New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Long Island’s Pharma Sector: Fast Growth Despite “Unique Obstacles”
Suffolk County’s pharmaceutical and nutraceutical manufacturing industry is the largest manufacturing sector of any county in New York State. However, a report from the Suffolk County Industrial Development Agency and the Workforce Development Institute cites “unique obstacles” the sector faces on Long Island.
Employment in the pharmaceutical and nutraceutical sector across Nassau and Suffolk counties has increased 64% since 2004. More than 150 companies make up Long Island’s pharmaceutical and nutraceutical industry, and many of these are expanding. Accordingly, vacancy rates for industrial product appropriate to the sector are at or near historic lows.
However, the report says, “To grow on Long Island requires an organized, strategic, and regionally coordinated approach from business, education, workforce and economic development partners. These partners, along with Long Island’s elected officials and policymakers, must not take for granted that it will always be too expensive or complicated for these companies to leave the region.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Economy
