During yesterday’s legislative session, S1957 and A3756 received 100% support from the New Jersey State Senate and General Assembly. The bill establishes a permanent new source of funding of up to $1.5 million for the New Jersey Manufacturing Extension Program, Inc., (NJMEP).
The bill that now needs to be signed by Gov. Phil Murphy, calls for $1.5 million to be invested annually in NJMEP to help stimulate job growth – especially in underserved communities, including to industries re-engineering to make PPEs and to help domesticate the New Jersey supply chain in the wake of the COVID-19 pandemic activities. The program will be guided by NJMEP, which plans to also use these funds to open a southern New Jersey operation to make sure this training and jobs program is equally effective throughout the state.
NJMEP’s extensive engagement and collaboration with the state’s manufacturers, educators, and government leaders – and the resulting economic impacts and Return on Investment were key in obtaining the state funding. NJMEP has a history of high marks within the national program’s performance metrics, and in the first six months of 2020, the organization set records as the number one MEP center in the country. More significantly, the Center has helped its clients collectively achieve more than $4.63 billion in economic impact in New Jersey. This goes along with a consistent 15:1 ROI that grew to 30:1 during the past 9-months of work during the Pandemic.
“New Jersey’s economy was built on the strength of our manufacturing industry and this bill gives NJMEP a targeted boost to help accelerate job growth, drive business, and help manufacturers compete in the global economy,” said John W. Kennedy, Ph.D, CEO, NJMEP. “NJMEP will help New Jersey manufacturers stay ahead of the curve, and help manufacturers create jobs here in the Garden State,” adds Kennedy.
“We are grateful for the Senators and Assembly Members, including those on the Legislative Manufacturing Caucus, for coming together in a bi-partisan way to approve the passing of the bill allowing NJMEP to receive annual funding,” continues Kennedy. “This bill is transformational for our state. It will help ensure that products and critical Industry innovation will continue to be made in right here in New Jersey and that we can continue providing professional development programs to New Jersey residents, especially those in underserved communities. We look forward to Governor Murphy signing this historic bill into law very soon,” adds Kennedy.
To access more business news, visit NJB News Now.Related Articles: