Lehigh's Financial Contribution to the Surrounding Community Reaches a Whopping $1.4 Billion, According to New Report
Lehigh University's Significant Economic Impact on the Lehigh Valley
Lehigh University's latest Community and Economic Impact Report for the fiscal year 2023-2024 reveals a substantial contribution to the Lehigh Valley's economy. The university's economic impact, equivalent to roughly 3.1% of the total gross regional product, is a testament to its vital role as a local employer and an economic engine.
The report, compiled by Lehigh in partnership with Lightcast, a labor market analytics company, reveals that the university's direct operations contributed $376.7 million in income to the region through payroll, operations, and local spending. This economic activity supported 6,235 jobs in the Lehigh Valley.
Beyond its direct operations, Lehigh graduates employed within the regional workforce made a net impact of $122.5 million in added income during the same fiscal year. This income supports approximately 5,467 jobs in the local economy.
Lehigh's research activities also contribute to the economy through employment and purchasing of equipment, supplies, and services. The report notes a research spending impact of $48.1 million.
In the realm of innovation and entrepreneurship, Lehigh's focus led to 30 inventions, 35 patents, and one license in the analyzed fiscal year.
The study also evaluates the return on investment to stakeholders, including social savings related to health, the justice system, and income assistance in Pennsylvania. Visitors from outside the region, including prospective students and alumni, add $12.3 million to the local economy and support the equivalent of 241 jobs.
Lehigh's partnerships with community organizations, businesses, local governments, and nonprofits are highlighted as a means of contributing to the community while addressing challenges and needs.
Tracey King, associate vice president of external affairs, stated that Lehigh's success is intrinsically tied to the success of the community, and the report provides evidence of Lehigh's significant impact on the region.
In summary, Lehigh University's economic impact for the year totaled $1.4 billion, demonstrating its role as a driving force for regional growth and a significant contributor to the Lehigh Valley's economy.
[1] Lehigh University's direct and indirect economic contributions to the Lehigh Valley. [2] Lehigh graduates' continued economic impact on the Lehigh Valley.
[3] The innovation, entrepreneurship, and research activities by Lehigh University generate economic value, contributing $48.1 million through research spending.
[4] Lehigh's focus on education and self-development also extends to the community, with its partnerships providing social savings in health, justice, and income assistance, amounting to a significant impact.
[5] Furthermore, alumni visiting the campus contribute $12.3 million to the local economy, supporting the equivalent of 241 jobs.
[6] In the domain of finance, the university's education and research activities have a lasting impact, driving the regional economy and fostering growth in the Lehigh Valley.
