May 1, 2013 5:43 PM by MELISSA CANONE (PHOTO COURTESY: MGN ONLINE)
Film and Entertainment Industry Continues to Grow
Recently released LED Economic Impact Report shows that film and entertainment numbers beat analysts' expectations.
- Film Production in Louisiana grew by over 85% from 2010 to 2012.
- In 2012, the tax credit programs supported over $1.1 billion in sales at firms in the state and $770.6 million in household earnings for state citizens, totaling an economic benefit of $1.87 billion.
- Net cost to the state is $164.5 million, which is down from the $170 million reported in 2010 contained in this week's Legislative Auditor Report (despite growth in the industry which indicates greater return on investment and greater efficiency).
- Total number of jobs created is 15,184 (up from 14,000 expected by analysts).
- The LED Economic Impact Report states, "It is clear that the program is performing as designed and continues to increase the economic impact to the state."
"We are thrilled with the state's report on the film and entertainment tax credit program," says Will French, President of the Louisiana Film and Entertainment Association. "This is the positive economic data that we have been waiting for and look forward to the continued success of this industry throughout the state of Louisiana."