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97-688: Downtown Campus - Abby Mahone Moravian Academy is a preschool through 12th-grade independent, co-educational, college preparatory school in the Lehigh Valley region of eastern Pennsylvania . Moravian Academy is the ninth oldest independent school in the United States. The school has more than 900 students and 200 employees from across the region located on three campus in Bethlehem, Pennsylvania and Allentown, Pennsylvania . The history of Moravian Academy dates back to 1742, and includes

194-517: A U.S. Department of Commerce program. The Lehigh Valley as a whole leads Pennsylvania in terms of population growth in the 18-to-34 year old demographic, according to 2020 census data. The Lehigh Valley's population growth is partly a result of a growing influx of residents from New Jersey and New York drawn to the Lehigh Valley's lower cost of living, its employment opportunities, and its close proximity to Philadelphia and New York City,

291-509: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way

388-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from

485-521: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if

582-587: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of

679-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in

776-448: A dramatic related economic downturn in the region. Bethlehem Steel continued functioning on a vastly reduced scale for a period, but ultimately ceased steel manufacturing entirely at its primary Bethlehem -based manufacturing plant in 1995. In 2001, the company filed for bankruptcy protection and, in 2003, the company was dissolved. In the late 20th and early 21st centuries, the downturn and ultimate demise of Bethlehem Steel, once one of

873-491: A friendlier regulatory environment, provide the area with a comparatively favorable business climate compared to surrounding metropolitan areas. Due in large part to this comparably favorable business climate and mature business support programs, the Lehigh Valley has been very successful in luring established businesses as well as new startup companies from higher cost areas such as New York and New Jersey, generating thousands of new jobs and significant new investments in

970-423: A global leader in steel and other heavy manufacturing industries, which represented a considerable portion of its employment and economic production for most of the 20th century. Beginning in the early 1980s, however, the region's heavy manufacturing sector experienced a rapid downfall, highlighted by the downsizing and ultimate closure of Bethlehem Steel , the world's second-largest steel manufacturer for much of

1067-482: A movement to reestablish manufacturing activities in the U.S., driven by customer demand for American-made products, faster product delivery, increased overseas wages, and inflated costs and extended timeframes for shipping has led to some renewed growth in the Valley's manufacturing sector. Several large companies from China and Germany have invested tens of millions of dollars into developing significant operations in

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1164-462: A popular maker of juice drinks and other fruit products, produces 40 percent of its total national beverage volume at its Lehigh Valley plant in Breinigsville. Due to Pennsylvania's lack of an excise tax on cigars and the Lehigh Valley's close proximity to major markets, the region is home to some of the nation's largest cigar distributors and retailers. The largest retail shopping area in

1261-511: A population of 873,555 as of 2023. Lehigh County is among Pennsylvania's fastest-growing counties, and the Lehigh Valley leads Pennsylvania in terms of population growth in the 18- to 34-year-old demographic, which constitutes a significant portion of the labor workforce . The region's core population centers are located in southern and central Lehigh and Northampton counties along Interstate 78 , Interstate 476 , Pennsylvania Route 309 , and U.S. Route 22 . The Lehigh Valley has historically been

1358-471: Is Allentown , the third-largest city in Pennsylvania and the county seat of Lehigh County, with a population of 125,845 residents as of the 2020 census . The Allentown– Bethlehem – Easton metropolitan area, which includes the Lehigh Valley, is Pennsylvania's third-most populous metropolitan area after those of Philadelphia and Pittsburgh , and the nation's 67th-largest metropolitan area with

1455-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by

1552-540: Is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund . The ratio of GDP to

1649-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring

1746-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by

1843-474: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much

1940-423: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities

2037-540: Is expected to have a total size of 1,100,000 square feet (100,000 m ) square feet and employ over 3,000 people. The Boston Beer Company operates its largest U.S. production brewery facility in Breinigsville in the Lehigh Valley, which produces over 2/3rds of all Samuel Adams beer globally. The company continues to upgrade and expand operations at this facility and has cited the location as central to its overall corporate success. Additionally, Ocean Spray ,

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2134-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors

2231-453: Is located geographically within a one-day drive to over a third of the U.S. population and over half of Canada's population, which has been a factor in its 21st century emergence as a North American leader in light manufacturing and commercial distribution . Gains in these and other industries have helped offset the significant losses the region had experienced from its late 20th century decline in heavy manufacturing. Since its settlement in

