The Long Island Economy Long Island has a large, vibrant and growing economy. Long Island gained more than 96,000 wage and salary jobs between 1992, when the economy reached its low point, and May, 1998.
Companies is all sectors are now adding jobs.
As a result, Long Island has fully recovered from its recession of the early 1990s. Biotechnology, computers and electronics are important technological growth industries. Long Island also has a highly-educated labor force and the institutions of higher education to maintain this labor force at the cutting edge. Small business is an important component of the Long Island economy. Approximately five of every six Long Island jobs are in companies that employ fewer than 500 persons.