National Manufacturing Day Oct. 5
Ben Franklin Invests in Established Manufacturers and Early-Stage Tech-Based Manufacturers
This Oct. 5, the Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) is joining the Pennsylvania Department of Community and Economic Development (DCED) in celebrating National Manufacturing Day, promoting the importance of manufacturing in Pennsylvania and the jobs associated with these sectors. BFTP/NEP’s investment in and support of its manufacturing clients has resulted in the creation or retention of 31,935 manufacturing jobs from 1994 to 2017. Clients attributed these jobs to their work with BFTP/NEP.
BFTP/NEP’s mission is to promote, sustain, and invest in the development of our regional economy through innovation and partnering. Ben Franklin helps established manufacturers apply new technology to achieve industry leadership and compete effectively in global markets.
In 1994 to 2017, BFTP/NEP made 479 investments, totaling $27,851,758, in established manufacturers. The focus of BFTP/NEP’s work with manufacturers is on enterprise-wide solutions, including product redesign, production line efficiency, and information systems optimization. The result of these investments were 6,581 new jobs created and 25,354 jobs retained.
In addition, Ben Franklin supports the development of new manufacturers through its investments in early-stage technology firms. More than 75 percent of BFTP/NEP’s start-up and early-stage clients in 1994 through 2017 have or will become the technology-based manufacturing firms of tomorrow. BFTP/NEP’s investment focus for its early-stage clients is on new product development and commercialization.
Now the eighth-largest in the country with the sixth-largest employee base, Pennsylvania’s manufacturing sector has an $87 billion impact on the economy. More than 560,000 employees work at more than 14,400 companies across the commonwealth, and earn an average annual wage of more than $60,000, which is nearly 15% higher than the average PA salary.