2328-407: Is located within the U.S. Northeast megalopolis with ease of access and close proximity to many of the nation's largest population centers, airports, terminals, railways, and seaports, including New York City , the nation's largest city , which is 90 miles (140 km) to its east, and Philadelphia , the nation's sixth-most populous city, which is 60 miles (97 km) to its southeast. The region

2425-532: Is one of the fastest-growing and largest economies in Pennsylvania with a total GDP of $ 43.8 billion that saw a five percent increase between 2016 and 2017 alone driven by strong manufacturing, financial, health care, and professional services industry segments. It is centrally located in the Northeast megalopolis with ease of access and close proximity to several of the largest U.S. markets, population centers, airports, terminals, railways, and seaports, including

2522-592: Is sometimes referred to as the nation's "second Inland Empire " for freight. Large national companies that own and operate warehouses and distribution centers in the Lehigh Valley include Amazon.com , B. Braun , Boston Beer Company (brewer of Samuel Adams brand beer), BMW , Bridgestone , FedEx SmartPost , FedEx Ground , Home Depot , J. C. Penney , Nestlé Purina , ShopRite , Stitch Fix , The Coca-Cola Company , Ocean Spray , Phillips Pet Food and Supplies, True Value , Uline , Zulily , and others. Most of these warehouses and distribution centers are located along

2619-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within

2716-453: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP

2813-749: The 47th Pennsylvania Infantry Regiment , which was established on August 5 and later proved influential in expanding the Union Army's reach into the Deep South , permitting it to launch successful attacks against Confederate positions in the Battle of St. Johns Bluff in 1862 and throughout the Red River campaign in the Trans-Mississippi theater and Sheridan 's Shenadoah Valley campaign across Virginia in 1864. These victories helped to tip

2910-565: The Coal Region , Lehigh and Northampton counties in the Lehigh Valley, and Warren County in the Skylands region of northwest New Jersey . As of 2023 census estimates, it is the 67th-largest metropolitan area in the nation with a population of 873,555. In July 2023, the area was added to the newly created Allentown - Bethlehem - East Stroudsburg PA-NJ Combined Statistical Area (CSA). This area also includes Monroe County in

3007-811: The Great Depression , feeding ports up and down the Delaware River , the Pennsylvania Canal , and transoceanic demand, and was integral to the industrialization of the greater Delaware Valley region. The Morris Canal , the 22–23 miles (35–37 km) anthracite coal feeder of the Delaware and Raritan Canal . and locks at New Hope on the Delaware Canal were built to fuel anthracite energy needs of Trenton , Newark , Jersey City , and New York City. In 1899, Bethlehem Steel

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3104-617: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP

3201-633: The Lehigh River in Lehigh and Northampton counties in eastern Pennsylvania . It is a component valley of the Great Appalachian Valley bounded to its north by Blue Mountain , to its south by South Mountain , to its west by Lebanon Valley , and to its east by the Delaware River and Warren County, New Jersey . The Lehigh Valley is about 40 miles (64 km) long and 20 miles (32 km) wide. The Lehigh Valley's largest city

3298-763: The Pocono Mountains region of Pennsylvania. As of the 2020 census, the Allentown-Bethlehem-East Stroudsburg, PA-NJ CSA had a population of 1,030,216, the 59th-largest CSA in the nation. The Lehigh Valley has four distinct seasons, which typically include hot and humid summers, cold winters, and short and mild springs and falls. It has a humid continental climate ( Dfa / Dfb ) and the hardiness zone ranges from 5b in higher elevation locations in northern Carbon County to 6b (the principal zone in Lehigh , Northampton , and southern Warren Counties). The 1991-2020 hardiness zone for

3395-882: The Waldorf Astoria hotel in New York City and Merchandise Mart in Chicago . Among major bridges, the company's steel was used to construct the George Washington Bridge and Verrazzano-Narrows Bridge in New York City, the Golden Gate Bridge in San Francisco , and the Peace Bridge between Buffalo and Fort Erie, Ontario . The Roosevelt administration relied heavily on Bethlehem Steel during World War II , utilizing

3492-472: The 18th century, the Lehigh Valley has been the birthplace or home to several notable Americans who have proven influential across a broad range of fields, including academia, art and music, business, government and politics, the military, professional and Olympic -level athletics, and other fields. The Lehigh Valley was settled over the first half of the 18th century largely by German immigrants fleeing war and religious persecution . Prior to their arrival,

