Despite COVID’s Upheaval, California Manufacturing Technology Consulting’s (CMTC) Clients Continued to Boost Revenues, Cost Savings
TORRANCE, Calif.--(BUSINESS WIRE)--Nov 18, 2021--
In the face of a disruptive and unprecedented year of health mandated shutdowns across the manufacturing industry , California Manufacturing Technology Consulting ® (CMTC), the Manufacturing Extension Partnership (MEP) Center in California, continued to help firms in the state grow their revenues, retain jobs, and increase cost savings. Amid industry losses on a macroeconomic scale due to the COVID-19 pandemic, CMTC remarkably still supplied hundreds of California manufacturing businesses with services that boosted their annual performance in 2020, according to a newly released economic impact analysis.
The report, produced by Beacon Economics and commissioned by CMTC, found that impacts stemming directly from their MEP-related work included over $159 million in increased sales and over $441 million in retained sales in 2020. The program also directly resulted in the creation of 1,777 manufacturing jobs in the state and the retention of more than 6,000 jobs.
“Manufacturing plays a vital role in California’s larger economy which makes these results and CMTC’s overall function so welcome and so critical,” said Mazen Bou Zeineddine, a Research Manager at Beacon Economics and the report’s lead author. “The success CMTC had in supporting the state’s manufacturing businesses during an immensely challenging year is a true testament to the MEP program’s ingenuity and long-term effectiveness.”
Given the workforce challenges, ever-evolving technological advances and changes in capital investment, CMTC has enabled small and medium-sized manufacturers to successfully cope with the changing manufacturing landscape, according to Bou Zeineddine.
Other key impacts stemming from the California MEP in 2020 includes a significant contribution to the California economy with client impacts generating $5.9B in total economic output. CMTC’s client impacts not only supported manufacturing jobs but the multiplier effect created or retained another 11,665 non-manufacturing jobs.
“Given all that manufacturing was faced with in 2020, CMTC was able to find ways to assist manufacturers during an extreme time of need,” said Bou Zeineddine.
For more information and findings from the report, download CMTC’s California manufacturing impact fact sheet.
About California Manufacturing Technology Consulting® (CMTC)
Established in 1992, California Manufacturing Technology Consulting® (CMTC) is a private non-profit organization that provides technical assistance, workforce development, and consulting services to small and medium-sized manufacturers throughout the state of California. CMTC operates under a number of cooperative agreements with the Federal and State government, the largest of which is with the Hollings Manufacturing Extension Partnership (MEP) of the National Institute of Standards and Technology (NIST) under the Department of Commerce for the State of California.
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KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER MANUFACTURING TEXTILES STEEL PACKAGING CONSULTING ENGINEERING CHEMICALS/PLASTICS PROFESSIONAL SERVICES AEROSPACE MANUFACTURING
SOURCE: California Manufacturing Technology Consulting
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PUB: 11/18/2021 11:03 AM/DISC: 11/18/2021 11:03 AM