Congressman Steve Scalise today made the following statement regarding a study just released by the Economics Research Associates for Louisiana Department of Economic Development (LED).
"This study shows that the film industry continues to grow and provide thousands of high-paying jobs for people throughout Louisiana. Even during tough economic times in our country, this is an industry that is growing, and created 6,000 jobs in Louisiana in 2007 while bringing in $763 million in economic activity. The Louisiana film incentives are strong proof that smart tax policies can create economic activity and the good jobs that go along with it," Scalise said.
Details from the study highlighted Louisiana's tax incentive programs for the motion picture, music and digital media industries. While a State Representative in the Louisiana Legislature in 2002, Congressman Scalise authored the legislation that created tax incentives for the film industry, called the Louisiana Motion Picture Incentives Act.
Highlights of the study released from the LED include:
Between 2001 and 2007, employment in the state's motion picture industry grew 22 percent annually, according to the Bureau of Labor Statistics.
In 2007, the motion picture industry directly employed 3,310 workers in Louisiana. An additional 2,920 jobs were supported indirectly, for a total of 6,230 jobs which earned $203.7 million in wages. The average salary among all these jobs was about $32,700.
Wages within the state's motion picture increased 8.2 per percent per year between 2001 and 2007, according to the Bureau of Labor Statistics.
In calculating the impact of the motion picture industry on the state's economy, the report noted that $429.2 million of direct in-state spending for 2007 ultimately amounted to $763 million of economic benefit to Louisiana, when things like rents, royalties, profits, dividends, property taxes and various indirect benefits are factored in.