New Mexico Film Production Spending Hits New Heights

By   –  Managing Editor, Albuquerque Business First

 

July 1oth, 2022 – Film, television, and digital media productions operating in New Mexico spent more than $855 million in the 2022 fiscal year, which ended June 30, according to figures released by state officials on Thursday.

 

The direct spending figure is nearly 2.9 times higher than FY 20 and a 36% increase over the 2021 fiscal year.

 

Direct spending is money spent in New Mexico for services, goods and the payment for labor of a television or film production. The overall direct spending number is accounted for through registration forms sent in by productions to the New Mexico Film Office.

 

Individual spending figures for productions were not released.

 

The data for the period between July 1, 2021, and June 30 show that 55 film productions and 54 television productions took place in New Mexico.

 

According to state officials, rural communities benefitted from a 5% tax credit for productions that film outside the Albuquerque/Santa Fe corridor. Codified in legislation passed in 2019, direct spending in New Mexico’s rural communities increased from $6.5 million in the 2021 fiscal year to nearly $50 million in the just concluded fiscal year. That’s an increase of 660%.

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