What You Need to Know: Virtual Manufacturing Innovation Summit March 18, 2021 Time Commitment: Half-Day…
An independent analysis performed by the Fors Marsh Group, an applied research firm based in Arlington, Virginia, credited the Pennsylvania Industrial Resource Center (IRC) Program with the creation and retention of 5,943 manufacturing jobs in 2016. Companies participating in IRC engagements also recognized $775.1 million of additional revenue, invested $174.4 million in modernization or expansion within Pennsylvania and realized $61.8 million in operating cost savings. These results were accomplished by the IRC Program’s seven centers: Catalyst Connection, DVIRC, IMC, MANTEC, MRC, NEPIRC and NWIRC. Collectively, those centers cover every county of the Commonwealth.
These results represent the summation of client-reported IRC engagement impacts gathered by the Fors Marsh Group through a voluntary survey process. Survey participants identify the impacts as direct results of IRC engagements. Results are subsequently reported to the Pennsylvania Department of Community and Economic Development and the U.S. Department of Commerce, each of which funds a portion of IRC operations.
“We at MANTEC are gratified by these results,” says MANTEC President & CEO John W. Lloyd. “This is the actual collective impact reported directly by our clients and we are pleased that they place such a high value on the work we’ve accomplished with them.”
The IRCs provide small and mid-sized manufacturers with the technical, consultative and technology-based services they need to grow and thrive in a global economy. Such growth, in turn, accelerates the creation of good-paying manufacturing jobs within Pennsylvania. IRC services encompass traditional manufacturing disciplines focused on improving productivity, product quality and profitability, but have also expanded into revenue growth, supply chain optimization, advanced manufacturing technology and Industry 4.0 areas, such as cybersecurity, additive manufacturing, smart factories and broadband technologies.
In 2016, the IRCs performed substantial engagements with 867 companies, the majority of which reported that their local IRC was the only consultative resource available to them. Those companies reported the following 2016 results:
- Creation and retention of 5,943 jobs
- Retention of $634.4 million of at-risk sales
- Realization of $140.6 million of sales into new markets or new customers
- Operational cost savings of $61.8 million
- Investment of $174.4 million in expansion, including $95 million in facility projects or equipment upgrades and $48.5 million in new process or product development
As part of another study, IRC Program outputs are being analyzed by the Regional Economic Studies Institute of Towson University. Preliminary results of that study suggest that IRC engagements added nearly $3.75 billion to the Pennsylvania in 2016 and provide a return of $14.42 to the Pennsylvania treasury for each $1 invested in the program.