Survey: Long Island businesses foresee long recession

The Long Island business community?s confidence in the economy is dropping, according to a survey conducted by the Hauppauge Industrial Association. Out of 6,000 businesses surveyed, 77 percent think

News 12 Staff

Jan 29, 2009, 11:16 PM

Updated 5,650 days ago

Share:

The Long Island business community?s confidence in the economy is dropping, according to a survey conducted by the Hauppauge Industrial Association.
Out of 6,000 businesses surveyed, 77 percent think the recession will last longer than 12 months and 43 percent project their 2008 net income will be lower than the year before. The report also found that 23 percent of those businesses plan to cut personnel.
"This will be a year of not necessarily cutting back, but not building out and not taking a look at exorbitant type of employee salaries or bonuses,? says HIA President Terri Alessi-Miceli.
Nolan Meredith, owner of the Commack-based printing company Spectragraphic, says he knows a recession when he sees one. He has been in business for 30 years and says the current recession will be worse than others he?s seen since entering the industry.
Meredith says the last thing he wants to do is to lay off any of his 30 employees, but he can?t completely rule it out.
?The social cost that our government is going to be paying now is enormous,? Meredith says. ?So if every company on Long Island [does its] part to keep everybody here, [it] is the best way to go."
Nolan says he thinks the economy will see an uplift this spring rather than in a year.


More from News 12
2:29
Long Island residents face a myriad of issues due to global tech outage

Long Island residents face a myriad of issues due to global tech outage

1:18
Warm and dry weekend ahead; storms return for middle of next week

Warm and dry weekend ahead; storms return for middle of next week

0:29
Police: Motorcyclist killed after striking NICE bus in Lynbrook

Police: Motorcyclist killed after striking NICE bus in Lynbrook

0:41
Prosecutors: Driver had BAC twice the legal limit during fatal Deer Park nail salon crash

Prosecutors: Driver had BAC twice the legal limit during fatal Deer Park nail salon crash

2:21
Massive technology outage impacts LaGuardia Airport

Massive technology outage impacts LaGuardia Airport

0:28
Police: Hauppauge crash causes fuel spill on Motor Parkway

Police: Hauppauge crash causes fuel spill on Motor Parkway

0:35
North Merrick Library hosts Pokémon event with cards, crafts and characters

North Merrick Library hosts Pokémon event with cards, crafts and characters

2:01
‘You do have shared vulnerabilities.’ Security experts explain risks associated with global IT outage

‘You do have shared vulnerabilities.’ Security experts explain risks associated with global IT outage

1:30
Students take part federal court program in Central Islip

Students take part federal court program in Central Islip

A massive tech outage is causing worldwide disruptions. Here's what we know

A massive tech outage is causing worldwide disruptions. Here's what we know

5:00
Tech expert weighs in on Microsoft outage impacts across the globe

Tech expert weighs in on Microsoft outage impacts across the globe

Northwell Health activates emergency operations center amid technology outage, NYU Langone remains open

Northwell Health activates emergency operations center amid technology outage, NYU Langone remains open

Prosecutors: Bellport woman indicted for alleged hit-and-run crash that killed volunteer firefighter

Prosecutors: Bellport woman indicted for alleged hit-and-run crash that killed volunteer firefighter

2:27
Food Truck Friday: Roxy's Ice Cream Truck

Food Truck Friday: Roxy's Ice Cream Truck

13:51
'I’m not supposed to be here tonight.' Donald Trump recounts assassination attempt

'I’m not supposed to be here tonight.' Donald Trump recounts assassination attempt

0:38
Resilient North Babylon HS grad gets 5-figure donation from restaurant’s grand opening earnings

Resilient North Babylon HS grad gets 5-figure donation from restaurant’s grand opening earnings

1:35
Jericho lawyer wins Optimum's Small Business Boost Sweepstakes

Jericho lawyer wins Optimum's Small Business Boost Sweepstakes

0:17
2 East Northport men accused of selling cocaine out of their home

2 East Northport men accused of selling cocaine out of their home

1:56
Future health care workers shadow doctors at LIJ Valley Stream Hospital

Future health care workers shadow doctors at LIJ Valley Stream Hospital

0:46
17th annual ‘Soldier Ride’ raises over $160,000

17th annual ‘Soldier Ride’ raises over $160,000