LVEDC Invited to Speak at Prestigious Manufacturing Conference in New York
By Colin McEvoy on June 26, 2017
The Lehigh Valley Economic Development Corporation (LVEDC) was invited to speak at the Association for Corporate Growth (ACG) Annual Manufacturing Conference in New York City last week, a significant recognition of the region as a top market in the United States for manufacturing.
Held June 21 at the New York Athletic Club, the theme of this year’s conference was “Made in America: The Resurgence of U.S. Manufacturing.” LVEDC President and CEO Don Cunningham spoke in a “fireside chat” about private and public partnerships and “a regional view of investment capital.”
“Anytime we can tell our story about the uniqueness of the Lehigh Valley market, particularly in terms of manufacturing, is a great opportunity,” Cunningham said. “We often receive invitations from professional groups like this because they’ve heard about what’s happening in the Lehigh Valley, and that means we’re doing something right here.”
ACG describes itself as “the single most comprehensive networking platform for the middle market deal-making community.” It has chapters worldwide representing 14,500 members and serves 90,000 investors, executives, lenders and advisers to growing middle-market companies.
Cunningham participated in the fireside chat with two officials from the Northeast Indiana Regional Partnership: John Sampson, its CEO, and Hannah Stork, its Director of Business Development.
Among the topics discussed were tax incentives, capital sources, and creative solutions economic authorities have played while providing incentives for businesses to stay in their local communities.
Cunningham said he was approached by a large number of people and groups after the discussion who were interested in the Lehigh Valley market and potential investment opportunities there.
Manufacturers contributed $2.17 trillion to the U.S. economy, according to AFG, making up nearly 12.1 percent of the national gross domestic product.
In the Lehigh Valley, manufacturing makes up an even higher percentage of the regional economy, generating $5.56 billion – or 15 percent – of its $37 billion GDP.
Nationally, the average manufacturing worker earned $81,289, compared to $63,830 for the average worker generally. Advanced manufacturing and technology supports more than 40 million jobs in the United States and accounts for 90 percent of private-sector research and development.
Additionally, for every $1 spent in manufacturing, another $1.81 is added to the economy, the highest multiplier effect of any economic sector, according to ACG.
The conference’s keynote address was delivered by William Strauss, Senior Economist and Economic Advisor with the Chicago Federal Reserve Bank. He discussed the current economic climate and its impact on tangible deal flow.
Strauss also discussed cross border trade, the impact of rising interest rates on cost of capital,the role of government policy and its impact on industry, the labor markets and the increased demand for a more technical workforce.
The conference also featured a panel discussion called “Making Value: US Based Manufacturing in a Global Economy,” with business executives from Akerman LLP, Fisk Alloy, Inc., Tag Holdings LLC, World Pac Paper, and Xenith.
Additionally, it featured a presentation called “Capitalizing on the Resurgence: Manufacturing M&A and Investment Trends,” with speakers from such companies as CohnReznick LLP, Hamilton Robinson, Imperial Capital LLC, Lincoln International, Monomoy Capital Partners, and Stifel Financial Corporation.
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