Lehigh's financially significant contribution to the local community reaches an astounding $1.4 billion, as per a recently published report.
Lehigh University Boosts Lehigh Valley Economy by $1.4 Billion
Lehigh University has made a significant impact on the Lehigh Valley community, contributing approximately $1.4 billion to the regional economy in Fiscal Year 2023-24, according to the latest Community and Economic Impact Report.
The university's contributions come from various sources, including payroll, university operations, student and business income, and local spending. This economic activity directly supported 6,235 jobs in the region.
As a major employer and purchaser, Lehigh is a critical driver of regional economic growth and stability. The university's presence is felt across the community, from local businesses to community service organisations.
Lehigh's commitment to entrepreneurship and innovation is evident in its strategic partnerships with local businesses and economic organisations. The university collaborates with the Bethlehem Economic Development Corporation (BEDCO), supports neighbourhood revitalization, and innovation initiatives like the Keystone Innovation Zone (KIZ) and SouthSide Arts District.
The university's research activities also play a crucial role in advancing economic opportunity and technological development. While precise dollar figures on research spin-offs are not specified in the report, Lehigh's innovation ecosystem is deeply integrated with community growth. The university is positioned as a hub connecting faculty, students, and local enterprises to drive forward knowledge-based growth.
Lehigh graduates currently employed in the regional workforce made a net impact of $122.5 million in added income in Fiscal Year 2024, equivalent to supporting 1,218 jobs.
The university's impact on the local economy through startup and spin-off companies and manufacturers connected to Lehigh programs totalled $796.9 million in added income.
Lehigh's research spending for the year was $48.1 million. The university's research activities led to 30 inventions, 35 patents, and one license.
The report also outlines various ways Lehigh partners with community organisations, businesses, local governments, and nonprofits. The partnership between Lehigh University and Lightcast conducted an economic impact and investment analysis for the fiscal year 2023-2024.
The report, titled Community and Economic Impact Report 2023-2024, was compiled from this analysis. The study evaluated the return on investment to stakeholders, including social savings related to health, the justice system, and income assistance in Pennsylvania. For every dollar invested in Lehigh, there is a cumulative value of $2.50 in benefits.
Lehigh University is recognised as an R1 research university by the Carnegie Classification of Institutions of Higher Education. Tracey King, associate vice president of external affairs, stated that Lehigh's success is intrinsically tied to the success of the community.
Visitors from outside the region add $12.3 million to the local economy and support the equivalent of 241 jobs. However, the report does not provide specific data on the economic impact of visitors on lodging, dining, and other spending.
The report also does not provide specific data on the number of jobs supported by the economic impact of Lehigh graduates remaining in the Lehigh Valley and entering the workforce or re-entering with newly acquired knowledge and skills. Similarly, the report does not provide specific data on the economic impact of Lehigh's investment in research on employment and purchasing of equipment, supplies, and services.
Despite these gaps, the report underscores Lehigh's focus on entrepreneurship, innovation, research, and extensive community engagement. These efforts combine to strengthen both the economic and social fabric of the region.
1) Lehigh University contributes significantly to the Lehigh Valley community through its commitment to education and self-development, as shown by its economic impact of $1.4 billion in Fiscal Year 2023-24.2) The university's focus on innovation is evident in its partnerships with local businesses and economic organizations, such as the Bethlehem Economic Development Corporation (BEDCO), to support neighborhood revitalization and innovation initiatives like the Keystone Innovation Zone (KIZ) and SouthSide Arts District.3) Lehigh University's alumni have a net impact of $122.5 million in added income in Fiscal Year 2024, equivalent to supporting 1,218 jobs, demonstrating their contribution to the region's business and finance sectors.4) Lehigh's research activities are crucial to the region's technological development, with the university serving as a hub for faculty, students, and local enterprises, driving knowledge-based growth.5) The university's extensive community engagement, which includes partnerships with community organizations, businesses, local governments, and nonprofits, is key to strengthening both the economic and social fabric of the Lehigh Valley.
