Louis Cappelli Jr. Commissioner Director – Camden County South Jersey Film Office Cooperative
What is the purpose of the South Jersey Film Office Cooperative? All of the services necessary for film production, from hospitality to transportation, are readily available in South Jersey but they’re scattered. That’s why this office and getting everything under one umbrella is so very important. The film office will serve as a portal for one-stop-shopping, so a producer sitting in Los Angeles deciding on whether they’re going to go to Louisiana or South Jersey can easily understand what they’re walking into. Producers will know from the very beginning that they will be welcomed here and that they will receive a great deal of support. We want their efforts to be seamless so that they can concentrate on the creative process. What tax incentives are in place to attract the film industry to South Jersey? The state has a 30% tax credit statewide. For South Jersey, including Gloucester and Camden counties, the tax credit is 35% and we have to give credit to our state leaders in implementing these credits. Frankly, we’re competing with every other state in the nation and other than in California, filming only takes place in states that offer these types of credits. For us to be competitive across the nation, these credits are necessary and are a wise move by the state of New Jersey. This is a very smart investment. What is the anticipated economic impact from the emerging film industry? The obvious impact is the local spending that will occur. This spending can range from lodging to food, support services, car rentals and everything associated with making a motion picture. The dollar economic impact will depend on the size of the budget but there is also great public relations value that can’t be measured in dollars or cents. Of course, this impact is in advance of any major studio facilities being sited here, which at some point they will be. In the short term, a motion picture, whether it be large or small, will provide great value to the region. 26
| Invest: South Jersey 2021 | ECONOMY
Over 15% of the state is made up of bodies of water.
( ) beginning of 2021 only exacerbated the disruption. From the beginning of the pandemic, supply shortages began to appear, knocking onto the prices of commodities and pushing them higher. In May, the July futures contract per thousand board feet of two-byfours soared to as high as $1,700, when it typically trades around the $300 to $500 range. And benchmark Turkish steel was selling in the $650 per ton area in April, from around $450 per ton at the end of 2019. Another facet to consider in the supply chain disruption is the “just in time” delivery model many manufacturers have shifted to in recent years, meaning a reduction in warehousing costs. However, this left many on the back foot as supplies are now snapped up by those with the purchasing power. For some housing developers, it was not COVID-related economic issues that caused them to shelve projects but rather the uncertainty surrounding if and at what price they could procure the materials needed to finish the job. Combined with stockpiling, those factors mean that supply is likely to remain tight for the remainder of 2021 until the supply chain can rebalance itself or more capacity is brought online.
