The New Jersey Economic Development Authority (NJEDA) will open applications for the Next New Jersey Manufacturing Program (NNJMP) on Sept. 25. The program will encourage growth in New Jersey’s manufacturing sector by offering long-term benefits to manufacturing companies.
Last month, Gov. Phil Murphy signed into law legislation that established the $500 million tax credit program.
The Next NJ Manufacturing Program is a tax credit initiative designed to boost investment, create jobs, and solidify the state’s manufacturing industry. Â
The program provides tax credits up to $150 million per project for manufacturers and clean energy producers and reserves $100 million for clean energy businesses in the program’s first two years.
NNJMP provides tax credits to qualifying businesses that invest at least $10 million into New Jersey-based facilities and create at least 20 full-time jobs.
The Next New Jersey Manufacturing Program will offer bonuses to companies holding New Jersey business certifications, such as minority and women business enterprises, businesses in opportunity zones, or companies that have collective bargaining agreements or labor harmony agreements in place.
The program was applauded by business groups including the New Jersey Business and Industry Association, the New Jersey Chamber of Commerce, and the New Jersey Manufacturing Extension Program Inc.
Eligible applicants include businesses in manufacturing industries, such as advanced manufacturing, non-retail food and beverage, defense, clean energy, and life sciences.         Â
Applications will open Sept. 25 at 10 a.m. For more information, email nextnjmfg@njeda.gov.Â
Industry snapshot
- In 2023, there were over 252,000 people employed in 10,000 establishments classified as manufacturing in New Jersey.
- The state’s manufacturing industry contributed more than $52.6 billion to the gross state product in 2023, making up 8.8% of the total.
- The average annual wage for manufacturing employees in New Jersey was $96,500, 19.3% above the state average.Â
- Manufacturing employers paid a total of $24.3 billion in total wages in 2023, 8.2% of all wages paid in the state.
