The tax credit generated an estimated $4.95bn in total economic output from 2020 - 2024
Author: Gabriella Geisinger
Published: 17 Jul 2024
Film and television production direct spending in New Mexico surpassed $750 in the fiscal year 2024, according to a report by the New Mexico Film Office.
The direct production spending produced an average economic return on investment of $7.77 from fiscal year 2020 to fiscal year 2023. For every dollar invested in the tax credit, the state received $7.77 in economic benefit, the report says.
The tax credit generated an estimated $4.95bn in total economic output in New Mexico from 2020 - 2024 averaging nearly $1bn per year; total output includes direct, indirect, and induced impacts, which account for such things as uplift activity in the supply chain and induced effects from production wages.
In addition, the median hourly wage for full-time New Mexico crew members reached a record high of $36.75 in 2024, up $1.24 from 2023. This is above the general median wage in New Mexico for all industries, at $20.97 per hour; the New Mexico minimum wage as of 2022 is $12 per hour.
Outside of the state's Albuquerque–Santa Fe corridor, the doubling of the film tax credit uplift from 5% to 10% for productions working in rural areas increased production spending to $39,909,450 in 2024, up 88.67% from the previous year. The average percentage of resident crew hires reached 82.29% across all productions registered with the New Mexico Film Office.
Recent productions to take place in New Mexico include Peacock’s Poker Face starring Natasha Lyione and directed by Ryan Johnson, and Christopher Nolan's Oppenheimer for Universal.
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