Lehigh Valley’s economy has once again reached record heights, continuing a five-year consecutive growth spurt and surpassing the gross domestic product’s $41 billon mark for the first time ever in regional history, says the Lehigh Valley Economic Development Corporation.

The GDP’s rise to $41.2 billion is a 4.4% increase over the previous year. The figures, which measure the region’s economic output, were released Dec. 12 by the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA). The information is gathered from 2018 -- the most recent year for which measurable GDP data is available.

According to the data, the Lehigh Valley’s GDP ranks 66th out of the 384 largest metropolitan areas in the United States, and is larger than that of the entire states of Vermont ($28.5 billion) and Wyoming ($32.8 billion). LVEDC Director of Research and Analysis George Lewis, who analyzed the data compiled by the World Bank, said if the region were a country, its economy would be the 90th largest worldwide.

“The Lehigh Valley is continuing its largest period of economic growth since the early 20th Century,” said Don Cunningham, LVEDC’s president and CEO. “What’s most significant is the balanced growth across numerous sectors that employ a full range of skills and educational levels from professional office to advanced manufacturing to medical technology to e-commerce and industrial.”

Manufacturing, the LVEDC said, continues to drive much of the Lehigh Valley’s economic growth. It’s the region’s second-largest economic sector, making up $7.3 billion (or 17.7%) of the overall Lehigh Valley GDP.

Finance, insurance and real estate also were once again the largest sector in the Lehigh Valley economy, making up $7.8 billion or 18.9% of the total GDP. Education and health care makes up $6.1 billion or 14.8% and professional and business services makes up $5.1 billion or 12.4%, according to the data.

The regional economy saw year-over-year growth in nearly all sectors. Below is a sector-by-sector breakdown of the Lehigh Valley’s 2018 GDP, along with the percentage change from the previous year:

Finance, Insurance and Real Estate : $7.8 billion -- up 5.4%

Manufacturing: $7.3 billion -- up 5.8%

Education and Health Care: $6.1 billion -- up 7%

Professional and Business Services: $5.1 billion -- down 1.9%

Wholesale Trade: $3 billion (not reported in 2017)

Retail Trade: $2.4 billion -- up 4.4%

Transportation and Warehousing: $2.3 billion -- up 9.5%

Information: $2.1 billion -- up 10.5%

Construction: $1.8 billion (not reported in 2017)

Arts, Entertainment, Accommodation & Food Services: $1.7 billion -- no change

The regional GDP increased from an adjusted $39.4 billion in 2017 to $41.2 billion in 2018, according to the BEA. However, the LVEDC said figures from 2017 may be different than previously reported because the BEA continually adjusts its data to account for new information and projections.

The $41.2 billion GDP is based upon private sector economic data and does not include government spending. If government spending were added, the regional GDP would increase to $45 billion, the LVEDC said.

Pamela Sroka-Holzmann may be reached at pholzmann@lehighvalleylive.com. Follow her on Twitter @pamholzmann. Find lehighvalleylive.com on Facebook.