An economic impact study of the Georgia entertainment industry’s tax credit shows business is booming for the Peach State.
According to the study by Olsberg SPI, commissioned by the Georgia Screen Entertainment Commission, spending in the state has increased to more than $4 billion since 2012.
Between 2012 and 2016, spending from film and television production doubled, then did it again from 2016 to 2022, bringing production expenses to $4.39 billion.
The study said the state’s tax credit has led to its “prominence as one of the world’s leading film and television production hubs,” earning the status during an era of major competition from other jurisdictions.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
Growth for Georgia’s film industry was strong after the COVID-19 pandemic, according to the study.
In 2022, film and television production grew to $238 billion in global content expenditure, according to Olsberg SPI.
Incentives for film and television to work in Georgia, according to the study, include “highly developed studio infrastructure, a skilled and deep workforce, and a relatively affordable cost of living.”
TRENDING STORIES:
While discussing the general economic impacts on Georgia from the wider film and television production industry, the SPI study reported that the industry’s work in the Peach State had shifted toward television more than film, particularly since 2018.
The research analysis said it’s had a big impact on Georgia’s economic environment.
“The explosion of production activity in Georgia outlined above has been accompanied by significant private sector investment in studio development,” SPI reported. “Between FY 2012 and FY 2022, $1.28 billion was spent on constructing new studio facilities, expanding existing facilities, and converting existing buildings.”
In 2022, the Georgia Screen Entertainment Coalition reported there were nearly 60,000 jobs and more than $3.5 billion in labor value for the state thanks to the film tax incentive.
Additionally, the organization reported an overall $8.55 billion in total economic output and $5.54 billion in added economic value.
As previously reported by Channel 2 Action News, Georgia hosted close to 400 film, television, commercial and music video productions from July 2022 to July 2023.
Due to investments in the state, Georgia now has roughly 5.7 million square feet of dedicated space for production, built over 212 sound stages, according to SPI. Going further, SPI said 2.6 million of the stages were built on 141 purpose-built stages, while another 1.4 million square feet of space is expected to be built across six new studio developments and 77 stages.
Channel 2 Action News previously reported those spaces are a mix of different studios and sound stages, including what the Georgia Film Office has called a new $180 million film and TV facility under construction in Forest Park from BlueStar Studios and a 500,000 square foot full-service studio coming to Douglasville through a $200 million Lionsgate Atlanta investment.
Film and television production produces a reported $6.30 per $1 invested, according to SPI.
The state of Georgia maintains a list of productions filmed in Georgia and others that are currently underway.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
IN OTHER NEWS:
