MADISON, Wis. -- The Wisconsin Manufacturing Extension Partnership (WMEP) said its efforts to fuel business growth contributed to financial gains reported by state manufacturers.
WMEP cited its services generated an economic impact of $164 million with 973 jobs created and retained during the past fiscal year. Increased and retained sales account for nearly two thirds of the total impact. During the past five years, WMEP-assisted manufacturers have reported nearly $1 billion in economic impact with 6,557 jobs created and retained.
The annual economic impact data is compiled by an independent firm and based on results provided by 206 WMEP-assisted manufacturers.
“The good news is that we continue to see manufacturers move out of survival mode into growth mode. The ability to develop new markets, products and customer solutions is more important than ever,” said Michael Klonsinski, executive director of WMEP, a nonprofit consulting firm that helps small and midsize manufacturers grow and succeed.
WMEP-assisted companies reported:
-- $102 million in increased/retained sales
-- $30 million in cost savings
-- $32 million in investment impact, including new plant and equipment
In addition, an analysis of the data projects a $10 million tax revenue benefit to the State of Wisconsin as a result of sales and jobs impact.
Manufacturing contributes $48.8 billion to Wisconsin’s economy and employs 429,000 workers. WMEP provided services to 889 state manufacturers last year, the group said.