Long Island, NY Business Development Report, Aug 2020

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Issue Date
2020-08-03
Authors
Feng, Jing Betty
Publisher
Farmingdale State College
Keywords
International Engagement, Long Island, New York, Exporting, Foreign Direct Investment, Business Development, Regional Economy
Abstract
International trade and foreign direct investment activities are an important part of U.S. economy to support job growth and innovation advancement. The report provides an in-depth analysis of international business activities in New York metro area and Long Island. The report provides an overview of exports performance, foreign direct investment, and business patterns in the region. It helps the regional and local businesses and government agencies to have a better understand of their local economy and international engagement. The 2020 Long Island, NY, Business Development Report includes the analysis based on the available exports and economic data from 2016 to 2018 or 2019. In this report, Nassau and Suffolk county in Long Island showed robust exports and economic growth in 2017 and 2018. However, exports out of New York declined in 2019 due to various international trade issues. Looking forward, 2020 has been and will be an even more challenging for the region due to the pandemic crisis, tension with China, and political uncertainty in Hong Kong (as one of major export destinations for NY). The region will focus on the recovery of the economy and at the same time explore new foreign markets to remain export growth.
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