CEDAR KNOLLS, N.J., Dec. 16, 2020 /PRNewswire/ -- The New Jersey Manufacturing Extension Program, Inc. (NJMEP) announces that its total impact to manufacturers within the first three quarters of 2020 is $ 1,128,235,302.
Over the first three quarters of 2020, manufacturers reported:
- over $463 million in New & Retained Sales
- over $298 million in Process Savings
- over $366 million in Capital Improvements & Investments
- over 3,400 New and Retained jobs
NJMEP was instrumental in helping manufacturers experience a total impact of over $1.1 Billion.
The Center works directly with New Jersey manufacturers to provide expertise and services tailored to meet critical needs including process improvements, workforce training, business strategy development and cybersecurity guidance. These services help manufacturers accelerate and strengthen growth and competitiveness in the global marketplace.
NJMEP's Annual Metrics has scored them as one of the top centers (out of 51 MEP Centers) in the country over the past 20-years.
"The economic impact reinforces the importance of manufacturing on New Jersey's economy," stated John W. Kennedy, Ph.D, CEO, NJMEP. "While the collective impact is impressive, the services provided is essential to improving the competitiveness of New Jersey's manufacturers," adds Kennedy.
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, our role is to help manufacturers navigate these unprecedented times and provide the tools, training and resources they need to succeed. With our staff of industry and business experts, we are uniquely positioned to help the manufacturers with their toughest challenges," said Kennedy. "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," adds Kennedy.
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 $5.4 billion in value. Our services are categorized into the following three areas: Operational Excellence, Innovation and Growth Strategies, and Workforce Development. NJMEP also has a signature philanthropic program, Manufacturing Cares, which is designed to provide a platform for manufacturers to give back to the community by pooling efforts to increase our impact.
SOURCE New Jersey Manufacturing Extension Program