Long Island Press Long Island Press
Serving the opinion leaders of Long Island
Long Island Press Long Island Press
Long Island Press Long Island Press
  • Home
  • Long Island News
  • Columns
  • Entertainment News
  • Living
  • Special Series
  • CURRENT LONGISLANDPRESS.COM
  • SECTIONS
    • Home
    • Long Island News
    • Columns
    • Entertainment News
    • Living
    • Special Series
    • CURRENT LONGISLANDPRESS.COM

The State (and Fate) of Doing Business on Long Island Today

by Spencer Rumsey on December 1, 2011

In the Woodbury office of his company, John Cameron leans forward at his desk to make a point about the unsettled state of the current Long Island economy. On the wall behind him is a framed color photograph of a surfer fearlessly threading the pipeline of a huge dark-blue wave curling off the north coast of Maui at a reef break called Jaws. Cameron himself surfs in calmer waters, particularly in Long Beach, whenever he can climb on a board. He has enough to do just riding out the business cycles—and it’s no secret how rough it’s been these last few years, especially here.

Besides being the founder and managing partner of Cameron Engineering, he also chairs the Long Island Regional Planning Council. Combine those two responsibilities and he probably has his finger on the pulse of all the major projects on the Island today, whether in progress, in planning, or just a gleam in a developer’s eye. As with a lot of LI firms, Cameron says that 2009 “was the worst year we had in 27 years.”

In the third quarter of 2010, he saw some improvement overall, but the private sector “was stalled.” This year began better because “the private side is starting to pick up a little bit, but no great guns,” he says with a shrug. And with layoffs of public employees looming constantly, he’s not sure when he’ll see a healthy rebound. But don’t call Cameron a prophet of doom and gloom.

“The economy is stronger now than it was two years ago, for sure,” Cameron says. “I see some people with money looking to do some things, which they weren’t doing six months ago, so I’m hopeful that some bigger things can get off the ground,” he adds.

Sharing his optimism somewhat is Chris Giamo, regional president of TD Bank.

“I think we’re in a long, slow, protracted recovery,” he says. His bank, which is “very bullish on expanding locally,” he adds, opened six locations on LI last year, and “the coming year we plan to open another five or six.”

But people dependent on the vagaries of the real estate market—once LI’s pride and joy—sound like they’re stuck in purgatory, as mortgage delinquencies (those Long Islanders who’ve fallen behind on their payments by three months or more) hit 10 percent in July compared to 7.5 percent in 2009; the number of residential foreclosures rose to 20,767 as of mid-October, more than 28 percent of the state’s total; and for the sixth month in a row employment declined compared to the year before.

“Nobody’s doing great,” says a public relations consultant with many clients in real estate. “Confidence is being shaken by the gyrations in the stock market, and nobody wants to move forward. I know when I entered last year I was very optimistic, with a lot of irons in the fire, but very few I was actually able to pull out. It’s tough. You can only go so long without making money. You hope things will pick up, but where? You talk to people around the Island, and I think you’ll get the same impression.”

“Financing is definitely tougher than it was,” Cameron says, “but I don’t think it’s impossible for the financially strong…and for the right deal.” He believes that the commercial market is “saturated” right now, adding with some finality in his voice, “You’re not going to have people building a new office building. That’s not happening.”

