NJMEP’s economic effect tops $1.1B for first 3/4 of 2020, survey finds

The New Jersey Manufacturing Extension Program’s economic effect on the state’s manufacturing community topped the $1.1 billion mark for the first three quarters of the year, according to the NJMEP’s latest impact survey.

The Cedar Knolls-based organization said in a news release this month that its total impact on manufacturers for the first nine months of the year was $1,128,235,302, including:

  • More than $463 million in new and retained sales;
  • More than $298 million in process savings;
  • More than $366 million in capital improvements and investments.

In addition, the impact included more than 3,400 new and retained manufacturing jobs, the NJMEP said. The organization works directly with manufacturing companies in the Garden State, providing expertise and services tailed to the industry’s critical needs.

“The economic impact reinforces the importance of manufacturing on New Jersey’s economy,” CEO John Kennedy said in a prepared statement. “While the collective impact is impressive, the services provided is essential to improving the competitiveness of New Jersey’s manufacturers.”

NJMEP utilizes a neutral, third-party firm to survey companies after they complete a project, quantifying the impact NJMEP services had on the business.

“During the COVID-19 crisis, our role is to help manufacturers navigate these unprecedented times and provide the tools, training and resources they need to succeed,” Kennedy said.