Long Island 2008 – 2009 Recession
In a recession, the first dollars that a company usually cuts come from the advertising budget. Advertising in a recession is actually a smart business move to grow your business now and for the future. Long Island SEO services will get your business to the top of Google.
McGraw-Hill Research conducted a study of U.S. recessions from 1980-1985. Out of the 600 business-to-business companies analyzed, the ones who continued to advertise during the 1981-1982 recession hit a 256-percent growth by 1985 over their competitors that eliminated or decreased spending.
American Business Press analyzed 143 companies during the economic downturn back in 1974 and 1975. Companies that advertised in those years saw the highest growth in sales and net income during the recession and the two years that followed.
The numbers aren’t a fluke. They prove there’s a reward for companies who are aggressive with their advertising efforts in a recession. This is why Long Island SEO is so important we can help your company reach more local customers on the web and grow your business while competitors cut spending you can reap the rewards now and in the future. Find out more about Long Island SEO and get a free SEO quote now.
Long Island slipped into recession in October 2008 almost a year later than the U.S. economy. It lost 7,100 private-sector jobs in the 12 months ended in November 2008 with losses spread across most industries. Taking into account coming business failures, layoffs delayed until after the holiday season, and cost controlling in the growing health care and government sectors, Nassau-Suffolk could lose another 20,000 to 35,000 payroll jobs before losses abate late this year or next. This is in addition to potential job losses among the These losses could push Long Island’s unemployment rate from the current 5.2 percent to as much as 6.8 percent by year end.
The median price of newly sold Nassau homes fell from a peak of $502,500 in August 2007 to $410,000 in November 2008, a drop of more than 18 percent. Comparable Suffolk prices peaked at $420,000 in June 2007 and declined to $335,000 in November 2008. This is equivalent to a 20 percent decline.
Median home prices on Long Island could fall by another 15 percent before the Long Island housing market bottoms out, probably in 2010. This assumes that the market settles back to its long-term ratio of home prices being 15 times annual rents.
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