LVEDC Receives Record $810,000 in Sponsorship and Investment Support
By George Lewis on March 14, 2023
The strength of Lehigh Valley’s regional coalition supporting strategic economic growth was demonstrated again in 2022, as Lehigh Valley Economic Development Corp. (LVEDC) received a record level of $810,000 in sponsorship and investment from its regional partners.
“I’m often asked the secret to why the Lehigh Valley economy doing so well. It’s because we work together – public sector, private sector, municipalities, counties, employers, regional institutions, and schools. We achieve collaborative successes through the support of investors,” said Don Cunningham, LVEDC President and CEO.
For information on how to become an investor, click here.
The coalition led by LVEDC delivers a regional strategy and approach to reshape, grow, and diversify the economy. The results have been impressive.
Lehigh Valley’s talent strategies are known and admired nationally for driving smart action, ensuring that employers have the talent they need to be successful.
Regional economic output has reached record levels, with manufacturing leading the way. The Lehigh Valley’s 750-plus manufacturers produced $8.4 billion in Gross Domestic Product (GDP), reclaiming the top spot among economic sectors for the first time in 15 years. Manufacturing produces 18% of the Lehigh Valley’s economic output, compared with just 12% of U.S. economic output.
Lehigh Valley employers added 13,000 jobs in the last five years, making the region a magnet for companies and workers. It is one of the fastest growing population centers in Pennsylvania, particularly among the 18-to-34 age group that is vitally important to employers.
Jaime Marie Whalen, LVEDC Executive Vice President and Chief of Staff, noted that sponsorship and investment increased by 7% over 2021. More than 130 companies and organizations invested in LVEDC in 2022, including 18 that were either new investors or increased their investment.
The largest investors in the coalition are Lehigh and Northampton counties. Their public-sector investment totaled $155,000 in 2022.
“The financial support we receive from investors enables LVEDC to implement the objectives of our strategic plan,” she said. “We are grateful to our investors for the confidence they have in our ability to successfully carry out the work of the regional economic development coalition we’ve established.”
To see the complete list of investors, click here.
LVEDC also received support from 28 companies and organizations that sponsored events during the year, including the Fall Signature Event, Internship Summit, and State of the County addresses by the executives of both Lehigh and Northampton counties.
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