MUMBAI: A new analysis released on the economic impact of Marvel‘s Iron Man 3 filming in North Carolina finds that the film is responsible for $179.8 million in spending and 2,043 jobs in the state.
The analysis was conducted by MNP LLP and assesses the economic impact of the production filming in North Carolina between December 2011 and December 2012. The analysis also finds that the production is responsible for $104.1 million in labor income across North Carolina, and that spending associated with the film engaged 719 vendors in 84 communities across the state.
"These findings are just the latest evidence of the economic benefit that film and television production has meant for North Carolina. Thanks to a reliable and refundable production incentive, North Carolinians have been able to reap the benefits of direct spending and job creation across the state. Marvel‘s Iron Man 3, like so many productions that choose to shoot in North Carolina, generated hundreds of millions of dollars in spending for local businesses in dozens of communities and thousands of jobs for North Carolina workers," said Motion Picture Association of America chairman and CEO Chris Dodd.
Iron Man 3 received $20 million in support through state tax incentives. This investment by the state resulted in the following economic benefits:
- $8.99 in economic output for every dollar of tax credit received by the production.
- $6.50 in gross state product for every dollar of tax credit received by the production.
- 102 full-time equivalent positions for every $1 million in tax credit received by the production.
- $5.20 in labor income for every dollar of tax credit received by the production.
In addition, several of the businesses hired directly by the production have reported the film to have had a significant effect during the filming period. For example, Master Craftsmen Services, a furniture restoration company, reported to WRAL that Iron Man 3 represented 10 - 15 per cent of the company‘s business the year in which filming occurred and Tidewater Storage Trailers reported that roughly 10 per cent of its business was generated by the production of Iron Man 3 in the first six months of 2012.
