‘Iron Man 3’ Responsible for $179.8 Million in Spending, Over 2,000 Jobs in North Carolina
A new economic analysis released today from the Motion Picture Association of America (MPAA) says that Disney and Marvel’s decision to film Iron Man 3 in North Carolina had a significant financial impact and return on investment in the state.
Read on for the official press release.
WASHINGTON – A new analysis released today 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,” said Senator Chris Dodd, Chairman and CEO of the Motion Picture Association of America. “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.”
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 ten to fifteen percent of the company’s business the year in which filming occurred, and Tidewater Storage Trailers reported that roughly ten percent of its business was generated by the production of Iron Man 3 in the first six months of 2012.
To read the MNP analysis, click HERE.
About the MPAA: The Motion Picture Association of America, Inc. (MPAA) serves as the voice and advocate of the American motion picture, home video and television industries from its offices in Los Angeles and Washington, D.C. Its members include: Walt Disney Studios Motion Pictures; Paramount Pictures Corporation; Sony Pictures Entertainment Inc.; Twentieth Century Fox Film Corporation; Universal City Studios LLC; and Warner Bros. Entertainment Inc.
About MNP LLP: MNP is the fastest growing chartered accountancy and business advisory firm in Canada. Founded in 1945, MNP has grown to more than 70 offices and nearly 3,000 team members. MNP is a member of Praxity, a global alliance of leading business advisory firms. MNP’s Economics and Research practice is one of the largest of its kind, and its team members have an established track record in conducting economic impact and industry studies, including studies involving the film and television production industry. Examples of similar studies conducted by MNP include economic impact studies for film and television industries in jurisdictions across North America. In addition, MNP has a long track record in carrying out economic and statistical studies within the North American tourism, travel and major event sectors.
Marvel’s Iron Man 3 opens in theaters this Friday, May 3.
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