More Long Islanders are feeling somewhat better about the economy now that the presidential election is over, but still have major worries, according to a poll by the Siena College Research Institute.
The recent poll showed that the rising cost of groceries and the price of housing continues to be troubling, according to those who responded. The SCRI poll said that its index of Consumer Sentiment was 72.9 points in November in Nassau and Suffolk counties, higher than the 70.21 posted in September.
“Consumer sentiment rose after November’s election,” said Don Levy, Siena’s pollster. “Sentiment among Republicans is skyrocketing,” but Democrats are more pessimistic.
Across New York State, the sentiment index for Republicans was 88.4 points, compared with 74.8 for Democrats, the poll found.
“Although previous elections have seen consumers’ mood whiplash by party, today’s sentiment swings are twice as intense compared to ’16 or ’20,” Levy said.
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Figures that are above the breakeven threshold of 76 points indicate that the number of consumers who are optimistic about the economy and their financial outlook is larger than the number who are pessimistic.
But the high cost of food and housing in Nassau and Suffolk counties weighs on consumers, according to the poll.
More than eight in ten Long Islanders said the price of food was having a “very serious” or “somewhat serious” impact on their financial situation, respondents told Siena pollsters.
Seven in ten told pollsters the same thing about housing costs.
And those costs did rise.
According to the most recent Long Island Consumer Price Index, the prices of groceries rose 1.4% in late fall, compared with a year earlier. The cost of meat, poultry, eggs and fish was up 4%. Residential rent rose a sharp 5.5% compared with the same period last year.
The Siena poll surveyed 803 residents of New York State, including 102 on Long Island. The poll’s margin of error is plus or minus 3.9 points for the total sample and 10.8 points for the sample of Long Islanders questioned.
According to a batch of fresh reports, Long Island’s economy looks very stable for 2025, with, of course, some bumps along the way.
The brokerage firm Douglas Elliman said Long Islanders should not look to 2025 as the year housing prices fall. Median house prices are expected to rise 4% to 5% this year. That may be a slowdown from the hyper-pace of previous years, but those increases will still keep home ownership out of reach for many first-time buyers, the giant brokerage said in its report.
The news is better on the medical front. The Stony Brook East Hampton Emergency Department will open a 22,000-square-foot stand-alone facility. Mather Memorial Hospital in Port Jefferson will double the size of its emergency department to 26,000-square-feet.
Good Samaritan University Hospital in West Islip will undergo a re-design as a part of its 300,000-square-foot Patient Care Pavilion.
Long Island’s strong tech sector is expected to become even stronger in 2025, with Artificial Intelligence becoming an even bigger player.
President Donald Trump’s plans to impose stiff tariffs on a number of goods and countries may place a burden on consumers but could also make some industries more competitive, said Martin Cantor, an economist and director of the Long Island Center for Socio-Economic Policy in Melville.
“A lot will depend on how the Chinese respond” to the tariffs, Cantor said. The tariffs, he said, “may be the first volley in a trade war.”
In all, Cantor said, the Island’s economy will be strong, but faces challenges from still-high inflation and mortgage rates. Both are unlikely to come down significantly in 2025, he said.
