Many firms tout their economic development services, but Campolo, Middleton & McCormick is unique in that we are actually in the trenches working on critical initiatives to attract investment and development in our region.
CMM Managing Partner Joe Campolo, a board member of the Hauppauge Industrial Association (HIA-LI), recently spearheaded the first ever Economic Impact Study analyzing the critical role of the Hauppauge Industrial Park in the state and local economy. The study details the Park’s population density, industrial diversity, high employment rate, eco-friendly initiatives, and strong economic impact on the region. The comprehensive study was developed under the direction of an HIA-LI task force of Long Island business owners, in collaboration with the Suffolk IDA, Regional Plan Association, and Stony Brook University.
“These 11 square miles make up only .0002 percent of New York State in terms of size, yet the sales volume of the Park accounts for approximately 1.35 percent of the gross state product of New York State,” Campolo said. “The numbers make clear just how critical the Park’s continued growth is to the Long Island and state economy. It’s the crown jewel of the region.”
Phase One of the Economic Impact Study revealed the following impressive numbers:
- 1,350+ manufacturing, construction and services industry businesses reside in the Park
- 55,000+ individuals employed by Park businesses
- 1 in 20 jobs on Long Island is dependent on the Hauppauge Industrial Park
- $13.4 billion sales volume generated by Park businesses
- $2.897 billion in total combined Park business payrolls
- $64.5 million levied in annual property taxes
“Over time, we expect that Park infrastructure improvements like the new sewer system and overlay district, combined with innovative development and increased investment, will enable expansion of the Park to include residential and entertainment spaces as well as typical industrial uses,” said Terri Alessi-Miceli, President of HIA-LI.
Potential growth opportunities for the Park include development of rental apartments, walking paths, entertainment venues, an innovation hub, and a buying consortium.
Campolo is leading HIA-LI’s efforts to attract investment and development in the Park. “We are very aggressively pursuing the dollars and improvements needed to bring the Park into the future.”