New Jersey Economic Development Authority Deputy CEO Mary Maples loves to talk about the 6.8% increase in manufacturing production the state has seen since 2018 — and the more than 8,000 jobs that have come with it.
She loves to talk about how the manufacturing sector contributed $58 billion to New Jersey’s GDP last year, making it the fourth-largest supersector in the state.
And she loves to talk about how the EDA’s heavily subscribed MVP program provided nearly $65 million in grant funds to more than 400 manufacturing businesses.
But, when she came to Made in New Jersey Manufacturing Day last Friday, she really wanted to tell the more than 1,200 in attendance about what literarily is called the Next New Jersey Manufacturing Program.
The $500 million program, which just began taking applicants Sept. 25, is a tax credit initiative designed to spur significant investment, create new manufacturing jobs and solidify New Jersey’s manufacturing industry.
With competitive, transferable tax incentives, Next NJ Manufacturing encourages companies to invest their capital in New Jersey while demonstrating a collaborative commitment to long-term growth within the state.
The best thing, Maples said, is its easy-to-figure formula.
“This is an incentive program that incentivizes new and existing manufacturers to add capital investment and new job creation for tax credit,” she told the crowd. “You take 0.1% of your capital investment, you multiply it by the number of new jobs you create, and you get your tax credit.”
Maples called it a wonderful example of where government comes together, across all forms, and tries to work for the betterment of the public.
The workforce development aspect of manufacturing cannot be overstated, she said.
“What’s interesting about the Next New Jersey program is the job creation that comes from it,” she said. “The multiplier effect of the new jobs you create as a result of that capital investment is part of the secret sauce.
“These are family-sustaining, good-paying jobs. There’s no downside.”
The program, in fact, can be used by companies thinking of coming to the state.
“The way we designed this program, and the vision that the governor and the Legislature had in creating it, is that it’s not only about current manufacturers expanding, but bringing new manufacturing to New Jersey,” she said. “It’s really trying to capitalize on people that are looking for a new home. And we think New Jersey is the best place to be.”
