Financial Industry in Nassau-Suffolk, Long Island
Insurance, Real Estate and Banking
Wall Street alone does not handle all of the finance and insurance business in New York City.
On Long Island, the industry of financial products, including primarily insurance, real estate, and banking, is quite healthy. This economy is bolstered by a high rate of disposable income in long island households compared to the rest of America.
The top income producing employers in this borough involves themselves in
- Insurance Agencies and Brokers
- Property and Casualty Insurance Carriers
- Commercial Banking
- Real Estate Credit Issuers
- Securities Brokers
- Savings Institutions
Long Island
Long Island is the largest island in the lower 48 United States. It reach across 118 miles eastward from New York Harbor and the Statue of Liberty to Montauk Point.
Small Business Boom
When local New York residents, government officials, and business people mention Long Island, they are generally referring to two of the four counties that comprise the island.
These two counties are Nassau and Suffolk, each with its own county government and top County Executive. These two counties sit together and farthest to the east of the four counties on the island and together, the two form the Nassau-Suffolk Metropolitan Statistical Area (MSA).
The additional two counties are Kings and Queens, which are more affiliated in some ways with NYC. They are more urban than the rest of Long Island, although Nassau-Suffolk overs urban, suburban, and even rural areas.
When considering occupations on Long Island, it is important to know that a greater number of individuals start their own businesses here than the number of people hired into the fastest-growing jobs. A considerable proportion of these new businesses are successful.
Long Island Miracle
Beginning in 2000, Long Island recovered fast from an economic downturn that lasted from 1980 - 1999, complete with downsizing, business closures, and a decline in manufacturing and other industry sectors. However, the turnaround was so organized, efficient, and dramatic that it earned the nickname "The Long Island Miracle."
In a series of smart moves, business leaders and innovators in areas in and around Long Island diversified industry through the combined efforts of small business owners and small-to-medium sized companies that looked toward new sources of revenue.
Through organized efforts via community and business plans and organizations, small and medium-sized businesses became strong. One of these projects included opening a number of profitable vineyards on former farmland in Suffolk County.
In June 2007, the local unemployment rate was low at just 3.7%, but by March 2018, the rate was up to 5.1%.
New Business Ideas and New Education
Long Island business and employment is led by small businesses, most of which employ fewer than 20 persons. Small Business itself employees at least one-half of the entire Long Island workforce.
Beginning around 2000, Long Island recovered fast from an economic downturn that lasted from 1980 - 1999, compete with downsizing, business closures, and a decline in manufacturing and other industry sectors. However, the turnaround was so organized, efficient, and dramatic that it earned the nickname "The Long Island Miracle." It was very well planned.
In a series of smart moves, business leaders and innovators in areas in and around Long Island diversified industry through the combined efforts of small business owners and small-to-medium sized companies that looked toward new sources of revenue.
Through organized efforts via community and business plans and organizations, small and medium-sized businesses became strong, leading Long Island in an enahnced economy throughout the early 21st century. One of these projects included opening a number of protifable vineyards on former farmland in Suffolk County.
In addition, area colleges and universities have partnered with business an county governments to provide Education and Training programs that directly match Long Island Business needs.
Old and new successes that began as small businesses include:
- Symbol Technologies - bar code scanners
- Festo Corporation - Over 80 years old, the leader globally of pneumatic & electromagnetical parts, such as prostheses.
- Grumman Corporation, founded 1929
- Arrow Electronics
- Canon USA
- Olympus America Inc.
- Underwriters Laboratories.
Cold Spring Harbor Laboratory, one of the richest wellsprings of the science underlying biotechnology, are making startling strides in the fight against cancer.
A company spawned in the Long Island High Technology Incubator at Stony Brook University, where the first MRI image in history was created, has developed the first virtual colonoscopy technology to be approved by the FDA.
Brookhaven National Laboratory, where five Nobel Prizes have been won, is developing sensors, antidotes and vaccines in the fight against terrorism.
The Top 10 Fastest Growing Jobs on Long Island
- Network Systems/Data Communications Analysts
- Medical Assistants
- Home Health Aides
- Diagnostic Medical Sonographers
- Physical Therapist Assistants
- Computer Software Engineers, Applications
- Database Administrators
- Network & Computer Systems Administrators
- Physician Assistants
- Computer Software Engineers, Systems Software
The fastest growing jobs on Long Island are all in Healthcare and Information Technology (IT), with a significant number of IT jobs in health and medical facilities. Additional IT jobs can be found in education, professional services, and bioscience & aerospace research facilities )Indeed.com, SimplyHired.com).
