In 2020, the Lehigh Valley Economic Development Corporation (LVEDC) received more than $700,000 in private and public sector investment and sponsorship from more than 125 investors.
Five of LVEDC’s investors were new: Iota Communications, Lehigh Valley Partnership, Sharp, VfD Technologies, and Worthington Energy Innovations.
“We are forever grateful to our investors for their generous and incredible support during these trying times,” LVEDC President and CEO Don Cunningham said. “The secret to our success is in the partnerships that have been forged in the Lehigh Valley. Now, more than ever, support from our investors is essential.”
In addition, LVEDC received emergency Coronavirus Aid, Relief, and Economic Security Act funds.
The COVID-19 pandemic negatively affected LVEDC, especially the potential loss of investment from the private sector, uncertainty over the ability to retain the talent and regional economic development initiatives, and the decrease in regional hotel tax proceeds.
Public and private sector leaders will need to take a regional approach and work together to reshape the economy, Cunningham said. This includes going beyond traditional marketing approaches.
LVEDC is a public-private partnership founded in 1995.
The Lehigh Valley has been among the top 10 growing economies of its size in the nation for the last five years.