Mejias hosts hearing on Economic Impact of Long Island's Hispanic Population

Nassau County Legislator Dave Mejias (D-North Massapequa) and members of the Minority Affairs Committee today will be hearing from members of Long Island’s Hispanic community, as well as Darren Sandow, Executive Director of the Horace Hagedorn Foundation and Professor Mariano Torras, Ph., who will speak on the economic impact that the growing Hispanic population is having on Long Island. Nassau County Executive Thomas Suozzi will be giving the opening remarks.

The Hagedorn Foundation recently released a report which indicated the growing Hispanic population on Long Island is contributing greatly to the economic health of the region, creating thousands of dollars, generating billions in sales and producing an economic impact of nearly $5.7 billion in 2004 alone.

“This report indicates that the exploding population of Hispanics on Long Island is good for our economy, good for our tax base, good for our educational systems, and good for our neighborhoods,” Mejias said. “In the last 25 years or so, Long Island’s Hispanic population has had no less than a staggering influence on our economy.”

According to the Hagedorn report, the Long Island Hispanic population has tripled to nearly 330,000 since 1980, representing about 12 percent of the general population. If not for the Hispanic population growth, the population of Long Island would have actually decreased. Nearly half of all Long Island Hispanics are in the “prime working age” category of 18 to 44, compared to only a little more than one-third of all Long Islanders.

Hispanic-owned businesses have also increased greatly. From 1997 to 2002, their numbers rose by almost 35 percent, and total sales and receipts by 21 percent. These businesses earned nearly $2 billion in sales and receipts, and employed approximately 25,000 people.

The buying power of Long Island Hispanics in 2004 amounted to $4.4 billion, producing an economic impact of almost $5.7 billion. In 2004, Hispanics contributed about $925 million in taxes and other government revenue, while costing Nassau and Suffolk local governments only $723 million in educations costs, health care and corrections. The net benefit to Long Island was about $202 million.

“The numbers don’t lie. The Hispanic population of Long Island is thriving, working, spending and producing at a fantastic rate,” Mejias said. “Without this diverse, increasing populace, both Nassau and Suffolk Counties would find themselves in dire financial straits.”