The long-awaited results of a new film and entertainment economic impact study, funded by LFEA’s “Here’s My Two Bucks” Kickstarter campaign, are finally in. Yesterday, the new study conducted by HR&A Advisors were made public and the results are impressive, including the economic impact of international tourism induced by film and television shows like Focus and American Horror Story that are set in Louisiana (although because the most recent data was from 2013, it excludes the impact of NCIS: New Orleans, the new show which is now one of the most popular worldwide).
You can read the report in its entirety here.
Here is the joint press release from LFEA and the MPAA. More to come as we closely review the study.
WASHINGTON, DC – Today, a new statewide economic and fiscal impact analysis by HR&A Advisors, Inc. (“HR&A”) reveals that the Louisiana State Motion Picture Investor Tax Credit supported up to 33,520 jobs, generating up to $1.2 billion in personal income, and up to $4 billion in economic output in 2013.
These figures include both production spending and visitor spending attributable to motion picture- and- television- induced tourism.
Since the inception of the credit in Louisiana in 2002, Louisiana’s motion picture and television industry has flourished, attracting major productions to the state and creating long-lasting ancillary benefits. From 2002 to 2013, total Louisiana motion picture and television production employment increased by over 5,000 jobs, with estimated full credit/calendar year 2013 production spending topping $1 billion. Significant infrastructure investment has supported the growth of the industry, with three large purpose-built studios—Second Line Stages (New Orleans), Celtic Media Centre (Baton Rouge), and Millennium Studios (Shreveport) — established across the state.
In 2013, production spending associated with the Credit significantly benefited the Louisiana economy, supporting 10,800 jobs, generating $471.2 million in personal income and $1.6 billion in economic output. This high-level of production introduces Louisiana to audiences across the nation and around the world, increasing tourism that benefits local businesses and workers. In fact, based on a survey of 1,381 recent visitors to Louisiana, the HR&A study finds that 14.5% of domestic, out-of-state, leisure visitors can be considered motion picture- and/or television- induced tourists. In 2013, visitor spending attributable to motion picture- and television- induced tourism in the state supported up to 22,720 jobs in Louisiana, generating up to $766.6 million in personal income and up to $2.4 billion in economic output. These figures come on the heels of an announcement from Lieutenant Governor Jay Dardenne that 2014 was another record year for Louisiana tourism.