NJ Film Industry Impacts and Opportunities Discussed at NJBankers Annual Forum

By Jim Pytell, Managing Editor On Mar 6, 2026

The New Jersey Bankers Association (NJBankers) hosted its 15th Annual Economic Leadership Forum yesterday, which featured a panel of industry experts exploring the future of film in New Jersey and what it means for the local economy.

“From beaches and farms to busy city centers and quiet suburban streets, New Jersey offers the perfect location for any production,” said Jon Crowley, executive director of the New Jersey Motion Picture and Television Commission. “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.”

Since Former Gov. Phil Murphy reinstated the Film and Digital Media Tax Credit Program in 2018, the film industry has taken off. The program, which has been extended to 2049, offers tax credits to film and digital media productions of up to 40% for expenses incurred. New Jersey’s competitive tax incentive program supported an increase of 41% in total qualified spend from 2023 to 2024, while film spending in other North American production hubs decreased or remained stagnant.

In 2024, the state saw 550 projects generate a record $833 million in economic activity, supporting more than 30,000 crew positions. According to the panel, this growth reflects the combined impact of incentives, infrastructure readiness, and an expanding workforce pipeline.

Timeline of Growth

Going back to 2020, the industry recorded 448 projects and approximately $88 million in economic activity, reflecting widespread production shutdowns during the COVID-19 pandemic. As restrictions eased, the state’s Film and Digital Media Tax Credit Program contributed to helping accelerate recovery.

In 2021, production activity surged to 725 projects, generating more than $500.5 million in economic impact. In this case, the tax credit provided long-term certainty that attracted productions and encouraged in-state spending.

Momentum continued in 2022, when 619 projects contributed nearly $702 million to New Jersey’s economy – the highest total at the time. This growth coincided with expanding studio infrastructure, including Sustainable Studios in Moonachie and 10 Basin Studios in Kearny, and planning for major developments such as Netflix Studios at Fort Monmouth, Lionsgate facilities in Newark, and 1888 Studios in Bayonne.

Then, in 2023, national labor strikes temporarily slowed production, reducing activity to 547 projects and $592.4 million in economic impact. Despite this disruption, New Jersey maintained a strong production base and continued investing in long-term growth strategies.

Then came the record setting numbers of 2024.

“‘Was that $833 million a fluke?’ No, because in Q1 [this year], we are going to have 30 major productions in the state,” said Crowley. “We are booming.”

Tax Credit Program Appears to Be Working

While the Film and Digital Media Tax Credit Program runs through 2049, Nicholas Day, president of the Screen Alliance of New Jersey and co-chief executive officer & president of Edge Auto, Inc. said it is still important to understand that tax credits can change, alluding to potential priority shifts of future governors.

“[It is important that] we [are] supportive [of this tax credit] in New Jersey,” said Day. “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.”

There is some irony in this. Around 1915, independent filmmakers originally left New Jersey (the birthplace of film) for California primarily to escape what were considered “heavy-handed” patent and copyright restrictions enforced by Thomas Edison’s Motion Picture Patent Company, thus spawning Hollywood as we know it today.

“In a sense, taxes chased them away,” said Crowley. “Tax incentives are bringing them back.”

Impact Beyond Film Industry

And it’s not just about actors and producers; the industry as a whole creates significant, diverse impacts on local industries. Crowley points out that major productions fuel a massive economic ripple effect, boosting small businesses, catering, hospitality, security, construction, real estate, and more.

Day added that his company, Edge Auto, which services clients in the film industry, moved from Brooklyn to New Jersey three years ago due to tax credits.

“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 and others. We followed our clients to New Jersey.”

Attracting and building up the infrastructure for film-supporting industries is vital.

“We need everything you can imagine,” said Nick Maniatis, director of studio and production policy for the US and Canada at Netflix. “A studio is like a small city, and we need everything a small city would need. So, it’s going to be great for that local economy.”

“We want production managers to say, ‘I have zero problems with New Jersey. It has everything we need,’” said Crowley.

When asked where the industry may be in three to five years, Eric Brophy, esq., member/co-chair, government & regulatory law, CSG Law, said, “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.”

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