The Allentown Economic Development Corp. today announced the aggregated results of its annual incubator client impact survey.
The results are the best the organization has seen since 2012, when the annual surveys were started.
With 11 client companies at AEDC’s incubator hub – Bridgeworks Enterprise Center – the survey indicated that in 2015 the businesses earned more than $4.1 million in revenue, more than doubling the $1.92 million the companies earned in 2012.
The employment numbers for the companies also is impressive, with the companies collectively employing 26 full-time workers and another 39 as part-time or contracted. More than $1.12 million was paid to employees in total salaries, wages and contractor fees.
This marks a 50 percent increase in the number of people employed by incubator clients from 2013 to 2015 and an 84 percent increase in wages paid to employees over the same time frame.
“We are very excited to see that our Bridgeworks clients are growing their businesses year after year,” said Anthony Durante, program manager of AEDC. “Helping new companies launch and grow so that they can create livable wage jobs is a critical aspect of the mission of AEDC and the business incubator.
“Ultimately, it creates a better quality of life for citizens of Allentown and the Lehigh Valley.”
The annual survey gathers data on job creation, company revenues and obtained loans, grants and equity investments. That data are aggregated into a report that demonstrates the economic impact that the incubator has upon the Allentown and Lehigh Valley communities.
“As with any organization, especially a nonprofit like ours, being able to clearly demonstrate to stakeholders like our board of directors, community partners and financial supporters that AEDC is accomplishing the goals of its mission is vital,” said AEDC executive director Scott Unger.
AEDC is an independent nonprofit organization dedicated to a mission of identifying, encouraging, developing and managing strategic business opportunities for the benefit of Allentown, its citizens and the Lehigh Valley.
Its goal is to improve vacant and underutilized properties by assisting manufacturers, business owners and entrepreneurs in obtaining the resources and opportunities they require for success in Allentown. AEDC offers access to financing and incentives, assistance with brownfield remediation and support for growing businesses in the city.
Over the course of its 27-year existence, the Bridgeworks Enterprise Center, founded in the refurbished Mack Trucks Plant 4A in 1989, has helped launch more than 70 companies in Allentown that have created more than 300 jobs.
Bridgeworks is home to Architrep LLC, ColdEdge Technologies, The Colony Meadery, County Seat Spirits, HiJinx Brewing Co., JH Plastics LLC, LightLab International Allentown LLC, MTS Ventures, Polymer Contours Inc. and Zzyzx Polymers LLC.