Publication Date: December 2009
Publisher: Long Island Index
Research Area: Banking and finance
Coverage: New York
Long Island’s economy is not faring well in comparison to the U.S. as a whole.Annual growth in GDP/GMP (Gross Domestic Product/Gross Metropolitan Product) was less on Long Island than the U.S.
Most significantly, average annual pay per employee was on the down swing in 2008 and is now on par with the United States as a whole. Ten years ago, Long Islanders earned more than the U.S. average but in inflation adjusted dollars, Long Island’s average pay per employee was $834 lower in 2008 than it was in 1999.
Long Island is one of the few places in the nation with local bidder preference laws which are in place to favor local contractors for public work projects and purchases of goods and services. The downside is that they can result in higher costs and reduce competition.
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