- The state attracted 135 movie and TV projects between 2002 and 2007 that qualified for state tax credits. In 2008 alone, the number of projects was 80.
- In-state production and post-production expenses have steadily increased from year to year. In 2005, projects spent $238.6 million directly in Louisiana. In 2007, the number was $429.2 million.
- During 2007, an average movie and TV project spent an average of $5.9 million in Louisiana (on in-state expenditures). In 2002, the number was $4 million. In 2005, the number was $6.6 million.
- Between 2001 and 2007, employment in the state’s motion picture industry grew 22 percent annually, according to the Bureau of Labor Statistics.
- In 2007, the motion picture industry directly employed 3,310 workers in Louisiana. An additional 2,920 jobs were supported indirectly, for a total of 6,230 jobs which earned $203.7 million in wages. The average salary among all these jobs was about $32,700.
- Wages within the state’s motion picture increased 8.2 per percent per year between 2001 and 2007, according to the Bureau of Labor Statistics.
- The State of Louisiana will issue an estimated $115.1 million in tax credits for productions made in 2007 and recoup $14.6 million in state taxes as a direct result of these projects. The incentive program amounts to a cost of $100.5 million for the State of Louisiana.
- In calculating the impact of the motion picture industry on the state’s economy, the report noted that $429.2 million of direct in-state spending for 2007 ultimately amounted to $763 million of economic benefit to Louisiana, when things like rents, royalties, profits, dividends, property taxes and various indirect benefits are factored in. That means that $6.64 of new spending, or economic stimulus, was generated for every $1 in tax credits issued by the state.
Monday, March 02, 2009
State releases economic impact study
The Office of Entertainment Development released an economic impact study today. The study was authored by Economics Research Associates. After my first read, here's what I find interesting: