Amazon’s decision to open one of its regional headquarters in Queens could have a large impact on Long Island’s economy.
Amazon plans on having 25,000 new jobs in Long Island City in Queens, and business owners on Long Island expect a spillover effect.
“The Long Island economy is still very much dependent upon the New York City economy. We shouldn’t look at ourselves as two separate economies, but we’re one overall regional economy,” said Kevin Law, president of Long Island Association, a business advocacy group.
Law said that homeowners could see property values go up as some Amazon workers move into Nassau and Suffolk Counties and more money being spent at local businesses.
But the move could also hamper Long Island’s technology companies in the short-term as they compete for talent with Amazon.
“Although we are doing a whole lot better in 2018 than we were in 2010 – we are producing more engineers out of our local colleges and universities – still not enough to meet the demand,” Law said.
The impact also wouldn’t be immediate, and any benefits would be shared with New Jersey and Connecticut.
Amazon plans on starting hiring for the office in 2019.