The rapid expansion of New Jersey’s film and television industry is creating new opportunities for businesses and financial institutions across the state, panelists said during a discussion at the New Jersey Bankers Association’s annual Economic Leadership Forum.
ROI-NJ was on site March 5 in Berkeley Heights as as financial leaders, policymakers and industry executives gathered to discuss economic trends and the growing role bankers could play in supporting the state’s production boom.
The panel, moderated by Karen Kessler, commissioner of the New Jersey Motion Picture and Television Commission, president and CEO of Kessler PR Group and a board member at Northfield Bank, focused on the economic impact of the state’s film incentives and the growing ecosystem of businesses supporting production.
Panelists included Eric Brophy, co-chair of government and regulatory law at CSG Law; Jon Crowley, executive director of the New Jersey Motion Picture and Television Commission; Nicholas Day, president of the Screen Alliance of New Jersey and co-CEO and president of Edge Auto; and Nick Maniatis, director of studio and production policy for the U.S. and Canada at Netflix.
Kessler told attendees the industry has already become a significant economic driver.
“This year we generated close to $1 billion in economic activity,” she said in an interview following the panel. “I don’t think that most bankers know yet how they could participate in the growth of this industry.”
Policy decisions sparked the industry’s revival
The state’s current film boom traces back to policy decisions early in Gov. Phil Murphy’s administration, when officials sought ways to stimulate economic growth and job creation.
Brophy, who previously served as deputy counsel for economic development under Murphy, said leaders focused on revamping economic incentive programs, including film tax credits, to make New Jersey competitive with other production hubs.
“Let’s bring that back, but let’s find a way to make it competitive,” he said, noting states such as Georgia and countries such as the United Kingdom were aggressively attracting productions.
That effort led to a modernized incentive program designed not only to attract productions but also encourage long-term investment in physical studios and infrastructure.
Netflix investment highlights industry momentum
One of the largest examples of that investment is Netflix’s planned production complex at Fort Monmouth in Monmouth County.
Maniatis said the company evaluated multiple states before selecting New Jersey.
“We looked at eight different states and we looked at the tax incentives. We looked at the proximity to talent,” he said in an interview. “The more we looked at it, the more we thought, ‘Hey, this is a place we could build.’”
The streaming giant is constructing a studio campus on nearly 300 acres that will include 12 soundstages, backlots and production offices.
“We’re building on close to 300 acres,” Maniatis said. “We’ll have 12 soundstages, back lots. And it will be a fully functioning, up and running state-of-the-art studio in New Jersey.”
The first phase of the project is expected to be completed around mid-2027, with the full facility planned to open in 2028.
Economic ripple effects extend beyond film sets
The project reflects a broader trend of studios establishing long-term commitments in the state. Crowley said multiple major studios are signing long-term deals tied to the state’s incentive program, creating stability for the industry.
The impact extends far beyond production companies, panelists said. Film shoots rely on a wide range of supporting businesses, including transportation, catering, construction, security and hospitality.
Day said his company, Edge Auto, relocated operations from Brooklyn to Newark after production activity shifted across the Hudson River.
“We came to New Jersey three years ago because of the tax credit,” he said. “We signed a 10-year lease. We’re hiring people in New Jersey.”
Day explained that a typical production brings hundreds of workers and vehicles to each filming location, generating spending at hotels, restaurants, dry cleaners and other local businesses.
“A film like ‘A Complete Unknown,’ the Bob Dylan film, shot at about 70 locations around the state,” he said. “Each one of those locations, think about a hundred people, all sorts of trucks, trailers, coming into that location, buying food at the restaurants, using local catering companies, staying at the hotels.”
Crowley said the state has seen rapid growth in production spending in recent years.
“When I started two years ago, we were historically No. 8 in terms of a production hub,” he said. “We’re now this close to taking over No. 3.”
According to Crowley, qualified in-state spending grew from just over $500 million to $833 million in 2024 and is expected to continue rising as studio development progresses.
Bankers positioned to support industry expansion
Officials are also investing in workforce development programs to prepare residents for careers in film and television, including training initiatives connected to union apprenticeship programs.
For Kessler, the goal of the discussion was to highlight the opportunities the industry’s growth presents for the financial sector.
“I think people are not aware of how many different kinds of businesses are generated by the film industry,” she said. “We need more housing. We need more prop companies. We need more transportation companies. We need more warehouses.”
She said the industry’s expansion is reaching communities across the state.
“This is a way that we are really going to have an entire economic boom throughout the entire state,” she said.
With new studios under construction and production activity increasing, panelists said New Jersey’s film sector is positioned for continued growth.
“Our growth is outpacing any other state in terms of film production,” Kessler said. “We really see that there’s no end to where we’re going to go.”
