Steven Kent, an economist and financial expert with over 25 years of experience with Goldman Sachs, was recently named chief economist of the Long Island Association Research Institute.
The LIA is a nonprofit business organization advocating for the region’s economic vitality and overall business community. In his role, Kent will provide real-time economic insights that will allow business across Long Island to forecast for operational success and growth.
“Our mission will be enhanced with the addition of Dr. Steven Kent to the LIA team as the new Chief Economist of the LIA Research Institute,” Matt Cohen, president and CEO of the Long Island Association, stated in a press release. “The LIA will be well-served by his extensive private-sector experience and the valuable data and analyses he will provide to our members at this pivotal inflection point for the future of Long Island, and indeed the entire country, as we navigate uncertain economic conditions and the existential crisis of affordability.”
Kent is a lifelong Long Island resident, having grown up in Islip before attending Stony Brook University, where he became fascinated with economics and received a B.A. in the subject.
“I walked into SUNY Stony Brook and took a class with one of the best professors on campus, intro to economics, and it basically changed my life,” said Kent. “I like the analytic part, the mathematical part, and the social science part.”
Kent joined Goldman Sachs as a junior analyst after graduating, before leaving for another firm and pursuing an MBA at NYU’s Stern School of Business. Then he returned to Goldman Sachs, where he researched and oversaw investments in the global hospitality and leisure sector before he retired as managing director in 2016. Kent was named “best stock picker” eight times by the Wall Street Journal.
“I learned you had to know the companies, you had to understand the stocks, but I started to look at what was going on in the broader economy,” he said.
After retiring, Kent wanted to share what he learned in the industry. “I always wanted to help the next generation of business leaders,” he said. “My whole career, both academic and business, I have had lots and lots of mentors who guided me, focused me, and helped me out along the way. I wanted to do the same.”
Kent, a Baldwin resident, guest lectured at several universities before becoming a professor of economics and finance at Molloy University. He also received a Ph.D. in hospitality management.
Being named LIA’s chief economist was “a little bit of a surprise,” he said.
Kent will continue teaching at Molloy while serving the LIA. As chief economist, he will share data-informed insights and explanations of the Island’s economy, helping business owners make informed decisions about their businesses.
Kent will be releasing a newsletter broadly reporting on the U.S., New York, and Long Island economies. He will focus on specific topics and develop special projects to uplift the local economy.
According to Kent, Long Island’s current economy is vibrant. “Our unemployment rate is lower than the rest of the country. Our economic activity continues to expand,” he said. “One of the advantages Long Island has is where we’re located, so we have access to transportation and access to great universities, and that facilitates a lot of growth.”
He said he wants to “help to allow the Long Island economy to continue its robust trajectory.”
