- Project
- Northeast
- Suburban
- Economic and Fiscal Impact Analysis
- Construction and Utilities
The Challenge
Long Island’s Home Building sector provides jobs to the local Long Island economy while also contributing heavily to the critically needed development of housing in the Long Island economy. The Long Island Builders Institute (LIBI) is an industry association that represents businesses working in the Home Building sector and beyond and works to balance the economy, the environment, and the achievement of home ownership. LIBI was interested in conducting an analysis of the economic contribution of the Home Building sector that could be used to support its industry advocacy efforts.
The Solution
LIBI retained Camoin Associates to evaluate the total economic contribution of the Home Building sector, including the direct impacts of primary industries (residential building construction) and the supporting cluster (engineering, hardware stores, other goods and services critical to the sector).
Camoin Associates also conducted in-depth interviews with builders and partnered with Stony Brook’s Real Estate Institute to examine the impact of New York’s “Scaffold Law.”
The Impact
The economic contribution analysis Camoin Associates completed found that Long Island’s Home Building sector supported over 194,000 jobs and $15.4 billion in earnings, representing 14% of total employment and 12% of total earnings on the island. Meanwhile, the sector contributes over $153 million in tax revenues to Long Island and over $729 million in tax revenues to New York State.
Findings from in-depth interviews with builders also identified the top obstacles to home building, including zoning delays and the cost of construction insurance. The economic contribution report and its data provided LIBI with hard data that has proven useful in its advocacy efforts for the Building industry in Long Island.
Services Provided:
- Economic and fiscal contribution analysis
- Interview engagement
- Case studies