The median wage of Long Island Region STEM occupations is $75,040 a year, which is 75 percent higher than the median annual wage of $42,970 for all workers in the region.
— New York Labor Department, 2018Local Fast-Growth of STEM Jobs and Median Salaries in 2017
- Family and General Practitioners: Over $202,000 annual salary
- Physician Assistants: Over $114,000
- Mechanical Engineers: Over $95,000
- Civil Engineers: Over $90,000
- Registered Nurses: Over $90,000
- Physical Therapists: $88,000
- Computer Systems Analysts: Over $85,000
- Industrial Machinery Mechanics: Over $57,000
- Emergency Medical Technicians and Paramedics: $45,000
Healthcare Companies Seek Professionals
The Healthcare Industry is the largest area employer, and a large nursing shortage as well as too few home health aides, personal aides, techs, and other positions is the norm. Healthcare offers lucrative opportunities, including Travel Nursing, which offers even greater benefits. Business and Professional Services comprise the second largest employer base on the island.
Manufacturing in the computer and electronics sector is still a strong part of the manufacturing industry on Long Island. Large companies produce parts and other products for a variety of technologies and bioscience/medical use, while small and medium-sized companies specialize in certain specific components and related services. All this bolsters the production of the very active Information Technology (IT) Industry.
Tourism is a large industry on Long Island, involving nearby airports, airlines, tour companies, travel agencies, dance companies, restaurants, gift shops, hotels, theaters, theater companies, sports, recreation venues and tours, and others.
Long Island overall retail success (over $30 billion sales annually) is based on high levels of disposable income possessed by Long Islanders in general. This area has been 5th highest in average household disposable income among metro areas in the US since the early 2000s.
Healthcare Career Education and Training Programs
- Brookhaven Memorial Hospital
- Central Suffolk Hospital
- Franklin Hospital Medical Center
- Holliswood Hospital
- Long Island Jewish Hospital
- North Shore University Hospital
- South Nassau Communities Hospital
- Southampton Hospital
- St. Charles Hospital & Rehab Center
- St. John's Ambulatory Surgery Center
- University Hospital Medical Center
- Winthrop University Hospital
- Brunswick Hospital
- Eastern Long Island Hospital
- Good Samaritan Hospital
- Huntington Hospital
- Manhasset Ambulatory Pavilion
- Mercy Medical Center
- New Island Hospital
- Schneider Children's Hospital
- South Oaks Hospital
- Southside Hospital
- St. Francis Hospital - The Heart Center
- Veterans Administration Center
Largest Industries on Long Island, by Revenues
- Financial Services
- Information Technology Services
- Fashion, Apparel and Textiles
- Electronics and Imaging
- Transportation and Distribution
- Communication, Software, Media
- Materials Processing
- Industrial Machinery and related services
- Biomedical
- Misc. Manufacturing
Largest Employers on the Island by Number of Employees
- North Shore-Long Island Jewish Health System - 11 hospitals, Staten Island University, 4 nursing facilities and 90 ambulatory sites.
- New York State Government
- Catholic health Services
- Nassau and Suffolk County Offices
- US Federal Government
- Stop and Shop Convenience Stores
- Winthrop South Nassau University Health System
- Long Island Railroad
- Retail: WalMart, CVS, Home Depot
- King Kullen Grocery Stores
- Verizon Telecommunications
- Geico Insurance
- Nassau Health Care Corp. - I hospital, 1 extended care facility, a Level 1 Trauma Center, 7 community health centers
- Brookhaven National Laboratory - Research and development lab
- Long Island University
Hauppauge Industrial Park
The Hauppauge Industrial Park is the largest industrial park on the US East Coast. Not only does it provide businesses, but also youth and adult day care so that family members working in the park can remain close to the young and the elderly in their care.
