SANTA FE, N.M. — The New Mexico Film Office announced Tuesday the economic impact of the state film industry throughout the 2024 fiscal year.

Despite industry strikes that halted production for 148 days, the industry still generated more than $740 million in direct production spending, according to the film office.

From fiscal year 2020 to 2023, the film tax credit has reportedly produced an average return on investment of $7.77 – meaning the state received $7.77 back in economic benefit from every dollar invested in the tax credit.

Since Gov. Michelle Lujan Grisham was elected in 2018, productions have directly spent $4.07 billion in the state. The tax credit reportedly generated an estimated $4.95 billion in total economic output in the state from FY2020 to FY2024. That is around $1 billion on average each year. They say total economic output includes direct, indirect and induced impacts.

The median hourly wage for full-time New Mexico crew members is also reportedly a record-high of $36.75, up $1.24 from the year before, compared to $20.97 per hour for all industries.

Rural production spend also reached $39,909,450 in FY2024, up 88.67% since FY2023. They say that’s a result of doubling the film tax credit for productions outside of the Albuquerque-Santa Fe corridor from 5% to 10%.

The state’s film incentive program has also led to 17 productions working with 15 tribal lands and pueblos since 2019. They say that includes the Pueblos of Zia, Zuni, Cochiti, Ohkay Owingeh, Santa Clara, Santa Ana, Taos, San Felipe, Santo Domingo, Nambe, Tesuque and Sandia – as well as the Navajo Nation, Mescalero Apache Tribe and To’jajilee.