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LI economy to bounce back in 2021 but not for everyone, top local execs say

Bob Coughlan speaking at Ronkonkoma

“The overall economy is positioned well to grow quickly…There’s a lot of cash sitting on the sidelines and a lot of pent-up demand [to spend by businesses and consumers],” said Robert Coughlan, co-owner of Tritec Real Estate Co. Inc. in East Setauket, one of the region’s largest developers.

“However, there’s a large segment of our population that is not doing well…Their jobs aren’t coming back,” he said during the HIA-LI business group’s 27th annual Economic Summit.

Coughlan and other participants in the virtual event predicted that shoppers would return to downtowns as temperatures rise, helping to sustain restaurants, shops and service businesses that are still operating.

The executives said when employees return to the office, they will find more open space for meetings but far fewer cubicles.

Read the entire article in the Newsday