CEDAR KNOLLS, N.J.--(BUSINESS WIRE)--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, and quarterly client surveys.
The $3.6 billion in value was realized through:
- $2.64 billion in 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,” states 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. Thus, both client satisfaction and impact measurement are essential elements of all MEP projects.
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 $3.6 billion in value. Services are categorized into the following three areas: Operational Excellence, Innovation and Growth Strategies, and Workforce Development.