This week, I'd like to highlight some good news about job growth on Long Island and the positive impact my work in Congress is having on Eastern Long Island's economy.
Tough economic times continue, but Long Island's recovery continues to outpace that of the nation as a whole.
In August, Long Island added private-sector jobs at the fastest rate in three years. Long Island added 11,300 more private-sector jobs in August than in the same month last year, with our unemployment rate declining in August to 7.0 percent from 7.2 percent in July. Nationally, the unemployment rate at the end of August was 9.6 percent.
But encouraging news should only motivate us to work harder. This is no time for complacency.
Small business owners in the district tell me that their primary concern is a lack of access to capital to sustain and grow their businesses. The Senate passed crucial small business legislation this week that will leverage $300 billion in lending to small businesses and provide generous tax incentives to spur entrepreneurship, expansion, and investment in small businesses.
Click here to read more. I called on House Leadership to bring this bill to a vote on the floor and am pleased it is expected to be considered as soon as early as next week. I am hopeful the final bill will be sent to the President by the end of this month.
I'm also proud to highlight the important benefits the American Recovery and Reinvestment Act is having in our area. Recently, the Department of Energy released a report detailing hundreds of millions of federal recovery dollars invested directly in the First Congressional District, principally at Brookhaven National Lab (BNL). One of the reasons I supported the Recovery Act was BNL's readiness to respond to the call for "shovel-ready" projects. Federal investments at BNL, including $150 million to build an advanced x-ray source, will put 1,000 people to work and ensure the Lab is an engine of scientific innovation and economic development for years to come.
Recovery act funds are also helping local governments in our area save taxpayer dollars by retrofitting electrical systems and installing solar power systems. Click here to read more.
As always, if you have questions about legislation or need assistance on a federal issue, please do not hesitate to contact my Long Island office at 631-696-6500 or visit my website at www.timbishop.house.gov.
Congressman Tim Bishop
First District of New York