Study: Long Island's Middle Class Is Shrinking
The Long Island Association has released a study that says the Island’s middle class is shrinking.
Using data from the U.S. Census Bureau, the report says that in about 30 years, the number of middle class households in Nassau and Suffolk Counties will drop below 50 percent, just like the rest of the country.
Kevin Law, with the Long Island Association, says, “We are a high cost region to do business in. It is expensive to live on Long Island, we get that. But we have all of the ingredients to have a prosperous economy.”
The study says some low-income households grew since 2000 in part because of more retirees. Law says high-income households grew, too, because of a recent growth in skillful tech jobs.
Law wants regional business, labor and government leaders to support policies that attract innovative businesses that can train and employ residents with high-paying careers.