Gross domestic product topped $43B in Lehigh Valley

In 2019, the gross domestic product (GDP) in Lehigh Valley reached $43.3 billion, a record for a single year, according to the U.S. Department of Commerce’s Bureau of Economic Analysis, and a 5.7 percent increase from the previous year.

Pennsylvania’s growth, by comparison, was 4 percent.

If government spending were included in the total, the GDP would be $47.2 billion.

Nationally, Lehigh Valley ranked 65 out of 384 metropolitan areas and has a larger GDP than three states.

The four largest sectors in the valley were finance, insurance, and real estate sector, contributing $7.8 billion; manufacturing, contributing $7.1 billion; health care and education, contributing $6.4 billion; and professional and business services, contributing $5.4 billion.

The finance, insurance, and real estate sector grew 3.2 percent, health care and education grew 5.4 percent, and professional and business services grew by 7.7 percent.

The figures include Carbon, Lehigh, Northampton, and Warren counties. Figures for this year’s GDP will be released in December 2021.

National quarterly GDP data shows that national GDP dropped 5 percent in the first quarter of 2020 and 31 percent in the second quarter. During the third quarter, GDP increased 33 percent.

Despite the COVID-19 pandemic, Lehigh Valley’s economy remains strong, the Lehigh Valley Economic Development Corp. said.