Lehigh Valley’s growing economy reached new heights in 2023, ranking as the #1 mid-sized region in the United States for economic development.

That achievement and others are highlighted in the newly released 2023 Annual Report of Lehigh Valley Economic Development Corp. (LVEDC). The 40-page report will be distributed to those who attend LVEDC’s Annual Meeting on Tuesday. It is also available on LVEDC’s website, here. 

The report documents LVEDC’s activities last year working with our partners to attract new businesses, to help existing businesses expand, to develop a skilled workforce for employers, to support entrepreneurship, and to promote the Lehigh Valley brand.

The annual report explains how the Lehigh Valley has grown its economic output and population, and how its quality of life has improved. The Gross Domestic Product has increased by $10 billion over the last five years and now exceeds $50 billion.

As GDP has risen, median household income also has risen, to higher than the state and national medians. And poverty rates have dropped, to lower than the state and national rates.

In 2023, the region had the most economic development projects of any metro area with a population between 200,000 and 1 million people, according to Site Selection magazine. Those qualifying projects, based on size, investment, and jobs created, and others are listed in LVEDC’s annual report.

The report shares the stories of successful entrepreneurs; the storied past and bright future of the semiconductor and technology sector; the creation of a new apprenticeship program for advanced manufacturing; the rollout of a new regional branding initiative; the debut of LVEDC’s Hot Careers Dashboard; and more.

LVEDC’s annual report has been honored as among the best in the country for each of the past six years by the International Economic Development Council (IEDC), which accredits LVEDC.

The report is designed by Michelle Chrin, who also designs several other LVEDC publications including the quarterly Commercial Real Estate Reports, the Board of Directors directory, and the Investment Opportunities brochure.

LVEDC is a non-profit, private-public coalition whose mission is to market the economic assets of the Lehigh Valley and to create partnerships to support the recruitment, growth and retention of employers and the creation of jobs for people of all skill and education levels.