Economic report gives mixed marks for LI businesses

A new survey on the state of Long Island businesses shows despite increased profits, economic conditions are starting to slow down some companies. The Hauppauge Industrial Association (HIA) report says

News 12 Staff

Jan 18, 2008, 12:55 AM

Updated 6,031 days ago

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A new survey on the state of Long Island businesses shows despite increased profits, economic conditions are starting to slow down some companies.
The Hauppauge Industrial Association (HIA) report says corporate revenue and profits have risen by 5 percent or more over the past year. However, the group says the rising cost of fuel and interest rates are taking a toll on Long Island businesses. Nearly one-third of HIA members say they?re ready to make staff cuts.
Many small- and medium-sized companies on Long Island say they are feeling the economic downturn and are trying to stay competitive. Stephen Bender, president of Farmingdale?s BANA Electric Corp., says the economic slump forces him to get more innovative when it comes to getting more business.
Long Island businesses and taxpayers are hoping Federal Reserve Chairman Ben Bernanke?s support for an economic stimulus package will translate into real change. Bernanke testified Thursday in front of a U.S. House committee that the country should take steps to avert a recession and get more cash into the hands of low- and moderate-income Americans.
The HIA survey also cites concerns about the lack of work force housing and high taxes.
AP wire reports contributed to this article.


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