Report puts economic impact of recent film projects at $139 million
- September 26, 2013
A newly released report says 11 film and television productions in Virginia during the past two years had an economic impact of more than $139 million.
The film projects from 2011 to 2013 included Steven Spielberg’s “Lincoln” and the National Geographic Channel’s documentary dramas “Killing Lincoln” and “Killing Kennedy.”
The report by Magnum Economics said productions were directly responsible for creating about 500 full-time equivalent jobs, paying $13 million in wages and salaries and spending $66.4 million in the commonwealth.
The ripple effects from these productions resulted in 1,031 full time equivalent jobs, $38.9 million in wages and salaries, and $139.1 million in economic output.
The film productions received a total of $11.8 in incentives, creating a benefit/cost ratio of 11.8 to 1, according to the report. The ratio means the Virginia economy was boosted by $11.80 for every $1 in state incentives to the film projects.
The report notes that film production employment in Virginia rose 15.7 percent after the General Assembly passed legislation enhancing its incentive program.
Nonetheless, the state still does not provide the level of incentives available to the industry in other states, the report said.