In 2022, Lehigh Valley’s gross domestic product (GDP) surpassed $50 billion.
Economic output, the sum of goods and services for the metro region, for the region increased, adding $10 billion in five years.
The metro region is Carbon, Lehigh and Northampton counties in Pennsylvania and Warren County in New Jersey.
When adjusted for seasonal fluctuations, the number of jobs grew to 394,500 in November 2023, according to the Pennsylvania Center for Workforce Information and Analysis. The largest gain was among health care and social assistance employers, hospitality and professional and business services. Manufacturing and logistics dropped by 1,400 jobs.
Unemployment was 3.9 percent.
The amount of industrial and flex space under construction reached a record 7.3 million-square-feet during the third quarter of 2022, according to real estate analytics firm CoStar.
Manufacturing output was $8.1 billion in 2022, but there has been a decline in manufacturing activity since.
A total of $4.9 billion worth of products was exported, according to the International Trade Administration. Chemicals were the largest export at $1.9 billion followed by computer and electronic equipment at nearly $500 million.
Updated regional GDP data for 2023 will be released in December.
Pennsylvania’s GDP grew at 5.6 percent, the fastest rate in the Northeast.