How important is the New Jersey Manufacturing Extension Program to the sector in New Jersey? It’s worth $3.6 billion and more than 30,000 jobs since 2000, it said Tuesday.
According to NJMEP, the $3.6 billion in value came from three sources:
- $2.64 billion in increased sales/revenue
- $369 million in process savings
- $600 million in capital investments
The group said its numbers reflect its impact from 2000 through the second quarter of 2017.
John Kennedy, the CEO of NJMEP, said the numbers illustrate the importance of the organization to the state economy — and how NJMEP can help those in the sector.
“The economic impact illustrates the importance of supporting programs that help manufacturers become more efficient in terms of production processes, labor utilization and energy consumption,” he said.
“We can help manufacturers identify growth opportunities, upgrade critical employee skills, improve production efficiencies, cut energy costs, improve supply chain performance and enhance customer satisfaction. Tough times sort out the competition, but they can also propel the growth of well-prepared firms that implement the initiatives needed to become next generation manufacturers capable of surviving in a global economy.”
Kennedy said the NJMEP has an ongoing process to determine its economic impact by surveying companies through a neutral, third-party survey firm approximately a year after completing a project.
Clients, he said, quantify the impact NJMEP’s services have had on their companies.
NJMEP said its services include implementation projects where the client realizes significant operational improvements and increases in production capacity, sales opportunity, cost avoidance and investment opportunities.
Kennedy said the NJMEP is ranked among the top-performing centers based on the results of independent, third-party and quarterly client surveys.