NJMEP Receives Extraordinary Results from Impact Survey
CEDAR KNOLLS, N.J., Sept. 3, 2020 /PRNewswire/ -- The New Jersey Manufacturing Extension Program, Inc. (NJMEP) announces that its total impact to manufacturers over the 1st six months of 2020 is $345,920,685.
NJMEP has worked with clients and secured a strong return on investment of 30:1 in the first half of 2020.
Over the first 6 months of 2020, manufacturers reported:
- over $245 million in New & Retained Sales
- over $29 million in Process Savings
- over $70 million in Capital Improvements & Investments
- over 2,100 New and Retained jobs
NJMEP was instrumental in helping manufacturers experience a total impact of over $345 million.
The 12-month average impact for NJMEP between 2000-2019 is over $203 million with over 1,780 New and Retained jobs. In 2020, COVID-19 created an environment where NJMEP had to go above and beyond to keep the industry intact.
NJMEP's Annual Metrics has scored them in the top 3 (out of 51 MEP Centers) in the country over the past 20-years.
"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. 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," says John W. Kennedy, Ph.D, CEO, NJMEP.
NJMEP has an ongoing process to determine its economic impact by surveying companies through a neutral, third-party survey firm after completing a project. Clients quantify the impact NJMEP's services have had on their companies. These services include assistance and 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.
"During the COVID-19 crisis, NJMEP has continued to work very closely with thousands of manufacturers and the Legislative Bipartisan Manufacturing Caucus to support these businesses through this unprecedented time and ensure they can recover and continue to thrive in the post COVID business environment. All New Jersey manufacturers are essential. The employees are unsung heroes. And manufacturing will continue to push the state and nation forward," said John W. Kennedy, Ph.D, CEO, NJMEP.
NIST MEP created the Emergency Assistance Program to support US small and medium-sized manufacturers as a response to the COVID-19 pandemic. This program was made possible by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). NJMEP jumped at the opportunity to secure additional funds for NJ manufacturers. These funds are being used to prevent, prepare, and help businesses respond to the numerous disruptions caused by Coronavirus.
By concentrating on Workforce Development, providing Technical Resources, and Supply Chain Support, NJMEP developed a comprehensive suite of services to support manufacturers' specific needs during this time.
"NJMEP also created a supply chain database. It comprised of manufacturers that can assist in the production of PPE and identified companies that were experiencing supply chain disruptions. This database was then shared with state and federal delegates and the NJEDA to ensure the nations supply chain didn't break," said Robert Stramara, COO, NJMEP.
About NJMEP:
NJMEP is a private, not-for-profit organization that improves the profitability and competitiveness of New Jersey's manufacturers. Backed by the National Institute of Standards and Technology (NIST), NJMEP enables organizations to enhance their productivity and efficiencies, reduce costs, and improve employee performance. For more than 20 years, NJMEP has used its extensive network of connections and proven track record of success to help manufacturers adapt to the latest innovative technologies and best practices to realize more than $4.31 billion in value. Services are categorized into the following three areas: Operational Excellence, Innovation and Growth Strategies, and Workforce Development.
SOURCE New Jersey Manufacturing Extension Program
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