Eatontown, N.J. (KYW Newsradio) — New Jersey is taking a more holistic approach to increasing manufacturing production.
Governor Phil Murphy announced a $20-million investment to help businesses expand through the New Jersey Economic Development Authority’s Manufacturing Voucher Program, or MVP. Each company that gets approved for the MVP would be eligible for up to $250,000 in grants “geared to cover up to 50% of the costs of purchasing new equipment,” Murphy said.
“Wait. There’s more,” Murphy continued. “Manufacturers that are certified woman, minority, and veteran owned businesses, and that are furthermore located in an opportunity zone, or that are purchasing equipment made by another New Jersey manufacturer, will be eligible for bonuses on top of that.”
Murphy says each time he passes the “Trenton Makes, The World Takes” sign on the Lower Trenton Bridge, he’s reminded of the state’s rich manufacturing history and he wants to revive that spirit.
“We’re making these investments because, quite simply, because there is absolutely nothing that should be holding New Jersey back from once again being a manufacturing powerhouse.”
Murphy says New Jersey’s location, skilled workforce and top notch schools sets the state apart from the rest. “These are advantages that we must lean into, again,” he said.
Lawmakers on both sides of the aisle in Trenton seem to agree.
A bill that would increase funding for vocational schools and higher education programs based on manufacturing and engineering has passed in the Assembly Higher Education committee hearing.
“I look forward to seeing our New Jersey-based manufacturers take advantage of the grants available through this program and continue to push forward and innovate,” bill co-sponsor Assemblywoman Linda Greenstein (D-Mercer) said.
“The manufacturing industry touches all 21 counties in the state. From food to medical devices, there are employment opportunities in every sector. Ensuring students can find and qualify for these careers is an investment in New Jersey families and our state’s economy,” Assemblyman Brandon Umba (R-Burlington) said. “In order to remain competitive and have our students be successful, we have to evolve with the industry and modernize our educational programs.”
Recently, Camden County announced additional funding to expand its vocational high schools, with the creation of a new Manufacturing Engineering Program to train the next generation of skilled workers.
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