3589-407: The 1980s, however, the region's manufacturing sector declined rapidly as a result of foreign competition, trade practices, operational costs, regulations, and other factors. The most prominent example was the plight of Bethlehem Steel , the world' second-largest manufacturer of steel for much of the 20th century. Headquartered in Bethlehem , Bethlehem Steel abruptly suspended most of its operations in

3686-415: The 20th century, Bethlehem Steel 's ascent was prominently associated with the emergence of the U.S. as both a world leader in global manufacturing and as the world's largest economy, and its late 20th century downfall has often been cited as an example of one of the nation's most prominent first stumbling points in the face of growing foreign trade competition and other economic challenges that contributed to

3783-478: The 20th century, and other Lehigh Valley–based manufacturing companies. The Lehigh Valley's economy struggled considerably before ultimately rebounding and since emerging in the 21st century as one of Pennsylvania's largest and fastest-growing economies. As of 2021, the Lehigh Valley's gross domestic product (GDP) is $ 50.960 billion, driven by diverse industry sector contributions from its finance, manufacturing, health care, and education, and information sectors. In

3880-548: The 21st century, the region also has emerged as a national center for the U.S. logistics industry, especially in warehousing and intermodal transport . The region's primary commercial airport is Lehigh Valley International Airport in Hanover Township ; the airport's air traffic has grown considerably in the 21st century, largely as a result of considerable growth in its commercial air cargo traffic, which exceeded 210 million pounds in 2016. The Lehigh Valley

3977-812: The Battle of Trenton, Washington returned to the city and region several additional times during and following the Revolution. Allentown also played a historical role in protecting the Liberty Bell from British capture following the fall of Philadelphia to the British Army on September 26, 1777, concealing the Liberty Bell for nine months from September 1777 to June 1778 under floor boards in Allentown's Zion Reformed Church . After Washington and

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4074-751: The Civil War in the Union's favor. On October 19, 1899, a monument in honor of the Lehigh Valley men killed in their volunteer service to the Union 's preservation, the Soldiers and Sailors Monument, was erected at Seventh and Hamilton streets in Center City Allentown , where it still stands. The opening of the Lehigh Canal in 1827 contributed significantly to transforming Allentown and

4171-570: The Continental Army's defeat at the Battle of Brandywine on September 11, 1777, the revolutionary capital of Philadelphia was left defenseless and Pennsylvania's Supreme Executive Council , anticipating Philadelphia's fall, ordered that eleven Philadelphia bells, including the Liberty Bell, then known as the State House Bell, be taken down and moved to present-day Allentown, which was then called Northampton Towne. In Allentown,

4268-491: The Lehigh Valley from a rural agricultural area dominated by German -speaking people into one of the nation's first urbanized industrialized areas. The Lehigh Valley underwent significant industrialization throughout the 19th and most of the 20th centuries and was a major manufacturing hub in the American Industrial Revolution . The Lehigh Valley is named for the Lehigh River , which runs through

4365-559: The Lehigh Valley in the Walking Purchase during the colonial period . Lenape Indians subsequently retaliated with raids against European settlers in the region throughout the 1750s and early 1760s, but were moved out of the region by the mid-1760s. In 1752, the region became part of Northampton County , and Lehigh County was later separated from Northampton County and formally established in 1812. Allentown and its surrounding communities played an important and historic role in

4462-800: The Lehigh Valley is the PA Route 145/MacArthur Road corridor, just north of Allentown in Whitehall Township , which is anchored by Lehigh Valley Mall and Whitehall Mall . Other Lehigh Valley malls include Palmer Park Mall in Easton, South Mall in Salisbury Township , and Westgate Mall in Bethlehem. In October 2006, The Promenade Shops at Saucon Valley , located off Route 309 in Upper Saucon Township in

4559-413: The Lehigh Valley was recognized by Site Selection magazine as the second-best performing region of its size for economic development in the nation and the best performing region in the Northeast U.S. . It was ranked by Fortune in 2015 as one of the top 10 best places in the U.S. to locate corporate finance and information technology operations, including call and IT support centers. Allentown,

4656-641: The Lehigh Valley's largest city, was cited as a "national success story" in April 2016 by the Urban Land Institute for its downtown redevelopment and transformation that has led to $ 1 billion worth of new development projects there between 2015 and 2019, one of only six communities nationally to achieve this distinction. The Lehigh Valley is one of the leading areas on the East Coast for warehouses and distribution centers . Because of this, it

