Don Cunningham, President and CEO of LVEDC, speaks at the Greater Lehigh Valley Chamber of Commerce Lehigh Valley Real Estate Outlook 2023 luncheon on April 13, 2023.

The Lehigh Valley’s economy and real estate market continue to grow and strengthen because of its diverse industries, growing population, and coalitions that work to address regional issues, business leaders were told April 13 at the Greater Lehigh Valley Chamber of Commerce’s Real Estate Outlook 2023 event.

Speaker after speaker told the audience of 600 that the Lehigh Valley is among Pennsylvania’s fastest-growing regions, attracting a talented workforce that companies want to locate close to. The population is forecast to grow even more, creating more economic opportunity.

The Lehigh Valley ranked second nationally among similar sized regions in the number of new economic development projects last year. The projects spanned manufacturing, health care, life sciences, and sectors in between, said Don Cunningham, President and CEO of Lehigh Valley Economic Development Corp. (LVEDC). 

“While no country, no state is recession proof, having a balanced economy that's growing in every sector is very helpful for us,” Cunningham said, adding that interest continues into 2023.

International manufacturers are searching for locations near populated U.S. regions to open production facilities. The Lehigh Valley is within a day’s drive of a third of the U.S. population, making it a desirable place to produce and distribute goods. Lehigh Valley already boasts 750 manufacturers, producing an output of $8.4 billion, and more manufacturers want to be a part of it.

“What we're seeing in terms of demand to enter the market, a lot of times it's smaller manufacturers that are looking for 20,000 to 120,000 square feet, and the pandemic seemed to only accelerate that,” Cunningham said.

He was one of several speakers featured at the Chamber luncheon at the Delta Hotel by Marriott in Upper Macungie Township. The 90-minute program, which was also presented by LVEDC and the Lehigh Valley Planning Commission, can be viewed here on WFMZ.com. It also featured LVPC Executive Director Becky Bradley and Chamber President and CEO Tony Iannelli. Iannelli moderated a panel discussion, “What’s Trending in Commercial Development,” for the live recording of his “Business Matters” program on WFMZ.

Jaindl Land Co. President David Jaindl, Watson Land Co. Chief Investment Officer Kirk Johnson, Truist Bank Regional President Travis Rhodes, and RE/MAX Real Estate Allentown Broker and Owner David Coleman participate in the "Business Matters" show by Greater Lehigh Valley Chamber of Commerce President and CEO Tony Iannelli on April 13, 2023.

The panel included Jaindl Land Co. President David Jaindl, Watson Land Co. Chief Investment Officer Kirk Johnson, Truist Bank Regional President Travis Rhodes, and RE/MAX Real Estate Allentown Broker and Owner David Coleman.

Johnson called Lehigh Valley a “tier one marketplace.”

“It’s high on everybody’s list,” he said. “Lehigh Valley's kind of burgeoning.”

Bradley backed up that assessment during her remarks. Last year, her agency performed more than 1,200 reviews – including 547 subdivision and land development reviews – the most since 2008.

The pace for the first quarter of this year is similar.

“2022 was a time of great transition as the Lehigh Valley solidified its place as one of Pennsylvania's best places to live,” Bradley said. “The region grew its reputation as a place where more people and businesses want to be.”

Employment opportunities and a high quality-of-life make the region attractive, leading to population and job growth. She projected the Lehigh Valley’s workforce will be balanced among the generations for the next 15 years. She said by 2030, the youngest Baby Boomers will be retiring – leaving opportunity for younger workers.

“That’s where success in attracting people to come here and the resourcefulness of our schools and businesses and training the next generation of workers is critical to maintaining that jobs pipeline. Much is being done by a number of partners on that issue,” Bradley said.

She added with growth comes challenges, including housing supply. An LVPC analysis shows the housing supply is short by 9,000 units.

B. Braun of America Chairman & CEO Jean-Claude Dubacher.

Also at the event, the Chamber presented two awards:

B. Braun Medical was awarded the chamber’s 2023 Lehigh Valley Community Investment Award, for the firm’s $200 million, 310,000-square-foot expansion that will create 200 jobs.

“B. Braun is proud to call the Lehigh Valley home,” said Chairman and CEO Jean-Claude Dubacher. “We are fortunate to be part of a region where innovation flourishes, where sustainability is the standard for doing business, where hard work and perseverance are rewarded, and where charity and community spirit are expected.”

“As Gov. [Josh] Shapiro said a few weeks ago at the LVEDC annual meeting, we all share a Lehigh Valley sense of values, a common sense, competitive approach that figures out how to come together to get things done,” Dubacher said. “I see that spirit in action every day. It's what sets the Lehigh Valley apart. It's what makes our region such an easy choice for new investments. And it's why this community is setting the pace for Pennsylvania.”

Also honored was The Real Estate Lab, which was presented with the 2023 Impact Award for its work with real estate entrepreneurs.