BETHLEHEM, Pa. — The economic news was so good even the balloons struggled to contain their excitement.
Given the breadth of positive economic news shared at the Lehigh Valley Economic Development Corporation’s 30th anniversary celebration at ArtsQuest on Tuesday, the wonder is that the balloons, packed in a clear plastic bag in the rafters, didn’t simply burst in elation.
They shook. They swayed. They strained against the bag like school children at the exit door a moment before summer dismissal.
And only when the 90-minute annual celebration concluded did the balloons burst from the bag and float down upon the nearly 900 in attendance in a blizzard of colors.
“Economic success requires a village and we’ve got a great one."Don Cunningham, president and CEO, Lehigh Valley Economic Development Corp.
LVEDC Chief Executive Officer Don Cunningham and each speaker who followed had the pleasure of sharing data of the impressive state of the economy in the Lehigh Valley:
- The region’s Gross Domestic Product of $55.7 billion is greater than that of Alaska, Vermont and Wyoming
- The Lehigh Valley is the 67th largest economy in the United States
- The region added 10,000 jobs over the past five years, including 2,600 in the manufacturing sector
- The Lehigh Valley ranks among top U.S. markets for economic development, third among Top 5 midsize regions and fifth in Top 5 Northeast regions, behind only New York, Boston, Pittsburgh and Philadelphia
- The Lehigh Valley attracted more than a dozen international companies that opened or announced new facilities or expansions in 2024.
“Economic success requires a village and we’ve got a great one,” Cunningham told the audience.
The Valley's economic history
LVEDC is not a company, it's a coalition of private employers, municipal governments, educational institutions and every entity that has a stake in the economic growth and prosperity of the Lehigh Valley.
Cunningham looked back at the dark economic days of the Lehigh Valley, when business closures and brain drain of the 1990s and early 2000s dominated the headlines.
“Old has become infused with the new and we’re better,” he said. “We know how to reinvent and reimagine. Our future is brighter than our past.”
Cunningham credited not only the LVEDC but also area staple businesses and the Lehigh Valley residents for the economic renaissance.
“It wasn’t always like this,” Cunningham said. “The story of this region is the story of its people.
“This is about more than an organization, celebration, rankings and statistics. Statistics are the markers of success, not the reason.
“People don’t require rankings; they feel it. If there are enough jobs, good pay, educational backgrounds, you can raise a family and get a piece of the American dream.
"I’ve watched that happen.”
The data celebration continued, with 3.8% unemployment, an average hourly wage at $28.87, a median household income of $81,709, which is outpacing both the commonwealth and the nation, and a declining poverty rate of 10.5%, also outpacing the state and nation.
“We have a fabulous quality of life in the Lehigh Valley,” said Stephen Hoff, chief financial officer of Crayola, and new chairman of the LVEDC board of directors.
“Realtor.com lists Macungie, Nazareth and Bethlehem among the top places to live,” he said. “Bethlehem was named one of America’s top places to live by livability.com.
"The Allentown theater district has been named one of the best in the nation.”
A reversal in views
Jay A. Garner, president and founder of Garner Economics LLC, of Atlanta, shared a comparison study of the opinions of Lehigh Valley residents from 2013 and then in 2024 revealed a stark reversal of how they viewed the region.
“In 2013, people said we need more business,” Garner said. “In 2024, they said, 'Let’s be more selective in the businesses we recruit.'
"In 2013, they said the LVEDC was broken. Now they say it’s the best in class.”
The opinion change of the Lehigh Valley wasn’t restricted to only its residents.
“In 2013, businesses still thought of the Lehigh Valley as a gritty industrial city,” Garner said. “In 2024, some said they relocated from New York City to Bethlehem and were glad they did.
“What a difference a decade has made.”
Population gains and losses are the single most important economic driver, the audience was told. Lehigh Valley has a 6.5% increase over the past 10 years.
“This is huge,” Garner said. “It’s what you see in sunbelt states and metros.”
Garner directed his next comments to Rick Siger, Pennsylvania secretary of the Department of Community and Economic Development, who was in attendance.
“The [Lehigh] Valley is the economic engine for the Commonwealth,” he said. “The Valley is your shining star.”
'There's still more to do'
A panel discussion — “Making Lehigh Valley Home” — was moderated by ArtsQuest Chief Executive Officer Kassie Hilgert.
Three local entrepreneurs and a member of the LVEDC were interviewed about why they decided to relocate to the Lehigh Valley.
The reasons included racial diversity, a better life for their children, and, in one instance, data showing the benefits of life in the Valley.
“After college, two friends and I were struggling,” said Paul Hodges, chief executive officer and co-founder of Bethlehem-based Soltech Solutions, which provides energy efficient lifestyle products.
“We were looking for a place and saw a list of the Top 100 places to start a business. We saw Bethlehem at No. 58. I had heard of Bethlehem.
“So I thought we could go to the big city and be a small fish in a big pond or go to the Lehigh Valley. We moved here.”
Siger outlined some of Gov. Josh Shapiro’s budget initiatives to spur economic growth in the Lehigh Valley and the state.
“We have to hammer on this theme: We’re open for business.”Rick Siger, Pennsylvania Secretary of the Department of Community and Economic Development
The 2025-26 state budget includes a total of $50 million for the new PA Innovation program, which includes a one-time $30 million initiative to spur life sciences job growth and $20 million to provide annual funding to support large-scale innovation.
“The Lehigh Valley is an exceptional economic partner in Pennsylvania,” Siger said. ”We’ve got a lot done, but there’s still more to do, for the Lehigh Valley and the state.
“We have to hammer on this theme: We’re open for business.”
