NJMEP generates economic impact of more than $1.1B in first 3 quarters

The non-profit New Jersey Manufacturing Extension Program said its services produced an economic impact of nearly $1.3 billion for the state’s manufacturers over the first three quarters of 2020, according to the organization’s 3rd Party Client Survey.

So far this year, manufacturers have reported more than $463 million in new and retained sales; nearly $300 million in process savings; and more than $366 million in capital improvements and investments. In addition, the industry showed more than 3,400 new and retained jobs. Based in Cedar Knolls, NJMEP works directly with manufacturing companies in such areas as process improvements, workforce training, business strategy development and cybersecurity guidance.

“With our staff of industry and business experts, we are uniquely positioned to help the manufacturers with their toughest challenges,” NJMEP chief executive officer John Kennedy said in a Dec. 16 statement. “NJMEP continues to work very closely with the Legislative Bipartisan Manufacturing Caucus and Governor Murphy to support these manufacturers through this extraordinary time and ensure they can recover and continue to thrive in the post-COVID business environment.”

NJMEP said the client survey is conducted by an outside firm and is designed to quantify the organization’s contributions to the industry. Clients are asked to assess NJMEP’s services and assistance on production capacity, sales opportunities, cost avoidance and investment opportunities. The organization said it consistently ranks near the top among all 51 MEP centers around the country.

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

Kennedy and the NJMEP have also been active in the effort to shore up domestic supply chains with the COVID-19 pandemic exposing vulnerabilities in the existing, often far-flung systems. The organization compiled a Critical Supply Chain List of manufacturers who pivoted to making personal protection equipment when that gear was hard to find. And it is working with U.S. Sen. Robert Menendez on a measure that would establish a national supply chain database to fill such gaps in the future.