MADISON, Wis. -- Despite the recession, many Wisconsin manufacturers are benefiting from efforts to modernize and improve their operations.
The Wisconsin Manufacturing Extension Partnership (WMEP) said today that projects it completed with state manufacturers generated an economic impact of $164 million -- most of it from increased and retained sales. The FY 2009 economic impact is based on data provided by 176 WMEP-assisted companies and compiled by an independent firm.
“These are solid results during a very difficult economy,” said Michael Klonsinski, executive director of WMEP, a non-profit consulting organization that helps manufacturers grow and succeed. “These numbers underscore the gains that can be achieved with proactive measures to improve business performance. The manufacturers represented in this data are better positioned to survive the recession and take advantage of business opportunities once the recovery begins,” he said.
WMEP-assisted companies reported:
$118 million in increased/retained sales
$17 million in cost savings
$29 million in investment, including new plant and equipment
798 created/retained jobs
In addition, an analysis of the data projects an $8 million tax revenue benefit to the State of Wisconsin as a result of increased/retained sales.
During the past five years, WMEP-assisted manufacturers reported impact of nearly $1 billion -- $977 million -- with 7,965 jobs created/retained. WMEP provided services to 676 state manufacturers last year.
WMEP consultants bring best practices and business resources to help Wisconsin’s small and midsize manufacturers improve competitiveness and profitability. In December 2008, WMEP released the results of the state’s first-ever Next Generation Manufacturing Study, which revealed that many Wisconsin manufacturers, especially smaller firms, do not have the necessary strategies in place to compete effectively over the next five years.
Manufacturing contributes $48.8 billion to Wisconsin’s economy and employs 442,000 workers.