The New Jersey Bankers Association (NJBankers) held its 15th Annual Economic Leadership Forum, where a panel discussed the current state and future prospects of the film industry in New Jersey and its impact on the local economy.
Jon Crowley, executive director of the New Jersey Motion Picture and Television Commission, emphasized the state’s appeal for film production. “From beaches and farms to busy city centers and quiet suburban streets, New Jersey offers the perfect location for any production,” Crowley said. “Our diverse locations and talent pool make New Jersey a top-tier destination for producers and directors. 2024 proved that New Jersey, the birthplace of film, is the industry’s future.”
The forum highlighted that since Former Gov. Phil Murphy reinstated the Film and Digital Media Tax Credit Program in 2018—and with its extension through 2049—the state’s film sector has experienced significant growth. The program provides up to 40% tax credits for qualifying expenses on film and digital media productions. As a result, there was a 41% increase in total qualified spend from 2023 to 2024, even as other North American production hubs saw flat or declining numbers.
In 2024 alone, New Jersey hosted 550 projects that generated $833 million in economic activity and supported more than 30,000 crew positions. Panelists attributed this surge to incentives, available infrastructure, and workforce development.
Looking back at recent years: In 2020—during widespread COVID-19 shutdowns—the industry recorded only $88 million in economic activity from 448 projects. By contrast, as restrictions eased in subsequent years with ongoing support from tax credits:
– In 2021 there were over $500 million generated by 725 projects.
– In 2022 nearly $702 million came from 619 projects amid expansion of studio facilities such as Sustainable Studios in Moonachie and plans for Netflix Studios at Fort Monmouth.
– Despite national labor strikes reducing activity to $592 million across 547 projects in 2023, momentum continued into a record-setting year for spending in 2024.
Crowley addressed whether these results could be sustained: “‘Was that $833 million a fluke?’ No, because in Q1 [this year], we are going to have 30 major productions in the state,” he said. “We are booming.”
Nicholas Day—president of Screen Alliance of New Jersey and co-chief executive officer & president of Edge Auto—pointed out that while tax credits run through mid-century their continuity depends on political priorities: “[It is important that] we [are] supportive [of this tax credit] in New Jersey,” Day said. “This is a unique credit that actually works. It is not designed to have people spend a lot of money and then leave; it is specifically designed to have them stay.”
Crowley noted historical irony given filmmakers left early Hollywood-era New Jersey due to strict patent enforcement but now return because “tax incentives are bringing them back.”
Beyond direct production jobs, panelists stressed wider economic benefits for local businesses including catering firms, construction companies, hospitality providers and real estate services.
Day cited his own company’s move from Brooklyn: “We signed a 10-year lease and are now hiring people in New Jersey,” he said. “That is directly because the tax credit attracted clients such as Netflix… We followed our clients to New Jersey.”
Nick Maniatis—director of studio/production policy at Netflix—stressed infrastructure needs: “A studio is like a small city… it’s going to be great for that local economy.”
Crowley added: “We want production managers to say ‘I have zero problems with New Jersey. It has everything we need.’”
Looking ahead five years or so Eric Brophy (CSG Law) projected further growth: “By about 2030, we would hope to have a fully functional film industry. We’d have easily 50-75 productions a year and well over $2 to $3 billion in spend.”