4753-590: The Lehigh Valley, opened. The Promenade is roughly half the size of the Lehigh Valley Mall but features higher end stores not available in Lehigh Valley Mall. In 2011, The Outlets at Wind Creek Bethlehem opened at Wind Creek Bethlehem in Bethlehem, becoming the Lehigh Valley's first outlet mall. The Lehigh Valley is part of the Philadelphia television market, the nation's fourth-largest television market, and also receives television stations from

4850-849: The Lehigh Valley, which has generated thousands of new jobs in the region. As of 2024, the Lehigh Valley's five top private sector employers are: 1.) Lehigh Valley Health Network (headquartered in Allentown ); 2.) St. Luke's Hospital and Health Network (headquartered in Fountain Hill ); 3.) Amazon (with a 1,100,000 ft (335,280.0 m) square foot facility in Palmer Township ); 4.) Mack Trucks (with manufacturing headquarters in Macungie ); and 5.) Air Products (globally headquartered in Trexlertown ). The Lehigh Valley

4947-634: The Liberty Bell and other bells were hidden under floorboards at Zion Reformed Church on West Hamilton Street to protect them from being seized and melted down by the British Army for use as munitions. The region again proved influential in the American Civil War . Following the Union Army 's defeat at the Battle of Fort Sumter and Lincoln's April 15, 1861 proclamation calling for state militia to provide 75,000 volunteers to defend

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5044-475: The New York City and Scranton / Wilkes-Barre television markets. Lehigh Valley–based stations include WBPH-TV , a Christian television licensed to Bethlehem with studios in Allentown, WFMZ-TV , an independent commercial television station on South Mountain in Allentown, and WLVT-TV , the PBS station licensed to Allentown with studios in Bethlehem. Gross domestic product Gross domestic product ( GDP )

5141-474: The New York City and Philadelphia metropolitan areas. The Lehigh Valley is within a one-day drive to over a third of the U.S. population and to over half the population of Canada . The Valley has a lower cost of living, more affordable real estate, lower taxes, and a larger and more affordable labor pool than many other Northeastern U.S. metropolitan regions. These attributes and others, including sizable investments in business development incentive programs and

5238-612: The Revolution, establishing the first hospitals for treatment of wounded Continental Army troops at various city locations, including at the current location of the Farr Building at 739 Hamilton Street . As the Revolutionary War progressed, Washington and his commanders also established two POW camps in Allentown, one at 8th and Hamilton streets and another on Gordon Street, to house captured Hessian mercenaries . In addition to visiting Allentown after his victory at

5335-521: The Valley's north and South Mountain in the Valley's south. The Lehigh Valley is the lower part of the drainage basin of the Lehigh River. The Lehigh Valley has three principal cities: Allentown, Bethlehem, and Easton. The region is located between two of the nation's largest population centers, 90 miles (140 km) west of New York City , the nation's largest and world's 11th-largest city, and 60 miles (97 km) north of Philadelphia ,

5432-442: The Valley's southern U.S. Route 22 , Interstate 78 , and Interstate 476 corridors, which provide direct access to numerous major markets throughout the Northeast U.S. and beyond. In September 2018, FedEx Ground constructed their largest distribution hub in the country near Lehigh Valley International Airport at a cost of $ 335 million. This hub can process up to 45,000 packages per hour and employs over 2,000 people. By 2030, it

5529-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,

5626-404: The airport and lower elevations is 7a. The Lehigh Valley has a total population of 861,889 residents as of the 2020 U.S. census , making it the third-largest metropolitan area in Pennsylvania and 68th-largest metropolitan area in the nation. A 2018 American Community Survey conducted by the U.S. Census Bureau found that 87.1% of the Lehigh Valley's population was White American , 4.6%

5723-423: The area include transportation, retail trade, and restaurants and hospitality. As of 2020, the Lehigh Valley's total gross domestic product was $ 42.9 billion. The Lehigh Valley is known historically for its production of steel , Portland cement , silk , and apparel . Bethlehem Steel , founded in 1899 and based in Bethlehem, was a foundation of the Lehigh Valley's economy for nearly a century from 1899 through

