U.S. box office returns for Iron Man 3 won’t be in until this weekend, but a new analysis released today (April 30) shows the film’s financial impact on North Carolina’s economy was significant. According to the Motion Picture Association of America (MPAA), the movie, which filmed in North Carolina between December 2011 and December 2012, resulted in $179.8 million in spending and 2,043 jobs in the state. Spending associated with the film involved more than 700 vendors in 84 communities statewide.
“These findings are just the latest evidence of the economic benefit that film and television production has meant for North Carolina,” said Chris Dodd, Chairman and CEO of the MPAA. “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 revenue 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.
- $5.20 in labor income for every dollar of tax credit received by the production.
Read the full report here.