As $1B Netflix studio in NJ gets closer, Gov. