Yes, NJ is a manufacturing powerhouse

From ROINJ:

Manufacturing is (hidden) gem of N.J. economy

Manufacturing is not dying, it’s evolving.

So said John Kennedy, the CEO of the New Jersey Manufacturing Extension Program, at a recent Financial Executives International meeting.

“Manufacturing in New Jersey is very hidden,” he said. “People (don’t realize) there are 11,130 manufacturing companies (here),” Kennedy said to the room of around 40 senior financial executives.

“Do you realize there are 378,000 people working for those companies? Do you realize the average income is higher than any other industry, including finance, at $90,000 per person?”

Kennedy said the most relevant issue facing the manufacturing industry is a skills gap that leads to staffing issues.

That may be partially due to the fact few people know how big manufacturing is, he said.

Kennedy said people also aren’t privy to the existence of the over 11,000 manufacturers in the state because they don’t know where they are.

People drive by them without knowing what they are, which, he said, means the facilities are clean and organized — and don’t perpetuate the stereotype of a manufacturing facility.

Kennedy said they are run by highly skilled technicians, who are becoming increasingly difficult to find.

“That’s the No. 1 problem in the state for manufacturing companies,” he said. “Can’t find people. People don’t go into the industry anymore. We figure there’s at least 33,000 open jobs we can’t fill.”

According to Kennedy, after adding up the numbers, manufacturing’s economic impact in the state is about 1.1 million jobs. And every manufacturing job, Kennedy said, drives four other jobs no matter the industry.

Kennedy went on to explain the way technologies such as 3D printing are contributing to the evolution of manufacturing. 3D printing can allow the creation of products, particularly prototypes for auto and aviation, at a drastically lower cost.

Kennedy credits the stigma surrounding the trades and vo-tech schools as the reason young people don’t look at manufacturing as a viable career option. When young people begin to be exposed to a more diverse range of industries, Kennedy said, the negative narrative surrounding trades begins to be addressed.

This entry was posted in Demographics, Economics, Employment, New Jersey Real Estate. Bookmark the permalink.

30 Responses to Yes, NJ is a manufacturing powerhouse

  1. Ottoman says:

    Everyone enjoying their Libertarian Lettuce? MAGA!

  2. dentss says:

    Delicious ….

  3. Libturd...look me up in Costa Rica says:

    ExPat arrives in a few hours.

    If you don’t hear from me tomorrow, call the authorities.

  4. chicagofinance says:

    We have to wait 3 days and THIS is the first post?

    Ottoman says:
    November 26, 2018 at 10:20 am
    Everyone enjoying their Libertarian Lettuce? MAGA!
    https://www.youtube.com/watch?v=Mk70PtCMg9c

  5. Juice Box says:

    For the Geeks, NASA will be streaming the Mars landing starting at 2:30 PM, it’s a six minute decent should be over by 3:30 PM.

    https://www.nasa.gov/nasalive

    As to cost, this was is an 83o million dollar mission to send one single 50 kilogram lander to Mars to do seismic experiments on a planet with a minimal magnetosphere less than 1% of Earth’s atmosphere or pressure.

    Think about that everytime Musk opens his mouth about going there himself.

  6. Mueller4Ever says:

    As for me, I let my parrot taste the lettuce first. He did not have fun (NSFW)

    https://youtu.be/j03F67iS6fw

  7. Bruiser says:

    Looks like I’ll be growing my own lettuce again next year

  8. Blue Ribbon Teacher says:

    I have a whole garden full of lettuce still. Covered it for that frost. As far as libertarianism goes, I’d hate to see the lettuce the government would produce.

  9. Grim says:

    Sorry lost in the Pacific islands

  10. Nomad says:

    AutoNews

    UPDATED: 11/26/18 12:23 pm ET

    DETROIT — General Motors plans significant cut to its salaried workforce and could close up to five plants in North America, plus two more elsewhere, as it prepares to discontinue six car models as part of a broad overhaul.

