The New Mexico Film Office (NMFO) has published an updated economic impact study, emphasizing the significant economic return on investment (ROI) produced by the New Mexico Film Production Tax Credit. The research, which covers fiscal years 2020 to 2023, indicates an average economic ROI of 7.77 for the state.
One significant finding is the projected total economic output of $3.8 billion in the state from fiscal year 2020 to fiscal year 2023. The tax credit has been instrumental in creating approximately 8,000 high-paying jobs, with the median hourly wage for full-time crew members exceeding the state's average. Furthermore, according to a press release by NMFO, the average expenditure per project has escalated from $3.8 million in fiscal year 2020 to $9.7 million in fiscal year 2023.
Amber Dodson, director of the New Mexico Film Office, stated in a press release by the Economic Development Department (EDD), "This study provides clear evidence that the New Mexico Film Production Tax Credit is a valuable investment for our state. The tax credit generates significant economic benefits. It supports 8,000 jobs, high wages, and expansive investment in our businesses and communities."
Mark Duran, senior film resource manager at Central New Mexico College also contributed his thoughts in a press release by EDD: "We've successfully worked with the New Mexico Film Office and Netflix to create two cohorts for production accounting workshops. Someone with a background in accounting, education or work experience could take this workshop and get trained to know what's applicable in that field for working in the film industry."
Underneath the umbrella of the New Mexico Economic Development Department, NMFO serves local, national and international film and television industries. Its mission is dedicated to maintaining and promoting New Mexico's film incentive while encouraging growth within film, television and digital media sectors. Moreover, it strives to create and expand economic opportunities within the entertainment industry, according to the About webpage provided by NMFO.