Study: Park is the place for ‘tradeable’ opportunities

Park drive: Already a cornerstone of regional economics, the Hauppauge Industrial Park is primed for growth, according to a new study.

It already plays a central role in the Long Island economy, but the economic power of the Hauppauge Industrial Park has barely been scratched.

So says a new “opportunity analysis” of the Northeast’s largest business park, prepared by the Suffolk County Industrial Development Agency and the Hauppauge Industrial Association of Long Island and announced Wednesday by Suffolk County Executive Steve Bellone.

Hauppauge Industrial Park: Regional Competitiveness and Growth Strategies” spends 160 pages dissecting “opportunities to further anchor the park to Long Island’s long-term economic revitalization,” primarily by “fostering the growth and agglomeration of competitive tradeable industries.”

The tradeable sector largely involves manufacturing industries, where consulting, engineering, finance and even actual manufacturing jobs can be performed remotely. Examples of non-tradable sectors include retail, healthcare, education and other local industries.

Long Island has plenty of those – but at the Hauppauge Industrial Park, highly tradeable manufacturing is the name of the game. According to the opportunity analysis, the park already boasts Long Island’s largest concentration of tradeable businesses, creating “an unparalleled opportunity for Long Island-wide economic development.”

The 11-square-mile park – currently boasting 55,000 daily employees and a $13 billion annual output, good for 8 percent of Long Island’s Gross Domestic Product – is “the cornerstone of Suffolk County’s economy, plain and simple,” Bellone said Wednesday.

And the new report is a blueprint for building on that bedrock.

“The opportunity analysis lays out achievable and substantial strategies for economic growth,” the county executive added. “This comprehensive roadmap provides our region with the building blocks needed to strengthen, expand and attract key industry clusters that will push our innovative economy to the next level.”

Specifically, the analysis details five “high-level economic-development strategies” essential to bolstering the park specifically and the regional economy at large, with plans to grow existing businesses, attract and retain skilled workers, strengthen regional workforce-development efforts, promote innovation and network the holy economic-development trinity of industry, government and education.

Terri Alessi-Miceli: Doubling up.

Hauppauge Industrial Association of Long Island President and CEO Terri Alessi-Miceli called it a “five-part strategic plan” involving the HIA-LI, the Suffolk IDA, New York City-based James Lima Planning + Development and the Regional Plan Association.

“The park is equipped to fulfill a growth scenario that will redouble its contributions to our regional economy,” Alessi-Miceli said in a statement.

The report also offers a “competitor analysis” and differentiation assessments, including a breakdown of various regional collaboration opportunities. The Suffolk IDA and HIA-LI “plan to take (the) lead in fostering partnerships with relevant institutions, major private-sector conglomerates and nonprofits,” according to the IDA.

Theresa Ward, chairwoman of the Suffolk County IDA’s Board of Directors, trumpeted new and exciting prospects for “Long Island’s key economic generator.”

“We are extremely proud of this report, which takes a deep dive into the challenges and opportunities,” Ward added. “The Hauppauge Industrial Park has been a significant hotbed for economic development and growth, and this reimagining … gets everyone involved in economic development in this region excited, because the potential is so real and obtainable.”