    The automaker on Monday said Lordstown Assembly in Ohio and Detroit-Hamtramck Assembly in Michigan will not be allocated any products beginning in 2019, while Oshawa Assembly in Canada is slated for closure late next year. Propulsion plants in Maryland and Michigan also will not be given any product.

    Not allocating product doesn’t mean the plants will close, but it puts their future and the jobs of roughly 6,700 hourly and salaried factory employees – 3,800 in the U.S. and 2,900 in Canada – at risk heading into contract negotiations with the UAW in 2019 and Canadian union Unifor in 2020.

    The UAW in a statement said GM’s decision “will not go unchallenged.”

    All of the products currently assembled at those three plants — Buick LaCrosse, Cadillac CT6, Cadillac XTS, Chevrolet Impala, Chevrolet Cruze and Chevrolet Volt — are scheduled to stop being produced for the U.S. by the end of 2019.

  11. Grim fan (another one) says:

    @12:09 pm – I’m greatly looking forward to your observations from your CR scouting mission.

  12. leftwing says:

    Lib/Ex….I’m sure you’ll have better things to do since presumably you are not driving in a downpour in 46 degrees but….

    Post as you travel! Would like to hear your progress, itinerary, thoughts, etc.

  13. chicagofinance says:

    change “1” to i in hyperlink

  14. NJGator says:

    NEW JERSEY, WORST OF ALL THE STATES FOR SPENDING MORE MONEY THAN IT RAISES

    When it comes to maintaining fiscal balance, the Garden State places dead last. Only Illinois comes close to such a poor record

    New Jersey’s longstanding tradition of spending more than the state collects in revenue each year is exposed as a national outlier in a new analysis of the budgeting practices that all 50 states have used over the last 15 years.

    The comprehensive review by the nonpartisan Pew Charitable Trusts places New Jersey dead last among the states when it comes to maintaining fiscal balance, which is raising enough revenue on an annual basis to cover expenses for the same given year.

    Only Illinois came close to matching New Jersey’s poor fiscal performance going back to 2003. The Pew analysis also shows the Garden State’s worst year of overspending just occurred during the 2017 fiscal year, even as many other states were cleaning up their acts during the ongoing recovery from the Great Recession.

    The Pew analysis is just the latest loud warning sign for New Jersey, which already has one of the worst credit ratings of any U.S. state, behind only Illinois. It also comes just a few years after former Republican Gov. Chris Christie convinced Democratic legislative leaders to enact a series of tax cuts without reducing any spending, and as Gov. Phil Murphy, a first-term Democrat, has clashed with legislative leaders from his own party over undoing some of those tax cuts.

    It remains to be seen what, if anything, will change in the wake of Pew’s findings. Senate President Steve Sweeney (D-Gloucester) has been calling for a new round of public-employee benefit cuts to slash state costs, but they have not been endorsed by Murphy, who still favors higher taxes.

    https://www.njspotlight.com/stories/18/11/25/new-jersey-worst-of-all-the-states-for-spending-more-money-than-it-raises/

  15. chicagofinance says:

    ONE YEAR LATER ‐ The average 30‐year fixed rate mortgage was
    3.92% at Thanksgiving 2017, representing a $473 monthly principal
    and interest payment per $100,000 borrowed. The average 30‐year
    fixed rate mortgage was 4.81% at Thanksgiving 2018, representing a
    $525 monthly principal and interest payment per $100,000
    borrowed (source: Freddie Mac).

  16. Some Guy Returns says:

    XPO stock down over 30% since my comment, vs SP500 pretty much flat. And that’s without any specific catalyst.
    I don’t have any ongoing insight to share from here, however.
    Can Pumpkin find date to date specific return profiles of his “brilliant calls”?

    chicagofinance says:

    May 23, 2018 at 9:35 am

    Be really careful with that one…… that said, it is in the upper end of the range….