5820-1432: The area's rapid growth, lower operational business costs, and its proximity to popular destinations as significant reasons for expanding their Lehigh Valley International Airport flights. Other large national and international companies either based in the Lehigh Valley or with significant operations there include Broadcom Corporation (in Allentown), Avantor Performance Materials (in Allentown), Air Products (in Trexlertown ), Crayola (in Easton), Buckeye Partners (in Emmaus ), HeidelbergCement (in Fogelsville ), Just Born (in Bethlehem, maker of Peeps candies), Mack Trucks (in Allentown), Martin Guitar (in Nazareth ), Olympus Corporation (in Center Valley ), OraSure Technologies (in Bethlehem), PPL Corporation (in Allentown), Wind Creek Bethlehem (in Bethlehem), Dun & Bradstreet (in Center Valley), Victaulic (in Easton), and others. In 2014, 2017, 2018, and 2019,

5917-456: The company to produce the steel necessary for shipbuilding, ammunition, and other military equipment that proved essential to the Allies ' ability to prevail in these conflicts. In the late 20th century, however, a variety of factors, including the practices of foreign competitors, began eroding Bethlehem Steel's once historical global leadership in steelmaking . In 1982, the company announced it

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6014-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In

6111-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP

6208-484: The early 1980s, declared bankruptcy in 2001, and was dissolved in 2003. Since the late 20th century, the Lehigh Valley has begun to recover from the loss of its once powerful manufacturing base and other industry sectors have emerged in the region, providing a more diversified regional economy. As of 2020, the Valley's top five industries were finance, manufacturing, health care and education, professional and business services, and information. Other major industry sectors in

6305-499: The early 1980s. At the pinnacle of its success, Bethlehem Steel was the nation's second-largest and one of the world's largest steel manufacturers. Bethlehem Steel was instrumental in the development of many of the nation's most prominent 20th century infrastructure projects. Its steel was used to build 28 Liberty Street , Chrysler Building , the Empire State Building , Madison Square Garden , Rockefeller Center , and

6402-512: The emergence of the American Revolution . Some of the first resistance to British colonialism began in Allentown and its surrounding Lehigh County communities in the Lehigh Valley. As early as June 21, 1774, patriot forces in Allentown began meeting to formulate resistance plans to British colonial governance. On December 21, 1774, a Committee of Observation was formally established by Allentown-area patriot militias. Following

6499-521: The first time on July 8, 1776 at noon. Following their victory at the Battle of Trenton several months later, Washington and his Continental Army staff traveled through the present-day Lehigh Valley, proceeding up Lehigh Street , which was then called Water Street. Washington and his staff stopped at the foot of Lehigh Street at a large spring on what is the present-day Wire Mill Arboretum in Allentown. They rested there, watered their horses, and then proceeded to their post of duty. Allentown supported

6596-674: The following highlights: The History of the Swain School The Beginning School includes preschool and kindergarten classes on the Downtown and Swain Campuses. The Lower School serves students in first through fifth grades on the Downtown and Swain Campuses. The Upper School serves ninth through 12th grade students on the Merle-Smith Campus. Henrietta Benigna Justina von Zinzendorf , founded

6693-463: The heavy manufacturing companies that had been the region's foundation for decades, the Lehigh Valley began developing other economic sectors, including financial services, health care, life sciences, and technology. The Lehigh Valley also began emerging as a national warehouse and distribution hub, due in part to its proximity to many of the largest U.S. markets and relatively lower operating costs compared to other Northeast U.S. regions. More recently,

6790-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income

6887-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by

6984-684: The international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as

7081-427: The most iconic and prominent symbols of American global economic power and leadership, emerged as an example cited by those who believe American global economic leadership is now in either gradual or even rapid descent. In 2023, U.S. News & World Report ranked the Lehigh Valley the ninth-best place in the nation to retire. Also in 2023, realtor.com ranked the Lehigh Valley "the 21st hottest housing market" in

7178-464: The nation's sixth-largest and world's 68th-largest city. The region borders Carbon County and the Coal Region to its north, the Delaware River and Warren County, New Jersey to its east, Bucks and Montgomery Counties in suburban Philadelphia to its south, and Berks and Schuylkill Counties to its west. The Allentown-Bethlehem-Easton, PA-NJ Metropolitan Statistical Area is a Metropolitan Statistical Area that includes Carbon County in

7275-437: The nation's emergence of its Rust Belt . In 1982, following nearly a century of global leadership, growth, and profitability in steel manufacturing, Bethlehem Steel abruptly reported operating losses of $ 1.5 billion, citing foreign competition from Asian economies and costly U.S. governmental regulations and labor costs for the losses. The company abruptly reduced operations, resulting in considerable Lehigh Valley layoffs and

