Georgia’s Entertainment Industry Contributes to Growing Economy

ATLANTA - July 3, 2013 - PRLog -- The state of Georgia is becoming known as the “Hollywood of the South (http://www.atlantarealestateforum.com/georgia-goes-hollywood-77718/)” thanks to the incentives the State of Georgia offers to the film industry. Because of these incentives and the increase of film production in Georgia, more than 30 industry-specific supplier companies have either expanded or relocated to the metro Atlanta area (http://www.atlantarealestateforum.com/higher-paychecks-and-continued-job-growth-fuel-atlantas-housing-market-77398/). Companies such as Atlanta Film Studios Paulding County, EUE/Screen Gems Studios Atlanta, Raleigh Studios at Riverwood, Pinewood Studios, Paskal Lighting and Panavision, the world leader in camera equipment, all call Atlanta home. Also located here are Tyler Perry Studios, Turner Studios and Rainforest Films. These companies not only bring jobs to the metro area, but they also boost the appeal of our city and Atlanta new home values.

The Entertainment Industry Investment Act, originally signed by Gov. Sonny Purdue, gives companies that spend $500,000 on production or post-production in Georgia a 20 percent tax break. Considered one of the best incentive programs in the country, the law also allows for an additional 10 percent tax break if the film promotes the state on screen.

Georgia is now considered one of the top five production destinations in the country, thanks in large part to the mild climate and varied landscapes the state offers in addition to the tax benefits. The revenue created by the film industry boosts our state’s economy, and helps create job growth in multiple industries. Currently, the entertainment industry has provided more than 25,000 jobs, and we all know more jobs equals greater demand for new homes in Atlanta (http://www.atlantarealestateforum.com/atlanta-real-estate...). In 2012 alone, the direct economic benefits of film production in Georgia came to nearly $3.1 billion, a 29 percent increase over 2011. At this rate, the economic benefit to the state in 2013 is projected to exceed $4 billion.

A number of television series’ are currently shooting in Georgia, including The Walking Dead, Single Ladies, Auction Kings, Necessary Roughness, Vampire Diaries and Drop Dead Diva. Recent movies that have filmed in Georgia include Fast Five, Anchorman: The Legend Continues, The Internship, Need for Speed, Flight, 42, The Hunger Games, Trouble with the Curve, Footloose (2012) and The Watch.

The Georgia tourism industry is also benefitting from the film industry. Serious fans of popular shows such as AMC’s The Walking Dead, which is filmed in Senoia, plan their entire vacation around a visit to the film location! A local company, Atlanta Film Tours, was founded to offer tours of popular film locations around Atlanta. Groups can also hire the company to take them to specific locations they are interested in seeing that are not part of the company’s regularly scheduled tours.

While some states have implemented similar tax incentives, many other states such as North Carolina have considered imposing certain limits on their program, as they are unsure that the revenue from the film industry will make up for the lost tax revenue. The state of Georgia handed out $140.6 million in tax credits in 2010, and the number is estimated to be around $200 million annually at present. But, with an economic draw of more than $3 billion and the creation of thousands of jobs, it’s clear that Georgia has figured out how to make it work.

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