Despite perceptions to the contrary, manufacturing continues to play a vital role in New Jersey’s economy, according to a new analysis by the NJ Policy Research Organization (NJPRO) Foundation, an affiliate of the New Jersey Business & Industry Association.
NJPRO released the report as New Jersey celebrates Manufacturing Week from September 28 through October 2.
“NJPRO’s latest report is perfectly timed for NJ Manufacturing Week,” stated NJPRO Chairman John Rogers. “Manufacturing continues to be a strong economic force, providing well-paying jobs and driving exports of American-made goods. What’s more, the health of New Jersey’s manufacturing sector fares pretty well when compared to that of other states’.”
According to “Facts for Discussion, Manufacturing in New Jersey,” advanced manufacturing employees make on average nearly $100,000 per year, making New Jersey the fifth best state for compensation. In 2013, the state ranked 15th in manufacturing output making $45 billion in products, and in 2014, ranked 13th in goods exported, selling more than $32 billion.
“New Jersey manufacturers excel through efficiency and expertise,” said NJPRO Executive Director Sara Bluhm. “Technological advances, ‘lean’ manufacturing processes and increasingly sophisticated operations are all areas where New Jersey manufacturers as a group excel.”
“NJPRO’s Facts for Discussion shows that manufacturing needs to be at the center of New Jersey’s economic development strategy for the simple reason that manufacturing has such a big impact on our economy,” Bluhm said.
The report provides a detailed look at the state of manufacturing in New Jersey, including a county-by-county breakdown of the number of manufacturing facilities, a 10-year outlook for manufacturing employment and a breakdown of manufacturers by business type. New Jersey manufacturers directly employed 247,200 individuals as of July 2015.
“The industry has consistently played a vital role in the state’s economy and has further solidified New Jersey’s position as a global hub for manufacturing,” the report states. “It is important to note that when comparing states, one must consider their sizable differences—e.g., economy, square mileage, and population—to accurately gauge how well their industries are performing. Considering these factors, New Jersey still outperforms the majority of states and fares well against its competition.”
The New Jersey Policy Research Organization (NJPRO) Foundation is an independent affiliate of the New Jersey Business & Industry Association (NJBIA). NJPRO is New Jersey’s leading policy organization conducting innovative, timely, and practical research on issues of importance to New Jersey employers.
More information and research can be found at www.njprofoundation.org.
Contact: Sara Bluhm at 609-858-9514Related Articles: