Study Shows USD29.2 billion economic impact for Florida
The Governor’s Office of Film & Entertainment has announced the results of an independent assessment of Florida’s film and entertainment industry, conducted by the Haas Center for Business Research and Economic Development of the University of West Florida.
The study found that in 2007, the estimated economic impact of Florida’s film and entertainment industry grew from nearly $27 billion in 2003 to $29.2 billion in 2007.
Governor Crist said: “As we continue to seek growth opportunities for Florida’s economy, it is important to remember the significant role film and entertainment plays in our state, directly employing more than 100,000 Floridians.” Crist, has also recently announced a USD10 million budget for the state's incentive programme for 2009/2010.
The film and entertainment industry is unique in that the economic benefits extend into other industries, such as restaurants, lodging, retail, construction and tourism, resulting in an additional estimated 105,000 related spinoff jobs in 2007.
The Office of Film & Entertainment, directed by Lucia Fishburne, commissioned the study to gain insight as to the industry cluster’s scope and impact. Additional results from the study show that in 2007, the industry accounted for:
USD17.9 billion in Gross State Product;
USD8.5 billion in income to Floridians; and
USD498 million in tax revenue.
Florida is currently home to hit television series Burn Notice, filmed in South Florida. The Emmy-nominated show infused more than USD28.6 million into South Florida’s economy during the first two seasons and has created more than 2,700 jobs for its residents. They are currently in production on their third season and plan to spend an additional estimated USD17 million in Florida.
The Sunshine State has another recent claim to fame with the holiday box office success Marley & Me, which injected more than USD10 million into South Florida’s economy, employing nearly 1,400 Floridians. The movie held the number one spot at theaters for two weeks, effectively marketing South Florida’s travel destinations to millions of winter moviegoers.
In July 2004, Florida began offering cash rebate incentives through the Governor’s Office of Film & Entertainment to attract additional productions to the state in order to foster growth in the industry and boost local and state economies.
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