%

1 2018

2 2017

* Neighboring Metros

Sources: U.S. Census Bureau; U.S. Bureau of Labor Statistics; U.S. Bureau of Economic Analysis; IPUMS USA-University of Minnesota; New York Fed calculations. Data retrieved through American FactFinder, Moody's Economy.com, or directly from source.

Reports & Analysis
Long Island Economic Indicators (detailed data and timely updates)
Early Benchmarked Employment Data (Sep 3, 2020)
Finally, Some Signs of Improvement in the Regional Economy (Jun 16, 2020)
New York Fed Surveys: Business Activity in the Region Sees Historic Plunge in April (Apr 16, 2020)
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak (Mar 30, 2020)
Long Island Household Debt & Credit Snapshot (Q4 2018)
New York Household Debt & Credit Snapshot (Q4 2018)
Jaison Abel’s January 2020 Briefing on the Regional Economy with a Focus on Central New York
Press Briefing on Economic Conditions in the Region (Dec 17, 2019 Webcast)
Growth Has Slowed across the Region (Dec 17, 2019)
New York State's Community Colleges are Successfully Partnering with Employers (Nov 14, 2018)
Long Island Credit Profile (released Jun 2018)