Economic Impact of Film & Television Productions on the Region’s Economy
Report Shows Great Impact and Potential of the State’s Motion Picture Tax Incentive Program
The Greater Newport Chamber of Commerce and its regional economic development division, Connect Greater Newport, with Industrial Economics Incorporated (IEc), an economic development consultancy, conducted a regional impact study of film and television production in Rhode Island under the State’s Motion Picture Tax Incentive program. The analysis assessed the economic activity generated and the potential to drive film tourism.
While cast and crew prepare to return to Newport to film the second season of HBO’s "The Gilded Age" television series this May and September, the state Film and Television Office suggests the series’ use of Newport already generates $45,000 in advertising value each time the City-by-the-Sea is on screen.
Bureau of Labor Statistics (BLS) data for the Motion Picture and Video Production industries in the State of Rhode Island suggests that the tax credit likely influenced the level of reported employment in the film and television industry in the State since its implementation. Specifically, the industry averaged 64 employees between 2000 and 2005, when the tax credit was implemented, and averaged 275 employees after that (2006 to 2020), representing a 430 percent increase in direct industry employment during the period following tax credit implementation**
This analysis was made possible with funding from Newport County Development Council