Four Hot NJ Manufacturing Trends
It’s been a pretty interesting time period to be a New Jersey manufacturer. As many of us continue to recover from Hurricane Sandy, we are rallying together to hail the “comeback” in American manufacturing. Report after report is demonstrating that manufacturing is leading the way for our economic recovery and we’re witnessing a renewed sense of optimism from within the sector.
For example, the Institute for Supply Management’s (ISM) purchasing managers index (PMI) is seen as a key monthly gauge for the sector’s health. For the fourth straight month, the gauge exceeded the 50.0 mark (readings above 50.0 indicated industry growth).
While there are numerous trends going on in the field, let’s take a look at some of the hottest themes in manufacturing right now:
Exporting
Increasing sales is a top priority for manufacturers. Manufacturers can significantly expand their customer base by competing in foreign markets. Between its position on the coast and proximity to major airports and railways, New Jersey’s location is excellent for manufacturers looking to implement trading and exporting initiatives.
Energy
High energy costs are eating up the profits of NJ’s manufacturers and becoming a bigger challenge. Businesses are making it a higher priority to manage these costs, reduce exposure to energy market risks and make better energy commodity procurement decisions. NJMEP has teamed up with a resource partner to help manufacturers potentially save 5%-20% off of their natural gas bill and 5%-40% off of their electric supply bill. Click here for more information.
Innovation
Simply put, innovation is the process used to generate opportunities for growth. Manufacturers are able to improve productivity and profitability when they use innovation to develop creative solutions. Many innovations can come through solid research and development and available R & D tax credits can help manufacturers invest in innovation.
Made in New Jersey
The “Made in America” wave is gaining momentum. Americans prefer to purchase products made in our country, and more specifically, right here in the Garden State. Purchasing homemade goods and supplies supports the local economy and consumers trust the American brand. For an online directory of New Jersey manufacturers and their products, visit our Made in New Jersey campaign page.
Have you seen a different manufacturing trend or important topic this year? Leave a comment below and tell us what you’ve experienced!