Economy of Long Island
Part of a series on |
Long Island |
---|
Topics |
|
Regions |
|
Long Island is one of the world’s most urbanized and highly developed islands. As of 2022, Long Island had a population over 8 million people. Between 2014 and 2019, Long Island experienced a 4.3% growth in jobs. Median income on the island is $112,000 and the median home price is $450,000. Among those over the age of 25, 42.6% hold a college degree or higher educationally.[1]
GDP
As of 2022, Long Island had a gross domestic product of $495 billion or around 20% of New York metropolitan area.[2]
County | GDP[2] |
---|---|
Kings | $125.867 billion |
Suffolk | $125.185 billion |
Queens | $122.288 billion |
Nassau | $121.291 billion |
Long Island | $494.631 billion |
Affluence
The counties of Nassau and Suffolk have long been renowned for their affluence and high standard of living. This affluence is especially pervasive among the hamlets and villages on the North Shore of Long Island as far as western Suffolk, the extreme eastern South Shore (home to the Hamptons) and several wealthy pockets along the South Shore further west[clarification needed]. However, nearly all of Long Island (especially Nassau County and western Suffolk County) is extremely expensive to live on by national standards.
Northern Long Island is home to some of the most expensive mansions in the country. In 2005, the most expensive residence in the country was Three Ponds in Bridgehampton.[3] Several of the nation's largest private residences are also on Long Island, including financier Ira Rennert's, Fair Field, in the Southampton village of Sagaponack and the country's second largest home, Oheka Castle. Long Island is home to the luxury communities of the Hamptons, Cold Spring Harbor, Dix Hills, Centerport, Huntington Bay, and Lloyd Harbor in Suffolk County, and Hewlett Bay Park, Cove Neck, Oyster Bay Cove, Laurel Hollow, Sands Point, Roslyn, Brookville, Old Brookville, Upper Brookville, Lattingtown, Matinecock, Muttontown, Hewlett Harbor, Garden City, Stewart Manor, and Manhasset in Nassau County.
Aviation industry
Long Island industry has long benefited from its proximity to New York City. During the 1930s, the island developed an aviation industry, and until about 1990 was considered one of the aviation centers of the United States, with companies such as
In their early decades, aerospace-related companies were concentrated on Long Island, especially in eastern Nassau County in the Bethpage area. Over the years, the industry also diversified to other locations. The Sperry Gyroscope company did very well during WW-II as military demand skyrocketed; it specialized in high technology devices such as gyrocompasses, analog computer-controlled bombsights, airborne radar systems, and automated take-off and landing systems. These became jumping-off points into the multibillion-dollar annually avionics business. During the Cold War decade of the 1950s, part of Sperry Gyroscope was moved to Phoenix, Arizona. This was to try to preserve parts of this vital defense company in the event of nuclear warfare. Both on Long Island and in Arizona, Sperry continued to excel in avionics, and it also provided avionics systems for such NASA programs as the Space Shuttle.
The Cradle of Aviation Museum illustrates and celebrates Long Island aviation.
Long island is home to major divisions of the aircraft systems manufacturer, B/E Aerospace. Their products range from cabin lighting assemblies to aircraft lavatory systems.
Science and engineering
Long Island, has played a prominent role in scientific research and in engineering. It was once the home of the
In the mid to latter part of the 20th century companies such as
Long Island was home to the first Trans-Atlantic radio broadcast, from Rocky Point, New York to Paris, France.
Agriculture
Long Island, NY is rich in farming history and features many produce farms located on both the North Shore and South Shores. Because the western and central regions of the island are now largely devoted to residential use, the East End of the island is now the primary agricultural area of Long Island.
East End
. [2] This has become a traditional spring, summer, and fall outing for many Long Island residents. [3] The island also still has a considerable area and resources, even in Nassau County, devoted to landscaping horticulture.Long Island wine
In little over quarter of a century the Long Island wine industry has grown from one vineyard to 3,000 acres (12 km2) of vines in thirty wineries. The island's maritime climate, geography and soil characteristics provide good winegrowing conditions.
The Long Island
News and media
Long Island is the home of one major newspaper and several smaller newspapers and radio stations.