How could the loss of film production affect New Orleans' economy and jobs?
New Orleans faces significant revenue and job losses from film production decline The decline in film production has already caused the economic impact of films in Louisiana to drop significantly, from an estimated $1 billion annually to $185 million. This reduction in production has also led to the loss of nearly 2000 local jobs that were previously available at union wages. The New Orleans film office director noted that Louisiana has fallen from number four to number 10 in the country for film production.
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Louisiana's film production ranking dropped from fourth to tenth nationally, and its economic impact has fallen from an estimated $1 billion annually to $185 million. Georgia currently generates $2 billion in film production. Officials noted that Louisiana's tax credit reimbursement process takes 2.5 years, compared to one year in Georgia.
The full event1independent outlet -
The reduced film production in Louisiana has resulted in the economic impact of films dropping significantly from an estimated $1 billion a year to $185 million. This decline also means the loss of nearly 2000 local jobs that were previously provided at union wages.
1 report connects these two. Brind only summarizes; follow a link to read the reporting itself.
- fox8live.com Oct 8
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largest city of the state of Louisiana, United States
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The facts so far
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- The economic impact of films in Louisiana has dropped significantly from around $1 billion a year to $185 million.fox8live.com
- The film industry once provided nearly 2000 local jobs at union wages in Louisiana.fox8live.com
- Louisiana's film production ranking has dropped from number four to number 10 in the country.fox8live.com
- Louisiana's tax credit reimbursement takes 2 1/2 years, while Georgia reimburses producers in one year.fox8live.com
Why it matters
The film industry is a major economic driver for New Orleans and the state of Louisiana. The loss of lucrative film production business threatens the financial stability of the region, impacting not only revenue but also the employment of nearly 2000 workers who rely on union wages. The city's film office currently operates with a $200,000 annual budget, making it difficult to implement studies or marketing efforts to reverse the trend.
This competition is part of a larger trend where states are vying to attract film production, with other states investing in film offices. The director of the New Orleans film office noted that other states are investing in film offices, a practice Louisiana currently does not engage in. Film supporters are also calling for a federal tax credit that could provide 20% to help bring more production to the United States.
What we don't know yet
- What specific actions could the state take to speed up tax credit reimbursements?
- How much would a federal tax credit of 20% impact Louisiana's film production numbers?
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Reporting
- fox8live.comOct 8
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