Long Island by the numbers
Prior to the pandemic wrecking havoc on the world, Long Island was on an upswing by most indicators. Indicators are data points used to interpret and judge the overall health of an economy.
As we wait for the Census to release the 2020 American Community Survey results later this year, here’s a snapshot of the latest government-collected numbers that measure how the region is faring.
Adjusted for inflation, Long Islanders saw:
- Average wages increase by 4% from 2017 to 2019
- Median income increase by 7% from 2017 to 2019
- The bottom 10% of Long Islanders saw their income increase by 10% from 2017 to 2019
- Median home value increase by 7% from 2017 to 2019
- Median rent dropping for the first time since 2015
For a historical view of these indicators and to better understand Long Island’s trends, see more economic indicators here.
We also saw:
- An 11% decrease of families living below poverty
- An 8% decrease of individuals living below poverty
- A 2 percentage point decrease in households with housing cost burdens
- A 0.46 percentage point decrease in households receiving food stamps
The blip in 2019, however, was another year of declining population – Long Island saw a net decrease of 6,371 residents compared to 2018. LI’s 0.21% population decline is less than New York State’s overall loss, which was 0.4% from 2018 to 2019.
According to Newsday’s reporting, New York is one of only 10 states to see a decline in 2019.
These indicators paint a Long Island that was continuing or strengthening its economic growth. The question now however is – how did the COVID-19 pandemic affect these indicators?
Stay tuned here to find out more when the Census releases the 2020 American Community Survey results later this year.