New Jersey Manufacturing: An Economy Booster

NJ Manufacturing An Economy BoosterNew Jersey’s manufacturing sector continues to flourish despite recent speculation of its decline throughout the state. A recent report indicates that it’s a driving force for economic growth and development. While more and more output is required, NJ Manufacturer Insurance can help protect the property and operations of the industry.

The New Jersey Policy Research Organizations Foundation’s study, titled “Facts for Discussion, Manufacturing in New Jersey,” found that New Jersey manufacturing is a major economic force, providing well-paying jobs and driving the export of American-made goods, according to New Jersey 101.5.

In 2013, New Jersey ranked 15th in the nation for manufacturing output, producing $45 billion in products, according to the report. What’s more, New Jersey was responsible for $32 billion worth of exported goods in 2014.

So, what’s contributing to the steady output? Sara Bluhm, NJPRO Executive Director stated “We may be a small state, but we’re very mighty in manufacturing. A highly skilled workforce, the ability to move the goods, the markets we have access to, and the legal protections” are important contributors to the staggering figures. What’s more, Bluhm stresses that New Jersey is a leader in providing protection for intellectual property which is an underrated component of manufacturing development and technology.

As of July of this year, 247,200 employees held manufacturing positions in New Jersey, which also held the fifth highest ranked spot for best compensation for such jobs.

Assuring that the positions have improved from the run of the mill factory jobs, Bluhm stated “These are high-paid, six-figure salaries that you can build a career around. Manufacturing remains a vital part of our economy and its economic impact is definitely a big part of our state.”

At Tri-State Insurance Agency, we have a deep understanding of the unique risks the manufacturing industry faces. As New Jersey climbs the ladder for global manufacturing, we are here to provide ample protection for the manufacturing industry. For more information, contact us today at (888) 990-0526.