FOR IMMEDIATE RELEASE
Tuesday, February 27, 2024
Contact: Robynn Albert, VMEC Marketing & Training Manager
Vermont Manufacturing Extension Center (VMEC)
P.O. Box 12, Randolph Center, VT 05061
(802) 793-2078 / [email protected]
VMEC Releases 2023 Impact Report
Randolph Center, VT – VMEC, Vermont Manufacturing Extension Center, has released its annual impact report. As Vermont’s only singularly-focused resource for manufacturers, VMEC is the official representative of the MEP (Manufacturing Extension Partnership) National Network in the Green Mountain State. Since its inception in 1995, VMEC’s federal partner, NIST, the National Institute of Standards and Technology, has used an independent third-party organization to conduct surveys of VMEC clients as well as other MEP Centers across the U.S. and Puerto Rico.
Highlights of the FY 2023 annual report include:
- Over $58,000,000 in increased and retained sales
- 671 total jobs created; this figure includes direct, indirect and induced jobs
- Over $50,000,000 in employer wages and benefits for these jobs
- Over $10,000,000 in client investment and modernization projects
- An average annual compensation of $68,000 for Vermont manufacturing employees, compared to the average Vermont compensation of $60,000
Additionally, based on company-reported data over the past three years (April 2020 through March 2023), VMEC client return on investment is 336:1 meaning every one dollar clients spent on VMEC assistance returned an average on that investment of $336.
“Every year we are grateful to see the impact we make together with our clients in Vermont. It helps add up to a stronger, more resilient Vermont manufacturing sector with good paying jobs for Vermonters,” states VMEC Center Director and CEO Patrick Boyle.
To read the complete report, visit 2023 VMEC Impact Report.
About VMEC: Part of the nationwide MEP National Network and hosted by Vermont State University since 1995, VMEC operates as a not-for-profit with a primary mission, “To Strengthen and Empower Vermont Manufacturers.” A local resource and trusted adviser to manufacturing enterprises of all sizes, the VMEC team brings world-class expertise in consulting, coaching, hands-on implementation support, training and education for leaders and workers. VMEC provides proven systems and solutions focused on strategies, processes, products, technologies and people.
###