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FY 2015 Defense Spending By State report now available for download.

MarketShift

Purpose: 

Regional Background

The U.S. military is the second largest employer and an essential economic driver in the state of New Jersey. Trends in defense strategy and spending have a direct impact on both the aerospace and defense (A&D) industry and depot functions at the state and local levels. DoD activities deliver over 20,000 direct jobs and $5.4 billion in direct revenue to the state’s economy annually. New Jersey employs 71,000 workers in the sector with 21,000 direct contractors and subcontractors, and the other 50,000 providing services to industry.

Project Overview

DoD’s Office of Economic Adjustment issued a Defense Industry Adjustment grant to help New Jersey retain the critical capacity necessary for defense-related manufacturing, and to expand and strengthen its A&D industry within the commercial marketplace.

NJ MarketShift brings together New Jersey, national, and international institutions to provide product innovation and market diversification services for New Jersey defense suppliers. NJ MarketShift’s successful implementation will also increase market diversification and revenue from contracts outside of the defense sector, creating job growth for New Jersey and revenue growth for the participating companies.

NJ MarketShift involves several major elements to accelerate economic development. These include a web-based data visualization and information system, a network of relevant companies and organizations, and high impact programs that offer integrated market and innovation support to Aerospace & Defense companies in our network.

Projected Outcomes

The program focuses on cluster development in New Jersey’s A&D sectors as a way to diversify markets, foster production innovation, and strengthen companies and supply chains that are integral to both DoD’s needs and New Jersey’s economy. Outcomes from a stronger NJ A&D supply chain include increased corporate revenue, better and more jobs, and a viable set of contracting capabilities for the DoD.

State:
NJ