Wow – check out this great five year executive summary which details the impact of the New Hampshire Manufacturing Extension Partnership on job creation and the economy. Great job MEP!!
The Economic Impacts of the
New Hampshire Manufacturing Extension Partnership Program
on the New Hampshire Economy
Five Year Executive Summary
The New Hampshire Manufacturing Extension Partnership (MEP) program is supported by the National Institute of Standards and Technology within the U.S. Dept. of Commerce to help small- and medium-size manufacturers identify and implement advanced manufacturing and management technologies. Through a network of resources, the MEP links client firms with local and national sources of expertise to address specific problems. This study estimates the total economic contribution to the New Hampshire economy from firms whose employment, sales, or investment activity changed as a direct result of assistance provided by the New Hampshire MEP.
New Hampshire MEP clients are surveyed, by an independent third party survey company, to determine the economic impact resulting from their relationship with the MEP program. Clients are surveyed roughly one year after the completion of a project and asked a number of questions relating to changes in efficiency and output as well as questions relating to the quality of the MEP services they received. Between October 2005 and August 2010 189 companies surveyed reported that, as a result of their relationship with the New Hampshire MEP they have: ¹
· Created 344 jobs that otherwise would not exist
· Retained 661 jobs that otherwise would not exist
· Increased and retained $206.2 million in sales
· Spent $78 million on new investment
· Experienced $28.7 million in cost savings
The effects of this increased economic activity, extends beyond the client firms. Increased sales by New Hampshire MEP client firms require that they increase their purchases of intermediate goods and services from companies located in New Hampshire and elsewhere to support their increased output. The supplying companies, in turn, generate additional demands of their own. In this way, dollar expenditures for final demand can be traced to all of the affected industries in the regional economy. In addition, the income from new jobs generated by New Hampshire MEP clients and the supplying firm’s results in increased demand for consumer goods. Each of these effects, in turn, generates subsequent ripples throughout the New Hampshire economy. The sum of these direct, indirect, and induced effects suggests that small- and medium-size manufacturing companies that increased or retained jobs or sales and/or increased investments with assistance from the New Hampshire MEP are responsible for:¹
· Creating or retaining 3295 jobs that paid a total of $159.6 million in employee wages and benefits
· Increasing or retaining economic output worth $600.6 million
· Contributing or retaining $261.8 million of gross state product
· Generating or retaining $87.2 million in additional tax and non-tax revenues at the
Federal, state, and local government levels, including $18.3 million at the state and local level
Tags: National Institute of Standards and Technology, New Hampshire Manufacturing Extension Partnership, U.S. Department of Commerce