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DiNapoli report says LI economy lagged in '10

An undated file photo of NYS Comptroller Thomas

An undated file photo of NYS Comptroller Thomas DiNapoli. Photo Credit: Daniel Acker

Long Island’s economy grew at a slower rate last year than every region of the state but Binghamton, according to a state comptroller’s report released Thursday.

The value of all goods and service produced in Nassau and Suffolk counties increased only 1.1 percent in 2010, a full percentage point below the state’s growth rate of 2.2 percent.

Long Island’s economy sputtered compared with that of Ithaca, which grew 3.3 percent; the Hudson Valley, 3.1 percent, and Buffalo, 2.9 percent. Binghamton grew the least at 0.7 percent.

Long Island also suffered the biggest economic contraction at the recession’s height with economic activity shrinking 4.5 percent in 2009. This occurred after the region had anemic growth, 0.3 percent, in 2008.

The data was in a four-page report from Comptroller Thomas DiNapoli, above, who warned “the pace of [economic] recovery will likely remain slow given current challenges.”

He also said the recovery “has been slow and not all regions of the state have benefited equally." 

Read more of Inside Long Island Business



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