Below are two new resources available regarding Economic Development and the Workforce within the Lehigh Valley.
From the Lehigh Valley Economic Development Corporation (LVEDC):
Lehigh Valley GDP Breakdown by Sector Shows Diverse Economy
Excerpted from the full article:
The four biggest sectors that make up the Lehigh Valley’s GDP all fall within $350 million of each other, demonstrating an extraordinary balance in the region’s economy.
The category of “finance, insurance, real estate, rental and leasing” is the single biggest contributor to the Lehigh Valley’s gross domestic product, making up $4.93 billion of the region’s total $34.3 billion GDP, according to data compiled by the Lehigh Valley Economic Development Corporation (LVEDC).
But only slightly behind it are manufacturing ($4.77 billion), professional and business services ($4.71 billion) and educational services, health care and social assistance ($4.58 billion), according to the U.S. Department of Commerce’s Bureau of Economic Analysis.
This extremely close split demonstrates how diverse and multi-faceted the Lehigh Valley’s economy has become. It’s a vast difference from 20 years ago, when the region was largely dominated by one industry in traditional heavy industry and manufacturing, anchored by the Bethlehem Steel Corporation.
Graph Source: LVEDC website
From the Lehigh Valley Workforce Investment Board (LVWIB):
Job and Labor Market Outlook Report, May 2015
Data highlights from the report include:
Lehigh Valley Workforce Investment Area
- Unemployment is 5.6%, down 1.1% from a year-ago.
- The workforce is down by 1,400 and employment 2,300 higher than a year-ago.
- Estimated Jobs are up by 3,100, to 285,100.
- Manufacturing jobs were up 700; transportation & warehousing jobs up by 900.
- Educational Services jobs up by 200 and Health Care jobs down by 600.
- Government employment is down by 1,000.
- Total, All Industries 20,465
- Health Care and Social Assistance 2,312
- Administrative, Support & Waste Mgmt 1,518
- Retail Trade 1,355
- Manufacturing 1,002
Source: PA Labor & Industry, Center for Workforce Information & Analysis