PAGES
1 2 3 4 5
Your reaction
LOL
0%
Cool
0%
What!?
0%
Meh...
0%
Sad
0%
RAGE!
0%
Long Island Business, Long Island News, News
AFL-CIOAndrew CuomoAndrew KaufmanArrow ElectronicsAstellas Pharma Inc.Bed Bath & BeyondBlockbusterBordersBrookhaven Rail TerminalBWD GroupCameron EngineeringCanon USACerro Wire FactoryChris GiamoCommack MultiplexConAgraCover StoryCPI Aerostructures Inc.David CaloneDavid MadiganDavis VisionEd ManganoEmpire State Development Corp.Farmingdale State CollegefeaturedFilene’s Bargain BasementGross Metropolitan ProductHailo USAHelena E. WilliamsHouse Transportation CommitteeHuntington TownhouseInc.Industrial Development AgencyInvaGen PharmaceuticalsIRX TechnologiesJoe AdachiJohn CameronJohn VendittoLLCLong IslandLong Island AssociationLong Island businessLong Island Contractors’ AssociationLong Island Federation of LaborLong Island Regional Economic Development CouncilLong Island Regional Planning CouncilLowe’s CompaniesMall at Oyster BayMark LeskoNathan DealNetsmart Technologiesong Island AssociationOSI PharmaceuticalsPhil NolanRoger ClaymanSeymour LiebmanSperry Van Ness Commercial Real Estate AdvisorsSteve BelloneSuffolk County Planning CommissionSurface Transportation BoardSymsTaubman CentersTD BankTim BishopTom CrociTown of Oyster BayUniversity of South FloridaWilliam S. Taubman
AFL-CIO, Andrew Cuomo, Andrew Kaufman, Arrow Electronics, Astellas Pharma Inc., Bed Bath & Beyond, Blockbuster, Borders, Brookhaven Rail Terminal, BWD Group, Cameron Engineering, Canon USA, Cerro Wire Factory, Chris Giamo, Commack Multiplex, ConAgra, Cover Story, CPI Aerostructures Inc., David Calone, David Madigan, Davis Vision, Ed Mangano, Empire State Development Corp., Farmingdale State College, featured, Filene’s Bargain Basement, Gross Metropolitan Product, Hailo USA, Helena E. Williams, House Transportation Committee, Huntington Townhouse, Inc., Industrial Development Agency, InvaGen Pharmaceuticals, IRX Technologies, Joe Adachi, John Cameron, John Venditto, LLC, Long Island, Long Island Association, Long Island business, Long Island Contractors’ Association, Long Island Federation of Labor, Long Island Regional Economic Development Council, Long Island Regional Planning Council, Lowe’s Companies, Mall at Oyster Bay, Mark Lesko, Nathan Deal, Netsmart Technologies, ong Island Association, OSI Pharmaceuticals, Phil Nolan, Roger Clayman, Seymour Liebman, Sperry Van Ness Commercial Real Estate Advisors, Steve Bellone, Suffolk County Planning Commission, Surface Transportation Board, Syms, Taubman Centers, TD Bank, Tim Bishop, Tom Croci, Town of Oyster Bay, University of South Florida, William S. Taubman
About the Author
Spencer Rumsey
You might also dig
 

LIPA Chairman Howard Steinberg Resigns

by Rashed Mian on November 30, 2012
Long Island Power Authority chairman Howard Steinberg resigned from the board of trustees Friday, adding to the list of top officials that have called it quits amid strong criticism regarding the utility’s handling of Superstorm Sandy outages. LIPA’s [...]
 
Long Island Businesses After Hurricane Sandy

After Sandy: Some Long Island Businesses Bust, Some Boom

by Rashed Mian and Timothy Bolger on November 29, 2012
Ivan Sayles, owner of the popular waterfront restaurant Rachel’s Waterside Grill on Freeport’s Nautical Mile, waded through knee-deep water the day after Superstorm Sandy, the stench of gasoline burning his nose as his eyes focused on dozens of fishing [...]
 
Island Park Hurricane Sandy

Island Park: Suffering 2 Weeks After Hurricane Sandy

by Rashed Mian and Christopher Twarowski on November 10, 2012
While New York Gov. Andrew Cuomo unloaded food at a Waldbaum’s parking lot in Long Beach Saturday, dozens of volunteers a mile away handed out much-needed supplies to Superstorm Sandy victims at an abandoned Long Island Rail Road station in Island [...]
Long Island Press is a registered trademark of Schneps Communications. © 2017. All rights reserved.