Lehigh Valley Economic Development Resources- Spring 2015

3D chrome Dollar symbol

 

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.

Lehigh-Valley-GDP-by-Sector

                                                                                                                                         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.

Industry Openings

  • 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

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: