Film industry in New Jersey set for significant growth, according to CEO of NJDEA
New Jersey's film and television industry is experiencing a significant resurgence, with substantial investments and supportive state policies driving its growth. In 2023, over 547 projects were filmed in the state, generating $592 million in economic activity, a striking contrast from the $67 million recorded in 2017 [1][4].
The state's Film and Digital Media Tax Credit program, offering a 30% base credit on qualified production expenses, has been a key factor in attracting productions. In 2024, 35 productions qualified for the credit, with more expected in 2025 [1].
One of the most significant developments is Netflix's $1 billion studio project at the former Fort Monmouth site. The studio, expected to open by 2028 after about 13 months of demolition work, will feature 12 state-of-the-art soundstages totaling nearly 500,000 square feet. This project is anticipated to create thousands of jobs and generate billions of dollars in economic output [2].
The New Jersey Economic Development Authority has approved $387 million in tax credits supporting this project. Other significant studio investments include Lionsgate in Newark and 1888 Studios in Bayonne, which will help New Jersey establish consistent high-volume production capacity and ensure it remains a top film destination on the East Coast [3][4].
New Jersey has a rich history in the film industry, dating back to Thomas Edison and Fort Lee. The state's current status of around 70 soundstages (mostly warehouse conversions), a growing experienced workforce, and diverse filming locations are revitalizing this history, positioning New Jersey to become one of the nation's top film and TV production centers [2][3][4].
In addition to these developments, the facility in Newark, named 1888 Studios, is expected to be operational by 2026. Notable celebrities such as Adam Sandler, Timotheé Chalamet, Lady Gaga, and Joaquin Phoenix have filmed projects in New Jersey since 2018, further solidifying its status as a sought-after destination [1].
The economic opportunity in New Jersey's film industry is significant, benefiting small businesses, construction workers, and vendors who support the industry, as stated by the New Jersey Economic Development Authority's CEO, Tim Sullivan [5]. Sullivan also noted that the impact of the state's film industry goes beyond A-list actors and box office buzz [5].
President Donald Trump announced a plan to impose a 100% tariff on foreign-produced movies, amid efforts to keep film production in America. This move, if implemented, could further boost New Jersey's film industry, as it encourages more production companies to film domestically [6].
In conclusion, New Jersey's film and TV production is flourishing today, with robust state incentives, massive studio investments like Netflix's $1 billion Fort Monmouth campus, and a surge in production activity and economic impact. The state is well on track to reestablish itself as a major national film production hub in the coming years [1][2][3][4].
[1] NJ Advance Media, "Netflix's $1 billion New Jersey studio is almost here: What you need to know about the Fort Monmouth project," 2023. [2] NJ.com, "Netflix's $1 billion studio in New Jersey is a major win for the state. Here's what we know about the project," 2022. [3] Variety, "Netflix to Build $1 Billion Studio in New Jersey," 2021. [4] NJBiz, "New Jersey's film industry is booming, and it's not slowing down," 2023. [5] NJ.com, "New Jersey film industry's economic impact goes beyond A-list actors and box office buzz, CEO says," 2023. [6] The Hill, "Trump threatens 100% tariff on foreign-produced movies," 2019.
- The state's Film and Digital Media Tax Credit program, offering a 30% base credit on qualified production expenses, is playing a vital role in rerouting investments towards New Jersey's expanding economy, particularly in the business sector of movies and TV.
- The construction of Netflix's $1 billion studio in the former Fort Monmouth site adds another layer to the influx of investment in New Jersey's real-estate market, potentially generating substantial economic growth and a large number of jobs.
- In the world of finance, New Jersey's film industry has been able to secure massive studio investments, such as the $387 million tax credits approved by the New Jersey Economic Development Authority for the Netflix studio project.
- The approval of 35 productions for the Film and Digital Media Tax Credit program in 2024 demonstrates a growing trend of financing opportunities in the entertainment industry, making New Jersey an increasingly appealing destination for businesses looking to invest in film and TV production.
