The New Jersey Manufacturing Extension Program, Inc. (NJMEP) announces that its programs and services have helped New Jersey manufacturers realize more than $3.6 billion in value. NJMEP has also enabled New Jersey manufacturers to create or retain more than 31,100 jobs for the state’s economy.
The numbers reflect NJMEP’s impact from 2000 through second quarter 2017. NJMEP is ranked among the top performing centers based on the results of independent, third party, quarterly client surveys.
The $3.6 billion in value was realized through the following:
- $2.64 Billion Increased Sales/Revenue
- $369 Million In Process Savings
- $600 Million In Capital Investments
“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,” says John W. Kennedy, Ph.D., CEO of NJMEP. “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.”
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 quantify the impact NJMEP’s services have had on their companies. These services include implementation projects where the client realizes significant operational improvements and increases in production capacity, sales opportunity, cost avoidance, and investment opportunities. And thus, both client satisfaction and impact measurement are essential and critical elements of all MEP projects.