BETHLEHEM, Pa. — Household income in the Lehigh Valley hit a "new peak" as poverty rates fell, Lehigh Valley Economic Development Corporation said Wednesday.
An analysis of 2023 U.S. Census data, the most recent available, showed median household income in the area at $81,709 — a $17,000 increase from the past five years, LVEDC said in a release.
That's $5,628 — or 7.3% — higher than Pennsylvania's statewide median income of $76,081, LVEDC said.
It's also higher than the United States' national median income of $78,538.
According to LVEDC, the growth has outpaced inflation.
“The purpose of growing an economy is to create jobs and opportunity for people of every background and skill set to help them realize their version of the American Dream here in the Lehigh Valley.”Don Cunningham, president and CEO, of Lehigh Valley Economic Development Corporation
The Lehigh Valley's poverty rate dropped to 10.5%, outpacing the national trend — down 0.5% from five years before, LVEDC said. The state poverty rate is 11.8%, and national is 12.4%.
“The growth in wages and household income in the Lehigh Valley are the economic development statistics that matter the most,” LVEDC Chief Executive Officer Don Cunningham said in the release.
“The purpose of growing an economy is to create jobs and opportunity for people of every background and skill set to help them realize their version of the American Dream here in the Lehigh Valley.”
Growing area
LVEDC also recognized the contributions of manufacturing in the Valley — an industry that contributes 16% of the region's GDP. That's also higher than the national average.
In 2023, more than 700 Lehigh Valley manufacturers had a combined output of $9 billion, LVEDC said.
"A high quality of life is essential for companies to recruit the talent they need to power their operations."Lehigh Valley Economic Development Corporation, in a news release
Other industries making a notable contribution are finance, insurance, real estate, education and health care, it said.
Based on the GDP output, the Lehigh Valley's performance exceeds that of three states — Alaska, Vermont and Wyoming.
The Lehigh Valley is among the fastest-growing markets in the Northeast, with population rising to just shy of 700,000, LVEDC said.
"People are drawn here because of the attractive career opportunities and variety of lifestyles, from thriving downtowns in cities and boroughs to rural suburban communities," the agency said in the release.
"The dining scene caters to many tastes, and recreational opportunities range from music and art to history and sports. Lehigh Valley is home to 11 colleges and universities, and top-rated healthcare systems."
A high quality of life is essential for companies to recruit the talent they need to power their operations, it said.
LVEDC on its website calls itself "a coalition of private employers, municipal governments [and] educational institutions" that have a stake in the prosperity of the Lehigh Valley.
