According to a Milken Institute study, economic growth in Lehigh Valley’s high-technology sector is among the nation’s top 10 percent of the largest metropolitan regions.
“This report confirms that Lehigh Valley has a rich high-tech sector as part of its very balanced economy,” Don Cunningham, Lehigh Valley Economic Development Corp. president and CEO, said. “This is an important area of focus for us along with the development of professional office, the life sciences, and advanced manufacturing. The study is also very encouraging in that it points out that communities with a tradition of innovation are more resilient to ‘economic shocks.’”
From 2018 to 2019, gross domestic product (GDP) in the high-technology sector grew 9.7 percent. This is the equivalent of 14 percent, approximately $6.3 billion, of the Lehigh Valley’s $43.3 billion private-sector GDP in 2019.
The percentage of high-tech growth in Lehigh Valley outpaced New York and Houston and most other large metro areas with a population of at least 250,000, ranking 16 of 200 in year-over-year growth.
The region ranked in the top third for high-tech concentration in the regional economy.
The high-tech industries analyzed include life-science companies, scientific research operations, advanced manufacturing, data processing, and software publishing.
The Milken Institute is a nonprofit, nonpartisan think tank.