A Lehigh Valley that has seen population growth, particularly among young adults, and whose regional economy has diversified was the focus of a celebration Tuesday in Bethlehem.
Pennsylvania Gov. Josh Shapiro was among those speaking during the annual meeting of the nonprofit Lehigh Valley Economic Development Corp. delivered a speech addressing his new government’s efforts in two months to run state government at what he called the speed of business.
“When I took office, I said our government will revitalize our economy, use the power of our workforce, our universities and our natural resources to create high-paying jobs across Pennsylvania and look out for communities left behind,” Democrat One said Crowd standing room only at the ArtsQuest Center at SteelStacks. “That is our central mission and that is our daily work.”
LVEDC celebrated growth in manufacturing, which became the largest sector of the region’s record US$47 billion gross domestic product in 2021, accounting for US$8.4 billion, or 18% of local economic output. Nationally, manufacturing accounts for 12% of the entire US economy, according to LVEDC. At the local level, the second largest parts of GDP by industry sector are finance, insurance and real estate ($8.1 billion); Education Services, Health Care and Social Assistance ($6.9 billion); professional and business services ($5.9 billion); wholesale ($3.7 billion); information and retail ($3 billion each); and transportation and logistics ($2.7 billion).
“Last year we were, once again, in the top 10 in the United States for regions our size for new development projects,” said Don Cunningham, President and CEO of LVEDC. “Second place this time – second in the US in 2022 for regions with populations of 200,000 to 1 million. Greenville, South Carolina had two other projects.
“Most impressively – and importantly – these 46 projects were in almost every sector of our economy – from life sciences to technology and healthcare to advanced manufacturing and many in between. Our strength is a balanced economy.”
Tuesday was the LVEDC’s first in-person annual meeting since 2019, in the interim of the coronavirus pandemic. But the tragedy of this situation played a role in boosting Lehigh Valley production, which Cunningham says includes the proliferation of warehouses in the region.
“The vulnerability of supply chains across oceans and continents – dependent on ports, trucks and ships – has been exposed,” he said. “Governments and companies have a new focus on manufacturing in the US and closer to major population centers — and they’re investing in it.”
Cunningham always returned to the region’s balanced economy and its most important ingredient, which is the local workforce. The Lehigh Valley’s population has grown with its economy, reflected in population growth of 5.8% from 2011-2021 and 9% growth in the 18-34 year old population, making the region one of the fastest growing regions in Pennsylvania for young adults, the LVEDC reported.
“It has undoubtedly retained its unique culture, the things that make us the Lehigh Valley,” said US Rep. Susan Wild of the region and its people.
“But today’s conference venue, the ArtsQuest Center at SteelStacks, is such a shining example of how we honor our proud manufacturing history while looking to the future and evolving,” continued the Democrat, in his third term as Representative of the 7th Congress. Congressional District of Pennsylvania.
The crowd also heard Tuesday from a panel of young local workers representing a first-generation Syrian-American graduate of Dieruff High School, who started her own business, Meraki Co., promoting vaginal probiotic health; a graduate of Northern Lehigh High School who was allowed to study with his employer B. Braun Medical Inc. in Germany; Easton Area High School girls’ wrestling coach who is from North Carolina and works at Lutron Electronics; and an immigrant from Australia representing Easy Signs.
Lehigh Valley Mayor Matt Tuerk of Allentown; J. William Reynolds of Bethlehem and Sal Panto Jr. of Easton also participated in a discussion that focused on public-private partnerships, the importance of quality public education, and the region’s top challenges they seek to alleviate. Mayors recently announced the formation of a three-city coalition aimed at developing common solutions to address issues common to all Lehigh Valley communities.
The LVEDC had US$2.94 million in expenditures in 2022, with Lehigh and Northampton County hotel taxes being the largest revenue, followed by private sector contributions, fees, public sector contributions and grants.
The full 2022 Annual Report can be found at lehighvalley.org.
Tuesday’s meeting also marked the premiere of two videos on the regional economy, available on the LVEDC’s YouTube page.
Our journalism needs your support. Please subscribe to lehighvalleylive.com today.
Kurt Bresswein can be reached at [email protected]
Comments are closed.