7372-461: The nation's sixth and largest cities, respectively. The Valley's population is expected to increase by 227,000 people by 2040, making it one of the fastest-growing areas in the state and nation. Median household income for the region increased from $ 57,288 to $ 62,507 between 2015 and 2019. The Lehigh Valley's economy has been known historically and globally for its leadership throughout the 19th and 20th centuries in heavy manufacturing. Beginning in

7469-476: The nation. The Lehigh Valley is geologically and geographically part of the Great Appalachian Valley , a geographic region made up of limestone that stretches along the eastern edge of the Appalachian Mountains . The Lehigh Valley is so named because it is located geographically within an actual valley formed by the Lehigh River that lies between two mountain ridges, Blue Mountain in

7566-610: The national capital in Washington, D.C. , Allentown immediately deployed its Allen Infantry, which defended Washington, D.C. from Confederate attack following Fort Sumter 's fall. Also known as the Allen Guards, the Allen Infantry mustered in for duty on April 18, 1861. During the late summer and early fall of 1861, members of this unit and other volunteers from within and beyond the Lehigh Valley came together to form

7663-463: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from

7760-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to

7857-512: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value

7954-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as

8051-471: The region was inhabited by Lenape Indian tribes, who hunted, fished, and quarried jasper in the region. The region was initially established in 1682 as part of Bucks County . Shelter House in Emmaus , constructed in 1734 by Pennsylvania German settlers, is the oldest still-standing building structure in the Lehigh Valley and believed to be one of the oldest in the state. In 1737, sons of provincial Pennsylvania founder William Penn acquired much of

8148-561: The region. Large companies such as Amazon.com have praised the Lehigh Valley for its commitment to business support, infrastructure investment, and incentive programs, citing these as major reasons for their continuing expansions and increased hiring in the region and Allegiant Air , a low-cost budget airline, opened a new flight base at the Lehigh Valley International Airport in February 2020, noting

8245-465: The region. It owes much of its development and history to anthracite coal , timber , and ore that was only commercially possible with the development of the Lehigh Canal and the Lehigh Valley's extensive railway infrastructure that permitted these minerals and later the region's manufactured steel to be transported for sale in major national and overseas markets. The Lehigh Canal operated into

8342-587: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020

8439-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of

8536-420: The school in 1742. Since then, the heads of the school have been: 40°40′44″N 75°18′42″W  /  40.678945°N 75.311794°W  / 40.678945; -75.311794 Lehigh Valley 40°42′N 75°30′W  /  40.700°N 75.500°W  / 40.700; -75.500 The Lehigh Valley ( / ˈ l iː h aɪ / ) is a geographic and metropolitan region formed by

8633-610: The signing of the Declaration of Independence , the Colonial British government in Allentown began dissolving and these patriot militias seized control, pressuring Tories out of the region. In recognition of the strong pro-revolutionary sentiment in the region, Easton was one of only three designated locations, along with Philadelphia and Trenton, New Jersey , where the Declaration was read aloud in public for

8730-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference

8827-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within

8924-439: The total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on

9021-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give

9118-486: Was Black or African American, 0.1% was American Indian , 2.3% was Asian American, 0.1% was Native Hawaiian , 0.1% were Pacific Islander Americans , 4.3% were of some other race, and 1.5% belonged to two or more races. Hispanics and Latinos of any race made up 11.3% of the population and represent the Lehigh Valley's fastest-growing demographic. Lehigh County is in the top 1% of all U.S. counties for inward migration from international locations, according to Select USA ,

9215-408: Was discontinuing most of its operations. In 2001, the company declared bankruptcy. In 2003, it was dissolved. Throughout the late 20th century, other heavy manufacturing companies in the Lehigh Valley that once served as backbones for the region's economy suffered similarly, either downsizing significantly or dissolving, which destabilized the region considerably. In the early 2000s, seeking to replace

9312-493: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by

9409-701: Was formed in Bethlehem in the Lehigh Valley. The company developed into the nation's second-largest manufacturer of steel , and its steel was used in developing many of the nation's earliest and largest infrastructure and building projects, including the Empire State Building , Madison Square Garden , and Rockefeller Center in New York City, Merchandise Mart in Chicago , the George Washington , Verrazzano , and Golden Gate Bridges, and warships and other military equipment that proved essential in American-led victories in both World Wars. During

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