Maybe Billy Joel had it wrong.

The Lehigh Valley's gross domestic product or GDP has risen to record levels, according to a new report released by the U.S. Department of Commerce’s Bureau of Economic Analysis.

The valley's GDP reached $36.97 billion with manufacturing becoming the region's largest economic sector.

The data, which is for 2015, shows manufacturing jumped from the third largest output sector of the Lehigh Valley economy in 2014 to its largest sector last year, generating $5.56 billion or 15 percent of the Lehigh Valley’s overall GDP.

“It may no longer be your grandfather’s manufacturing in the Lehigh Valley, but it is certainly alive and well and growing,” said Don Cunningham, President and CEO of the Lehigh Valley Economic Development Corporation.

With a $1.6 billion increase over the previous year, the regional GDP now ranks 73rd out of the 382 largest metropolitan statistical areas in the United States.