By Hank Russell
The pace of Long Island’s job and wage growth has not kept up with that of New York State or the United States, according to the state Assembly’s Ways & Means Committee’s recently released New York State Economic and Revenue Report.
Citing statistics from the New York State Department of Labor and the U.S. Bureau of Labor Statistics (BLS), the report found that, in 2023 (the most recent year for data), employment growth — not including farming jobs — was at a tepid 1.6%. That was less than the state’s pace of 2.2% or the country’s 2.3% growth rate.
Further, although growth was off from 2022 for the region, the state and the nation, Long Island lagged once again with a 4.0% job growth rate behind New York State (5.1%) and the U.S. (4.3%), according to the state Labor Department and the BLS. The only two times when Long Island outperformed both the state and the U.S. were in 2010 and again in 2021.
Wages grew on Long Island, but not as much as the others. The state Labor Department and the BLS found that Long Island’s wage growth rate was at 4.1% — lower than the state (4.4%) or the country (6.1%). This is also off from 2022, when wages on the island grew by 5.8%, but it did not compare to New York’s 6.9% or the U.S.’ 7.8%.
According to the New York State Department of Labor, the average wage on Long Island in 2023 was $74,882 per year. That is less than the average salary in the U.S. ($78,538) or New York ($84,578). On Long Island, government workers earned $92,278 a year, vehicle private-sector workers made $72,015. The five highest-paying jobs, according to the Labor Department, included finance and insurance ($152,456), utilities ($147,103), management ($122,906), information ($113,708) and professional, scientific and technical services ($98,258).
The only good news for Long Island is that its unemployment rate was lower. According to the 2019-2023 American Community Survey Five-Year Estimate — based on data from the state Labor Department and the U.S. Census Bureau — the unemployment rate in Long Island was 4.6%. New York had the highest rate with 6.3% and the United States had a 5.2% rate.