Lehigh Valley ranked No. 3 in the nation among mid-sized markets for the number of new economic development projects in 2024, according to rankings released March 3 by Site Selection magazine. In regional rankings, Lehigh Valley was No. 5 in the Northeast, among metros of all sizes.
“The Lehigh Valley is once again punching above its weight class when it comes to economic growth,” said Don Cunningham, President & CEO of Lehigh Valley Economic Development Corporation (LVEDC). “We’ve regularly been a leader in Site Selection rankings and this year we’re the only mid-sized market from the Northeast U.S. to be in the top five for economic growth projects. The Lehigh Valley has shown it can compete with anyone for America’s top development projects.”
Lehigh Valley’s diverse economy continues to be led by manufacturing along with finance, insurance, and real estate; education, health care, and social assistance; and professional and business services.
The Gross Domestic Product of $55.7 billion in 2023, the most-recent year for which data is available, grew by 4% from the previous year when factoring in inflation. That’s faster than the state, the Northeast, and the nation.
One of 2024’s biggest success stories was Gesellschaft für Micronisierung mbH, a German pharmaceuticals manufacturer, locating its U.S. headquarters in Bethlehem.
Global semiconductor developer and manufacturer Infinera announced plans to build a new advanced testing and packaging facility in Bethlehem with funding from the U.S. CHIPS and Science Act.
ATAS International broke ground on an expansion that will nearly double the size of one of its manufacturing facilities in the Lehigh Valley that produces metal panels used in building construction.
DCM Metals Corp. of Canada set up its first U.S. location in Bethlehem, to manufacture steel studs.
US Specialty Formulations, which produces sterile injectable, topical, and specialty pharmaceuticals, announced a $15 million expansion of its Allentown manufacturing location.
Phoenix Tube Co. Inc., a producer of steel products, broke ground on a 75,000-square-foot expansion in Bethlehem.
Wacker Chemical Corp. expanded its presence in the Lehigh Valley by acquiring the manufacturing assets of Bio Med Sciences, positioning Wacker to expand its silicone-coated healthcare products business.
Site Selection magazine’s prestigious Governor’s Cup Awards consider projects that have been completed or announced of at least 20,000 square feet, an investment of at least $1 million, or the creation of at least 20 new jobs.
The Lehigh Valley competed against regions with populations of between 200,000 and 1 million. In 2023, Lehigh Valley ranked No. 1.
Published by Conway Data, Site Selection is an authority in the corporate real estate and economic development field. The magazine has a circulation of 41,000 executives involved in corporate site selection decisions.
A complete list of Lehigh Valley’s 2024 economic development projects will be published in LVEDC’s 2024 Annual Report, to be released March 18 at LVEDC’s Annual Meeting, presented by Capital Blue Cross.
The Annual Meeting will celebrate LVEDC’s 30th Anniversary and explore the people, products, and ideas that paved the way for Lehigh Valley’s economic renaissance and look ahead to how the region is primed for future success. The program will include a special exhibition of the companies forging our future, a panel discussion exploring talent and quality of place, videos, and more.
There is no cost to attend but registration is required. Register here.