New Jersey's $1 Billion Film Industry Boom Creates Banking Opportunities

New Jersey’s rapidly expanding film and television industry generated nearly $1 billion in economic activity this year, creating untapped opportunities for the state’s financial institutions, according to industry leaders who spoke at the New Jersey Bankers Association’s annual Economic Leadership Forum. Choose New Jersey marked its 15th anniversary by celebrating this $1 billion economic impact, underscoring the state’s commitment to attracting major entertainment investments.

The March 5 event in Berkeley Heights brought together financial leaders, policymakers and entertainment executives to discuss how banks can support the state’s production boom, according to the New Jersey Motion Picture and Television Commission.

“This year we generated close to $1 billion in economic activity,” said Karen Kessler, commissioner of the New Jersey Motion Picture and Television Commission, 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.”

The state’s film renaissance stems from policy changes early in Gov. Phil Murphy’s administration, when officials revamped economic incentive programs to compete with production hubs like Georgia and the United Kingdom, according to Eric Brophy, co-chair of government and regulatory law at CSG Law and former deputy counsel for economic development under Murphy.

“Let’s bring that back, but let’s find a way to make it competitive,” Brophy said, describing the administration’s approach to modernizing film tax credits.

Netflix’s massive investment at Fort Monmouth exemplifies the industry’s momentum. The streaming company selected New Jersey after evaluating eight states, according to Nick Maniatis, director of studio and production policy for the U.S. and Canada at Netflix.

“We looked at eight different states and we looked at the tax incentives. We looked at the proximity to talent,” Maniatis said in an interview. “The more we looked at it, the more we thought, ‘Hey, this is a place we could build.’”

Netflix is constructing a studio campus on nearly 300 acres in Monmouth County that will include 12 soundstages, backlots and production offices, according to Maniatis. The first phase is expected to be completed around mid-2027, with the full facility planned to open in 2028.

“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.”

Multiple major studios are signing long-term deals tied to the state’s incentive program, creating industry stability, according to Jon Crowley, executive director of the New Jersey Motion Picture and Television Commission.

The economic impact extends well beyond film sets, affecting transportation, catering, construction, security and hospitality businesses, according to panelists. Edge Auto relocated operations from Brooklyn to Newark specifically because of New Jersey’s production activity shift, according to Nicholas Day, president of the Screen Alliance of New Jersey and co-CEO and president of Edge Auto.

“We came to New Jersey three years ago because of the tax credit,” Day said. “We signed a 10-year lease. We’re hiring people in New Jersey.”

The panel discussion, moderated by Kessler, who also serves as president and CEO of Kessler PR Group and a board member at Northfield Bank, focused on the economic impact of film incentives and the growing ecosystem of businesses supporting production.

The modernized incentive program was designed not only to attract productions but also encourage long-term investment in physical studios and infrastructure, according to Brophy. This approach has positioned New Jersey to compete with established production centers that were aggressively attracting film and television projects.

As the industry continues expanding, financial institutions have opportunities to support the growing network of businesses serving film productions across the state, according to industry leaders at the forum.