Movies and TV shows that received tax breaks in New York state supported 28,900 jobs and accounted for $6.9 billion in spending in 2011, according to a new study on the state’s film incentive program.
The study, conducted by the consulting firm HR&A Advisors, also found that the number of jobs in the state’s film and television industry jumped by nearly 25% between 2008 and 2011, while private sector employment as a whole declined by 1.6%.
The report credits New York’s film incentive program, which allocates about $420 million annually to lure film and TV productions — about four times what rival California sets aside each year in film tax credits.
“The findings further confirm that the New York state production incentives have grown into a major economic driver in the state’s economy,” said Chris Dodd, chairman and CEO of the Motion Picture Assn. of America, which commissioned the study. “Not only does film and television production in New York employ thousands of men and women working on some of the most popular television shows and films, it also supports small businesses in every sector of the economy — dry cleaners, restaurants, florists — who benefit when a production comes to town.”
Among key findings in the study: For every $1 of credit distributed, the state and the city received a combined $2.23 in taxes.
Since 2004, the number of productions participating in the program has jumped from 18 to 135 in 2011, with spending on goods and services increasing from $600 million in 2004 to $1.5 billion in 2011.
The credit generated $6.9 billion in economic spending and $4.2 billion in personal income to the New York economy in 2011, according to the report.