    Some guy says:
    May 23, 2018 at 9:01 am
    This is not a recommendation, but something that might worth be someone exploring on the short side: XPO
    How could things go wrong?
    Indebted
    Cyclical
    Acquisitive
    Hyped
    I don’t have a need for shorts in my work, so I haven’t put any research into it, but at first glance it reminds me of YellowRoadway (now YRC) of over ten years ago, a large LTL trucker that acquired and went nearly bust. If I did short strategies I’d be investigating this one.

  17. Comrade Nom Deplume, Safe in Pennzy says:

    “It remains to be seen what, if anything, will change in the wake of Pew’s findings. Senate President Steve Sweeney (D-Gloucester) has been calling for a new round of public-employee benefit cuts to slash state costs, but they have not been endorsed by Murphy, who still favors higher taxes.”

    Hee, hee, hee. Me and my money will stay on my side of the Delaware, thank you.

  18. The Great Pumpkin says:

    I didn’t get the name “Great Pumpkin” for no reason. It was given to me by Lib because he thought my calls would never come. I annoyed this board for years with my calls, go look it up. I gave specific years too. So don’t sit here and accuse me of making up my calls after the fact.

    “Can Pumpkin find date to date specific return profiles of his “brilliant calls”?”

  19. Blue Ribbon Teacher says:

    Like I said, let us know when you load up on stocks and which ones. Today I loaded up on Altria and Phillip Morris. Be specific and you can throw it in people’s face aftewards….or they can throw it in yours.

  20. Blue Ribbon Teacher says:

    I didn’t get the name “Great Pumpkin” for no reason. It was given to me by Lib because he thought my calls would never come. I annoyed this board for years with my calls, go look it up. I gave specific years too. So don’t sit here and accuse me of making up my calls after the fact.

    Wage inflation never came. And if it ever does in nominal terms, it will lag real assets.

  21. Yo! says:

    XPO’s brand new chief strategy officer began work today. He has an Ivy League degree and years of Goldman Sachs experience. XPO’s stock will be trading at all time highs before Christmas.

  22. ClydeAmork says:

    Sie können problemlos anhand von unserer Webseite oder mithilfe von unserem Kundenberater das gewünschte Potenzmittel kaufen .
    https://welt-apo.com
    Präparate in unserer Online-Apotheke werden auf Basis von Naturstoffen und pflanzlichen Ergänzungspräparaten produziert und können keineswegs einem Klienten Schaden zufügen und helfen Ihnen, Ihre Potenz im verantwortungsvollen Moment zu steigern oder Potenzstörung zu beseitigen .

  23. ExPat at Lib's house says:

    What BRT said. We were going to stop by Pumps’ house last night, but Waze said the traffic on his street was horrible.

    Wage inflation never came. And if it ever does in nominal terms, it will lag real assets.

  24. Libturd...look me up in Costa Rica says:

    We leave on United at 4pm. ExPat and I are not exactly the lightest of flyers, so we plan to negotiate our way into the exit rows, which are currently 11 of 12 vacant. We are in the non-reclining row just ahead of them. Must brush up on my Spanish. Nosotros estamos guordo. Necesito usar grande suelo por favor! No tengo dinero!

  25. chicagofinance says:

    Libturdo: ha roto un culo

  26. Libturd...look me up in Costa Rica says:

    Muy bueno Chi!

  27. Blue Ribbon Teacher says:

    What BRT said. We were going to stop by Pumps’ house last night, but Waze said the traffic on his street was horrible.

    You’ll have to find another day to take pictures of his amazing house.

  28. Blue Ribbon Teacher says:

    I’m going to continue to take advantage of the yields in stocks I’ve owned for nearly a decade. Bought some BGS today.

  29. Yo! says:

    New Jersey Realtors finally out with October stats. Year to date, Hudson houses best +14%, Salem ugly at -18%.

Comments are closed.