VMEC has identified the following White Papers and Reports as containing noteworthy information of likely interest to VMEC clients, VMEC partners and the larger Vermont manufacturing community.
White Papers and Reports
Cost of Manufacturing Operations Around the Globe, 2020 This study by KPMG and the Manufacturing Institute (MI) provides a current assessment of how the U.S. compares to its main trading partners as a location for manufacturing. Specifically, this study compares the primary and secondary factors that impact the cost of operations of a business conducting manufacturing operations in the U.S. relative to 16 other countries that are leading manufacturing exporters to the U.S.
Upjohn Institute finds more than 13:1 return on Manufacturing Extension Partnership program A new study by Summit Consulting and the W.E. Upjohn Institute finds that the National Institute of Standards and Technology’s Hollings Manufacturing Extension Partnership (NIST MEP) Program generates a substantial economic and financial return of nearly 13.4:1 for the $140 million annually invested by the federal government. Using the national REMI® model, along with the results from the FY2019 NIST MEP client impact survey conducted by Fors Marsh, LLC., the team finds that economic returns are robust. The study uses a conservative approach in estimating the broader economic impacts of the program by examining the competitive interactions between firms. NIST MEP contracted with Summit and Upjohn to create a study to estimate the broader national impacts of the NIST MEP program.
VT Economic Development Legislation The Vermont Agency of Commerce & Community Development (ACCD) has proposed legislation aimed at “Growing The Economy” and “Helping Job Creators Survive and Grow”. Read the ACCD summaries of these four important legislative proposals below. Should you have questions or need further information on the proposed legislation, please contact Joan Goldstein, Commissioner, Department of Economic Development (DED), at [email protected]
- Helping Job Creators Survive & Grow Capital Investment Loan Pilot Program
- Revitalizing County Economic Centers Project Based Tax Increment Financing
- Helping Job Creators Survive & Grow Technology Based Economic Development (TBED) Program
- Helping Job Creators Survive & Grow Vermont Investment Incentive Program
2019 Regional Workforce Summit Report This report was compiled by the Vermont Department of Labor, State Workforce Development Board, Workforce Development Division of the Vermont Department of Labor and the Regional Development Corporations of Vermont. It addresses the importance of Vermont workers and their training for the jobs available now and in the future so that Vermont’s economy remains strong.
The Aging of the Manufacturing Workforce – Challenges and Best Practices – July 2019 A study by the Manufacturing Institute resulting from a survey of U.S. manufacturers and a series of interviews with industry leaders. This report looks at the dramatic demographic transformation underway in our manufacturing workforce as society ages faster than ever before, along with some of manufacturing’s best practices in response to this demographic challenge.
2019 Vermont Science and Technology Plan Researched and written by the Vermont Technology Council, this recently updated plan articulates recommended strategies and goals that can serve as guidelines for Vermont’s government leaders and the private sector as well as K-12 and higher education.
The National-Level Economic Impact of the Manufacturing Extension Partnership (MEP): Estimates for Fiscal Year 2018 A new study by the W.E. Upjohn Institute finds that the MEP Program generates a substantial economic and financial return of nearly 14.4:1 for the $140 million annually invested by the federal government.
Strategy for American Leadership in Advanced Manufacturing (National Science & Technology Council, October 2018) This report offers insight into federal priorities for sustaining American manufacturing competitiveness. It is a road-map for and window into future federal investments in education, commercialization, and the strengthening of domestic supply chains.
Examining the Quality, Market Value, and Effectiveness of Manufacturing Credentials in the United States An informative, national Manufacturing Credential Survey Report has been released by NIST MEP, VMEC’s federal stakeholder partner.
2017 – The National-Level Economic Impact of the Manufacturing Extension Partnership (MEP) A research report completed in March 2017 by the Upjohn Institute for Employment Research concerning the overall effect of MEP National Network projects on the U.S. economy. VMEC is the official representative of the MEP National Network in Vermont.
2017 NIST MEP Infographic: “Facts About Manufacturing” A special presentation on Advanced Manufacturing in New England. The New England Council & Deloitte presentation from a meeting held in Montpelier at the VT State House on June 9, 2015.
The Manufacturing Value Chain Is Bigger Than You Think (MAPI Foundation, March 2016) Manufactured goods are ubiquitous at home, in transit, and at work, but the narrow definition of manufacturing industries in national statistics implies that the sector is of only minor importance to economic activity. The traditional finding is that manufacturers’ proportion of gross domestic product (GDP) is only about 11% and manufacturing’s share of economy-wide full-time equivalent employment is just 9%. Since this excludes manufacturing activities such as research and development, corporate management, logistics operations, and advertising and branding, those figures are merely the tip of the iceberg.
Vermont 2020 CEDS – Comprehensive Economic Development Strategy for the State of Vermont In the wake of 2011’s Tropical Storm Irene, Vermont set out to not only repair its infrastructure but to create a stronger and more prosperous state; resilient to both natural and economic impacts. This Comprehensive Economic Development Strategy (CEDS) was born of that effort. Directed by Governor Peter Shumlin, funded by the U.S. Economic Development Authority, and produced by the Agency of Commerce and Community Development in tandem with the CEDS Committee, this document sets a strategy that the state will build on and add to over the next five years. Citizens from all regions and all walks of life were consulted and provided valuable input. Plans and data from groups around Vermont (including our four regional CEDS) were taken into account. The CEDS was also built based on input from state agencies and partners.
Transferable Enterprise Value – The Importance of Quantifying Intangible Value Drivers in Small to Medium Size Enterprises (SMEs) Successfully transferring a private business requires the seller to provide the buyer with proof of enterprise value through a reliable measure of future profitability. Intangible assets often turn out to be the hidden value drivers of SMEs, and as such are crucial to their competitive advantage and future earnings. Yet, conventional financial statements do not adequately identify and measure the intangible value drivers in SMEs. This lack of transparency creates an information gap that hinders transfer of ownership. With the majority of SMEs in the hands of baby boomer business owners nearing retirement, the need to transfer private business over the next decade will accelerate. Therefore, finding a workable solution to close the SME information gap and ensure successful transfer of these businesses is critical.
Enterprise Value and Operational Excellence: A Reasonable Starting Point The ‘fundamental responsibility’ of the CEO is to build enterprise value. To accomplish this, a CEO must have a ‘reliable, continuous and actionable measure of enterprise value.’ The public company CEO has such a measure, the publicly quoted stock price; the private company CEO does not. The lack of such a measure for 99% of the businesses in the US economy has created significant inefficiency in the capital markets.