Experts are projecting continued economic growth for the Lehigh Valley, as highlighted during the 'Sizing Up 2025: Lehigh Valley Economic Outlook' event held on January 28, 2025. Tony Iannelli, president and CEO of the Greater Lehigh Valley Chamber of Commerce, expressed optimism about the region's economic trajectory [aa26c1d3]. Nancy Dischinat reported an impressive 8.9% increase in GDP for 2023, bringing the region's GDP to $55.7 billion [aa26c1d3]. This growth is supported by robust employment figures across various sectors, with healthcare and social assistance employing 63,976 individuals at an average wage of $71,983, transportation and warehousing employing 39,236 at an average wage of $56,175, and manufacturing employing 36,329 at an average wage of $78,621 [aa26c1d3].
The unemployment rate in the Lehigh Valley stands at 3.9%, which is lower than the national average of 4.2% [aa26c1d3]. Michael Skordeles from Truist noted that wages in the region are growing faster than inflation, with a reported growth rate of 4% [aa26c1d3]. This positive economic outlook is further bolstered by a commitment to community health care, emphasized by Richard A. Anderson and Dr. Brian A. Nester during the event [aa26c1d3].
In the broader context, Pittsburgh's economic landscape is also showing signs of resilience. Local economists, including Gus Faucher from PNC Bank, predict a tight labor market and continued economic expansion, with Pittsburgh's unemployment rate at 3.5% in November 2024 [421c9926]. The healthcare sector remains a crucial component of job growth in Pittsburgh, nearly recovering to pre-pandemic levels [4191f732].
Despite some challenges, such as a demographic decline in Pittsburgh, which lost 9,907 residents from 2022 to 2023, the region's economic indicators remain strong [421c9926]. The interplay of job growth, sectoral shifts, and community commitment will be vital as both Lehigh Valley and Pittsburgh navigate their economic futures [440f3899].