LIBN: Study reports on LI economy ‘from the trenches’
A panel discussion Wednesday reviewing the Long Island economy from the small-business perspective included some fairly depressing facts – and some refreshingly positive predictions for the Island’s growing services sector.
First, the bad news: Provisions of the Affordable Care Act and other federal and state mandates – such as New York’s Wage Theft Protection Act, which is meant to ensure hourly employees are paid correctly – are creating overwhelming human resources burdens for many small businesses. Meanwhile, nearly half of Long Island’s small businesses report a decrease in gross revenues since 2011.
And the Long Island workforce is shrinking, with only 92 percent of the employable Island population actually employed, down from 96 percent in 2000. Click here to read more.