Mid Atlantic Real Estate Journal Highlights Lehigh Valley’s Balanced Economy
By Colin McEvoy on February 19, 2019
A story about the Lehigh Valley economy written by the Lehigh Valley Economic Development Corporation (LVEDC) and was featured in the Jan. 25 – Feb. 7, 2019 issue of the Mid Atlantic Real Estate Journal. The online version of that story can be found here. An excerpt can be found below.
Just 5.9 percentage points separate the top four economic sectors of the Lehigh Valley’s $40.1 billion GDP, whereas at the national level, the top four sectors are separated by 13.6 percentage points.
The Lehigh Valley economy is far more balanced and diversified than the national gross domestic product (GDP), according to a new analysis by the Lehigh Valley Economic Development Corporation (LVEDC).
Just 5.9 percentage points separate the top four economic sectors of the Lehigh Valley’s $40.1 billion GDP, which range from Professional Services (13.1 percent of the regional GDP) to Finance, Insurance and Real Estate (19 percent).
By contrast, the top four sectors of the overall United States economy are separated by 13.6 percentage points, ranging from 9.9 percent coming from Education and Health Care, to 23.5 percent coming from Finance, Insurance and Real Estate.
While many regions have a high GDP in one or two particular subsectors, and then a significant drop-off in the rest, the Lehigh Valley’s unusually high balance among its top industries demonstrates an extremely diverse and multi-faceted economy that does not depend on any one single sector.
“It’s very different from 20 years ago, when the region was largely dominated by a single industry anchored by the Bethlehem Steel Corporation,” said LVEDC President & CEO Don Cunningham. “We don’t have all our eggs in one basket, and that means we’re much less susceptible to the rise and fall of one company or one sector.”
To read the rest of the article, visit the Mid Atlantic Real Estate Journal website.
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