The Lehigh Valley’s gross domestic product (GDP) reached $41.2 billion in 2018, according to the U.S. Department of Commerce’s Bureau of Economic Analysis, which is 4.4 percent higher than 2017 and the first time the valley surpassed $41 billion.
The Lehigh Valley’s GDP was 66th out of 384 U.S. metropolitan areas. It ranked higher than two states, Vermont and Wyoming, and the valley would be the world’s 90th largest economy if it were a country.
“The Lehigh Valley continues its growth as one of the country’s largest manufacturing centers for a region of our size,” Don Cunningham, Lehigh Valley Economic Development Corp. president and CEO, said. “Manufacturing is nearly 18 percent of the Lehigh Valley’s economy, in comparison to it only being 12 percent of the U.S. economy.”
The largest sector in the Lehigh Valley economy was finance, insurance, and real estate. The sector comprised 18.9 percent of the total GDP or $7.8 billion.
The second-largest sector was manufacturing, comprising 17.7 percent of the total GDP or $7.3 billion.
Manufacturing was followed by education and health care, comprising 14.8 percent or $6.1 billion, and professional and business services, comprising 12.4 percent or $5.1 billion.
Nearly every sector saw growth. The information sector had the largest increase, spiking 10.5 percent.