The Boost Continues!

    “North Carolina’s unemployment rate went up “one-tenth of a percentage point to 8.9 percent in July, according to data released by the state Department of Commerce’s Labor and Economic Analysis Division.  This is the first time the unemployment rate has risen in the state since January.  Compared to last year, this year’s unemployment rate is slightly seven-tenths of a percent lower.  ‘It was a disappointing month,” said Mekael Teshome, a PNC Financial Services Group Economist.  North Carolina’s unemployment rate is tied with Rhode Island for the third-worst in the nation”.

     Well despite these disappointing unemployment figures, there is a dimmer of light at the end of the tunnel for the state’s economy.  There is an industry that has seen tremendous growth since the beginning of this year.  That industry is the film industry.  The North Carolina Film Office reports a production tally of “$250 million in direct in-state spending and 25,000 job opportunities for North Carolinians”.

     More than 35 production companies have filled out “intent to film” applications suggesting they plan to either film, or have filmed in the state.   Thus far, this means that there will be over 4,300 production days encompassing as many as 30 counties, in the Tarheel State. The job opportunities include more than 3,000 crew positions for the state’s highly skilled film professionals, 1,000 well-paying talent opportunities, and 21,000 background talent positions”.

      “North Carolina continues to be a preferred location in the film industry,” said North Carolina Film Office Director Aaron Syrett.  “Our talented crew base, vast array of locations, and the state’s tax incentive —while not the largest in the nation, it’s certainly the smartest — provide filmmakers and industry leaders the right mix for bringing their productions here and showcasing them to viewers worldwide”.

     “Since 2010, when former Governor Bev Perdue signed into law House Bill 1973 and House Bill 713”, which are the “North Carolina Film Incentives”, the state has seen more production companies arriving to the state, and spending as much as $1 billion.  “The North Carolina Film Incentive is for film productions of theatrical, television and direct-to- DVD features; television series (an episodic series is considered one production); mini-series; commercials (excluding news, sporting events and political advertising) and animation productions.” The maximum tax credit for a production is $20 million.   At least $250,000 must be spent in the state on goods, services, and labor, in order to receive up to 25% of the refundable tax credit.  The companies, who earn the credit, receive a check for the full value of their refund”, “after the North Carolina Department of Revenue has performed an audit”.  

     Now for those of you interested in a location for your next production, and it meets the state’s requirements, why not consider the Tarheel State, “New Hollywood”? With all of this exciting news, I’m looking forward to seeing how well the next quarter does, aren’t you?  I’ll keep you posted!