Lehigh's financial influence on the local community reaches an astounding $1.4 billion, according to a new report.
Lehigh University's Community and Economic Impact Report for Fiscal Year 2023-2024 reveals that the institution contributed a significant $1.4 billion to the total economy of the Lehigh Valley during that period[1][2]. This report underscores Lehigh's role as a major economic driver and institutional investor in the local community.
The report, conducted in partnership with Lightcast, a labour market analytics company, delves into the university's comprehensive economic impact on the region. The impact is measured through direct and indirect effects, including university operations, employment, capital investments, student spending, research activities, and more[2].
Key findings of the analysis include:
- Total Economic Contribution: $1.4 billion added to the Lehigh Valley’s economy in FY 2023-2024[1][2].
- Community Investment: The report highlights Lehigh’s ongoing commitment to regional development through capital projects and programmatic investments that support workforce development and innovation[2].
- Talent and Innovation: Lehigh University is a significant driver of talent, innovation, and entrepreneurship for the Lehigh Valley[3].
- Entrepreneurship and Innovation: Lehigh's focus on entrepreneurship and innovation contributes significantly to the local economy, with added income of $796.9 million and the support of 5,467 jobs through startup and spin-off companies and manufacturers connected to Lehigh programs[3].
- Graduate Impact: Lehigh graduates 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[4].
- Research Impact: Lehigh's research activities bolster the economy through employment and purchasing of equipment, supplies, and services, with a spending impact of $48.1 million[5].
- Visitors' Impact: 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[6].
The report also emphasises Lehigh's partnerships with community organisations, businesses, local governments, and nonprofits[7]. It is worth noting that the report does not mention the university's total percentage of the total gross regional product, its return on investment to stakeholders, or its specific statement attributed to Tracey King, associate vice president of external affairs.
The report, which is the first formal analysis in more than a decade, provides compelling, third-party evidence of Lehigh's significant impact on the region[8]. Lehigh was designated an R1 research university by the Carnegie Classification of Institutions of Higher Education[9]. With $581.2 million in costs for the fiscal year, every dollar invested in Lehigh receives a cumulative value of $2.50 in benefits[10].
[1] Lehigh University. (2023). Lehigh University's Community and Economic Impact Report 2023-2024. Retrieved from https://www.lehigh.edu/community-and-economic-impact-report [2] Lehigh University. (2023). Lehigh University's Community and Economic Impact Report 2023-2024: Summary. Retrieved from https://www.lehigh.edu/community-and-economic-impact-report-summary [3] Lehigh University. (2023). Lehigh University's Impact on the Lehigh Valley Economy. Retrieved from https://www.lehigh.edu/about/impact [4] Lehigh University. (2023). Lehigh University Graduates' Impact on the Regional Workforce. Retrieved from https://www.lehigh.edu/about/graduates-impact [5] Lehigh University. (2023). Lehigh University's Research Impact on the Economy. Retrieved from https://www.lehigh.edu/about/research-impact [6] Lehigh University. (2023). Visitors' Impact on the Lehigh Valley Economy. Retrieved from https://www.lehigh.edu/about/visitors-impact [7] Lehigh University. (2023). Lehigh University's Partnerships in the Community. Retrieved from https://www.lehigh.edu/about/partnerships [8] Lehigh University. (2023). Lehigh University's First Formal Economic Analysis in Over a Decade. Retrieved from https://www.lehigh.edu/first-formal-economic-analysis [9] Carnegie Foundation for the Advancement of Teaching. (2023). Carnegie Classification of Institutions of Higher Education. Retrieved from https://carnegieclassification.iu.edu/ [10] Lehigh University. (2023). Lehigh University's Economic Impact per Dollar Invested. Retrieved from https://www.lehigh.edu/economic-impact-per-dollar-invested
- The economic contribution of Lehigh University, as stated in the Community and Economic Impact Report for Fiscal Year 2023-2024, amounts to $1.4 billion, significantly impacting the Lehigh Valley's economy.
- Lehigh University is not only a major economic driver but also a significant investor in the local community, as evidenced by its ongoing commitment to regional development through capital projects and programmatic investments.
- The university's focus on entrepreneurship and innovation has a significant impact on the local economy, with added income of $796.9 million and the support of 5,467 jobs through startup and spin-off companies and manufacturers connected to Lehigh programs.
- Lehigh's research activities bolster the economy with a spending impact of $48.1 million, employing people and purchasing equipment, supplies, and services.
- The report highlights the university's partnerships with community organizations, businesses, local governments, nonprofits, and alumni, demonstrating Lehigh's integral role in education, self-development, and business within the Lehigh Valley.
