Booming Film Industry in Georgia Helps Local Real Estate Market

1 November, 2012 (19:33) | Agents | By: Keith and Mary Williams

Georgia has recently passed a tax credit giving the film industry a big boost in the lucrative film industry.
This month the Georgia Department of Economic Development said the film industry in the state of Georgia alone came in at $3.1 billion. The state is currently hosting 32 film and TV shows including some popular scripted dramas and feature films.
In February 2007, Georgia only had one project filming in the state: the MTV reality show “Yo Momma.” Since then, Georgia’s film industry has grown 1,100 percent in five years. This is largely due to the Georgia Entertainment Industry Investment Act, a tax credit incentive of up to 30 percent for film projects.
The model to bring in the film industry was designed to follow the recently successful film boom in Louisiana, which started the first competitive domestic incentives in 2002. In 2005, the Ray Charles biopic (a Georgia native) was filmed in Louisiana. This caused legislators to decide enough was enough.
In the current market, many movie studios are finding it much more popular to film outside of Hollywood. Tax incentive saving are typically rolled back into the budget, which raises the overall spending level on a movie. Accounting departments now have a large say in where a movie is filmed.
The film industry boom has had a positive effect on the real estate market. To produce a project, crews need to rent warehouses, offices, homes and apartments. The film business also supports hotels, restaurants and rental car facilities.
One 2011 study indicates that for every dollar the state spends on tax credits, they earn back $1.24 in state and local taxes.
One Georgia town that has seen a large economic boom is Senoia, which hosts the AMC hit “The Walking Dead.” Businesses in the town’s downtown district have increased from sic to 47 in just a few years.
State officials hope the temperate climate and diverse topography will be a huge draw to bring in more projects.
Those looking to rent or buy properties in Georgia should contact Keith and Mary Real Estate today.

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