Businesses range from manufacturers to attorneys and physicians to clean energy purveyors to hotels. Over 1,300 companies operate in the park, with over 60,000 employees, all represented by the Hauppauge Industrial Association. Members of the association operating in the park include companies such as:
- Brookhaven Memorial Medical Center and 21 other health facilities
- East/West Aircraft Industries
- EnterSolar and other alternative energy providers
- Fit Freak Training and other fitness companies
- Pal-O-Mine Horse Therapy
- US Department of Energy’s Brookhaven National Laboratory
Students at many colleges and universities on the island receive scholarships from the park's governing assocation every year.
Colleges and Universities in Nassau-Suffolk
Career Colleges
- Island Drafting & Technical Institute www.idti.edu/
- Katharine Gibbs School www.gogibbs.com/
- Long Island Business Institute www.libi.edu/
- Nassau Community College www.ncc.edu/
- Suffolk County Community College www.sunysuffolk.edu/
Four-Year Colleges and Universities
- Adelphi University
- Briarcliffe: The College for Business & Technology
- Dowling College
- National Aviation and Transportation (NAT) Center
- Five Towns College
- Hofstra University: *Frank G. Zarb School of Business; *Hofstra Museum
- Long Island University
- Molloy College
- Nassau Academy of Law
- New York Institute of Technology
- New York College for Wholistic Health, Education & Research
- Polytechnic University at Farmingdale
- Saint Joseph's College
- SUNY Farmingdale; School of Engineering Technologies
- SUNY Old Westbury
- SUNY Stony Brook; University Hospital; Graduate Programs - Certification to Teach Earth Sciences; Marine Sciences Research Center; School of Medicine; Long Island High-Tech Incubator - business startup.
- Touro College & Law Center
- United States Merchant Marine Academy
- Webb Institute
Tourism Economy: Long Island Sports
Hundreds of job opportunities in spectator sports, on teams and in venues related to tourist spots, await job seekers on and near Long Island:
Baseball
High School Sports
- Bellport High School Boys Basketball
- Long Island High School Hockey: New schools sign up every year.
League Sports Teams
- Long Island Ducks (ALPBC) - Long Island
- Long Island Rough Riders (USL) - Long Island
- Men's Hockey Leagues of Long Island
Professional Sports Teams
- Long Island SeaHawks - Semi-Pro Football
- Red Bull New York -Soccer. HQ in Harrison NJ.
- New York Dragons (AFL) - Long Island, Arena FB
- New York Giants (NFL) - NYC
- New York Islanders (NHL)
- New York Jets (NFL)
- New York Knicks (NBA)
- New York Liberty (WNBA)
- New York Mets (MLB)
- New York Rangers (NHL)
- New York Yankees (MLB)
- Long Island Lizards - Lacrosse
- New York Titans - Indoor Lacrosse
Venues
- Madison Square Garden - New York City;
- Nassau Coliseum - Long Island
Other Competition Sports
- New York Dogs Paintball Team
- Suffolk Archers
- G.B.S.C. Bicycle Racing Team
- Long Island Sled Hockey - For Phys. Challenged Athletes
- The Hampton Classic Horse Show
- Nassau-Suffolk Horsemen's Association
- Long Island Futsal (5 - A - Side Soccer) League
- Long Island Jam Auto Racing
Sources
- Long Island Labor Statistics. www.labor.ny.gov/stats/lon/index.shtm Retrieved April 10, 2018.
- Newsday. Newsday.com. www.newsday.com/business/long-island-s-largest-employers-includes-northwell-health-stop-shop-walmart-1.11701979 Retrieved October 18, 2017.
- Stem Careers on Long Island. www.labor.ny.gov/stats/PDFs/STEM-Factsheet-Long-Island.pdf Retrieved April 11, 2018.
© 2008 Patty Inglish MS
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Share Your Comments and Long Island Experiences
I'm definitely an advocate of small business. I'm in Long Island myself, and with the changes in economy I MUST, work the new way.
And it's part of the motivation and orientation I use with students.
- AUTHOR
There is certainly a lot of workforce and business development in the area and several of America's richest communities are located on Long Island as well.
WOW... talk about useful information! Although the economy is down, I'm seeing some job growth on Long Island. I have a few friends out of work but hopefully they'll find something soon. I told them they'll have to lower their pay request in order to land a job these days.
What a terrific hub! Very useful information!
- AUTHOR
Thanks for visiting and commenting, ahmu.
nice hubs thanks for information
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