The New Jersey Bankers Association (NJBankers) hosted its 15th Annual Economic Leadership Forum yesterday, which featured a panel of industry experts exploring the future of film in New Jersey and what it means for the local economy.
“From beaches and farms to busy city centers and quiet suburban streets, New Jersey offers the perfect location for any production,” said Jon Crowley, executive director of the New Jersey Motion Picture and Television Commission. “Our diverse locations and talent pool make New Jersey a top-tier destination for producers and directors. 2024 proved that New Jersey, the birthplace of film, is the industry’s future.”
Since Former Gov. Phil Murphy reinstated the Film and Digital Media Tax Credit Program in 2018, the film industry has taken off. The program, which has been extended to 2049, offers tax credits to film and digital media productions of up to 40% for expenses incurred. New Jersey’s competitive tax incentive program supported an increase of 41% in total qualified spend from 2023 to 2024, while film spending in other North American production hubs decreased or remained stagnant. In 2024, the state saw 550 projects generate a record $833 million in economic activity, supporting more than 30,000 crew positions. According to the panel, this growth reflects the combined impact of incentives, infrastructure readiness, and an expanding workforce pipeline.
Timeline of Growth
Going back to 2020, the industry recorded 448 projects and approximately $88 million in economic activity, reflecting widespread production shutdowns during the COVID-19 pandemic. As restrictions eased, the state’s Film and Digital Media Tax Credit Program contributed to helping accelerate recovery.
In 2021, production activity surged to 725 projects, generating more than $500.5 million in economic impact. In this case, the tax credit provided long-term certainty that attracted productions and encouraged in-state spending.
Momentum continued in 2022, when 619 projects contributed nearly $702 million to New Jersey’s economy – the highest total at the time. This growth coincided with expanding studio infrastructure, including Sustainable Studios in Moonachie and 10 Basin Studios in Kearny, and planning for major developments such as Netflix Studios at Fort Monmouth, Lionsgate facilities in Newark, and 1888 Studios in Bayonne.Then, in 2023, national labor strikes temporarily slowed production, reducing activity to 547 projects and $592.4 million in economic impact. Despite this disruption, New Jersey maintained a strong production base and continued investing in long-term growth strategies.
Then came the record setting numbers of 2024.
“‘Was that $833 million a fluke?’ No, because in Q1 [this year], we are going to have 30 major productions in the state,” said Crowley. “We are booming.”
Read the full article from New Jersey Business Magazine.