BETHLEHEM, Pa. — The rock classic by Pink Floyd, “Money,” blared from the PA system.
“Money, get away
Get a good job with more pay and you're okay.”
The tune reflected the optimistic message delivered at “Sizing Up 2025: Lehigh Valley Economic Outlook” at the ArtsQuest Center at SteelStacks on Tuesday.
The event, presented by Truist and the Greater Lehigh Valley Chamber of Commerce, featured speakers who espoused a positive economic picture of the Lehigh Valley and the nation.
“The good news is, I think we’re going to continue with this economy as we see it."Tony Iannelli, president and CEO, The Greater Lehigh Valley Chamber of Commerce
“The good news is, I think we’re going to continue with this economy as we see it,” said Tony Iannelli, president and CEO of The Chamber.
“I think the inflation risks seem to be coming down a bit, from what today’s speakers said. Employment is still strong. I think it is good news generally economically considering where we are headed or not headed with the new (Trump) administration.”
Nancy Dischinat, executive director of the Workforce Board Lehigh Valley, shared data that showed an 8.9% increase in Gross Domestic Product in 2023 from the year before.
She asked those in attendance to look into a small square mirror attached to the front of their Workforce Board data folder.
“Mirror, mirror, on the wall. This is your Workforce wake-up call,” Dischinat said, imploring the gathering to get or stay involved in helping continue the region’s economic rise.
“Look and ask yourself what are you doing to promote the Lehigh Valley and The Chamber.”
Employment data
Dischinat shared detailed economic data for the region by sex, age, ethnicity, education, and industry employment averages.
The data showed the top three employers by percentage of employment, number of employees and average wages for those employees:
Health care and social assistance account for 20% of the workforce, with 63,976 employees and $71,983 in average wages.
Transportation and Warehousing accounted for 12.2% of the workforce, 39,236 employees, and $56,175 in wages.
Manufacturing accounted for 11.3% of the workforce with 36,329 persons employed and an average annual salary of $78,621.
Other Lehigh Valley data shared by Dischinat included an average hourly wage of $29.12, and a 3.9% unemployment rate, which is .2% lower than the national rate.
The Lehigh Valley’s Gross Domestic Product grew to a record $55.7 billion in 2023, according to the U.S. Bureau of Economic Analysis released in December.
With manufacturing continuing to be a leading driver, the economy grew 4% from 2022, faster than the state, Northeastern United States and the nation.
The Lehigh Valley’s economy ranks 67th in the country — up from 68th in 2022.
The nation’s economic outlook was delivered by Michael Skordeles, head of U.S. economics at Truist Advisory Services, Inc.
“Wages are growing faster than inflation by 4%. Jobs are cooling, but they’re not weak.”Michael Skordeles
Skordeles travels extensively throughout the country speaking to client groups, business organizations, C-level executives and investment advisers about economic conditions and financial markets.
“The US economy is going a lot better than people think,” he said. “Wages are growing faster than inflation by 4%. Jobs are cooling, but they’re not weak.”
Four indicators point toward continued growth for the US economy, Skordeles told the audience, including a minimum wage increase in 24 states.
“I think we’ll have steady economic growth,” Skordeles said. “But there’s a lot going on in Congress, which has the tightest majority going back to 1931. That makes it a lot tougher to make big changes. Legislatively, that will hold things up.”
Skordeles discussed the surge in freight in 2024, presumably to get ahead of the tariffs proposed by President Donald Trump.
“This notion of tariffs is a bit misplaced,” he said. “There will be tariffs, but not across the board. The specialization age we live in doesn’t lend itself to universal tariffs.”
Iannelli moderated a “Business Matters Live” discussion on health care with Dr. Brian A. Nester, president and CEO of Lehigh Valley Health Network and Dr. Joseph G. Cacchione, CEO of Jefferson Health.
Titled “Coming Together for the Future of Care,” Nester and Cacchione emphasized the commitment their merger in August has to deliver high quality care at the lowest possible price.
“I feel blessed that the people here are committed to the mission,” said Cacchione. “We’re not here for shareholders — not that there’s anything wrong with that — but we’re here for the community. We’re here to sustain the health of the community.”
Improving the profitability of health care in the Lehigh Valley is not of paramount importance to the merged health care organizations.
“As long as I am in this chair, we will be there. It’s a mission to continue to improve lives.”Richard A. Anderson
“We could get a better bottom line by pulling back services to the community,” Nester said. “But we will not do that. We are here to serve the community.”
Iannelli pointed out the obvious to the panelists, that there is another hospital system in the Lehigh Valley, St. Luke’s University Health Network, which competes with LVHN/Jefferson Health.
“I had dinner with the CEO of St. Luke’s,” Cacchione said of Richard A. Anderson. “We are both committed to solving the problems of the community — those of most vulnerable communities and the most affluent communities. We will be there for all of them.
“As long as I am in this chair, we will be there. It’s a mission to continue to improve lives.”
Other speakers included Jason Hunt, manager of business and economic development at PPL Corp., who outlined the company’s commitment to the Lehigh Valley and beyond.
Rohan Mani, senior vice president of Center Valley-based Strategy, Shift4, specializes in commerce solutions such as mobile payment software and hardware.
Jeffrey Chrin, director of CLA, a tax company in Bethlehem, outlined several of the Trump-proposed tax changes, including the potential expiration of the TCJA (Tax Cuts and Jobs Act).
Should Congress not renew or amend the TCJA, allowing it to expire on Dec. 31, individual filers will experience a rise in their income tax rates, a lower standard deduction, changes to itemized deductions and a rollback of the child tax credit.
David Wolff, president of Kressler, Wolff & Miller, an insurance agency in Easton, received the 2025 Community Partner Award.
