John Kennedy, chief executive officer and president of the nonprofit New Jersey Manufacturing Extension Program, cited an independent third-party report showing NJMEP is earning a return on investment of 15.3 to 1.
Kennedy cited a new study by the W.E. Upjohn Institute that found the National Institute of Standards and Technology’s Manufacturing Extension Partnership Program generates an economic and financial return of 14.4 to 1 for the $140 million annually invested by the federal government.
The Manufacturing Extension Partnership is a federal public-private partnership that provides small- and medium-sized manufacturers technology-based services these firms need to grow and thrive in the economy and create well-paying manufacturing jobs. The MEP Program is managed by the National Institute of Standards and Technology and the U.S. Department of Commerce and is implemented through a network of 51 MEP Centers in every state and Puerto Rico.
These MEP Centers are not-for-profit organizations that employ a network of more than 1,300 industry experts who work directly with manufacturers to improve productivity and enhance American competitiveness.
Kennedy said that this new report focusing on the years of 2016 to 2018 shows the national average has risen to 14.4 to 1 and NJMEP’s has risen to 15.3 to 1.
Kennedy said New Jersey saw $653.2 million in increased and retained sales, $54.65 million in process improvements, and $180.19 million in capital investments for the years 2016, 2017, and 2018. As a result, the New Jersey Manufacturing Extension Program has created or retained 8,610 jobs.