Take a stroll down any street in Georgia’s capital city and you’re bound to stumble upon beautiful scenery, historic architecture and, increasingly often, bustling film sets. With more than 142 movies and TV shows filmed in Georgia in 2013 alone, the Empire State of the South is quickly gaining popularity among producers and film studios.
This isn’t just thanks to Georgia’s southern charm either. A 20 percent tax credit for productions spending more than $500,000 within the state was passed in 2008, making the state very attractive to industry decision-makers. This brings up an important question that we have to ask as realtors: Does this affect homeowners and potential homeowners in Georgia?
According to the Motion Picture Association of America (MPAA), it does. Film and TV has brought more than 77,900 jobs and $3.8 billion in total wages to Georgia residents, with more than 23,500 Georgians directly employed by the film industry. Vendors are benefiting also. MPAA member companies like Warner Brothers, Paramount and Disney reportedly paid $696 billion to 4,066 Georgia vendors in 2012 alone. Mic.com has claimed that for 2013, Georgia’s film industry generated more than $3 billion in economic activity.
The New Hollywood
Atlanta, Georgia, is shaking up the status quo by claiming the title of “East Hollywood.” Several renowned industry professionals, including film and TV producer Tyler Perry and casting director Winsome Sinclair, have set up shop here in Georgia, and it is expected that more will follow.
Georgia features an abundance of historic towns and residences, many of which are featured in popular films or TV shows, such as the widely popular AMC series “The Walking Dead.” Several Georgia residents are seeking their own claim to fame by submitting headshots – not for themselves, but for their homes instead!
The effect that this attention and increased revenue has on Georgia’s housing industry is clear: The demand for Georgia homes, especially in prime locations, is only going to rise. A larger percentage of the population is able to buy homes thanks to higher amounts of income and employment from the film industry. And homes in the heart of the New Hollywood will continue to increase in value. Purchase a home for sale in Atlanta today, and there is a good chance that one day you’ll see your own front door on the silver screen!
Image Courtesy of: Flickr