Lehigh's Collective and Economic Advancement: Propelling the Lehigh Valley jointly
Lehigh University, a renowned R1 research institution, has revealed the findings of its Community and Economic Impact Report for fiscal year 2024, shedding light on the university's substantial contributions to the regional economy. The report, developed in collaboration with Lightcast, a leading labor market analytics firm, quantifies Lehigh's impact on the Lehigh Valley for the first time in over a decade.
The report highlights Lehigh's role as a major economic driver, fostering growth and development through its academic and research activities. In FY24 alone, the university added an impressive $1.4 billion to the regional economy. This significant economic contribution was bolstered by the university's support of over 14,000 jobs during this period.
A key component of Lehigh's economic impact is its involvement in start-ups, spin-offs, and manufacturers connected to university programs. These ventures, which include those involved in research and innovation, generated nearly $800 million in FY24. Lehigh's wholly owned subsidiaries, such as the Manufacturers Resource Center and Ben Franklin Technology Partners of Northeastern Pennsylvania, play a crucial role in these endeavours.
Lehigh University's President, Joseph J. Helble '82, expressed his gratitude for the community's contributions to the university's impact, including scholarship, service, research, teaching, and community connection. He emphasised that Lehigh's research, volunteerism, partnerships, and presence contribute to a stronger, more innovative, and more inclusive community.
The report's findings reaffirm Lehigh University's position as an anchor institution in the region, playing a pivotal role in advancing the Lehigh Valley's vitality. The report is accessible on the Community and Economic Impact website, featuring an Executive Summary and Full Report.
The report's findings support the goals of Lehigh University's "Enhance the Shared Bethlehem Experience" initiative, which is part of the Inspiring the Future Makers strategy. This initiative underscores Lehigh's commitment to fostering a strong and vibrant community, one that benefits from the university's academic and research activities.
In conclusion, the Community and Economic Impact Report for FY24 underscores Lehigh University's significant role in the Lehigh Valley's economic growth and development. The university's contributions extend beyond academia, reaching into the realms of employment, innovation, and community development. As Lehigh continues to thrive, so too does the Lehigh Valley.
- Lehigh University's involvement in start-ups, spin-offs, and manufacturers connected to university programs, rooted in research and innovation, contributes significantly to the regional finance sector by generating nearly $800 million in a single fiscal year.
- In addition to fostering economic growth and development through academic and research activities, Lehigh University also plays a key role in education-and-self-development by emphasizing its commitment to fostering a strong and vibrant community, in alignment with its "Enhance the Shared Bethlehem Experience" initiative.
- The technology industry is significantly impacted by Lehigh University, as the university's wholly owned subsidiaries, such as the Manufacturers Resource Center and Ben Franklin Technology Partners of Northeastern Pennsylvania, play a vital role in the ventures connected to its programs.
