Long Island 2024 Outlook: Slow Growth, More Green Energy, Labor Activism, Cooling Housing Market, Gradual Cannabis Rollout
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Economy expected to grow slowly but steadily in 2024, with GDP growth of 1.5-2.3% on Long Island. Inflation under control, avoiding recession.
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South Fork Wind Farm offshore turbines to start providing power to 70,000 Long Island homes by early 2024, part of state's green energy transition.
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Labor activism continuing momentum into 2024 across industries, as workers demand more amid union victories. Minimum wage also increasing.
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Home prices still high in 2024 but expected cooling as interest rates fall, sparking some motivated sellers. Supply still low.
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Zoning limits rollout of recreational cannabis shops in 2024, but hundreds more licenses coming. Towns explore loosening restrictions.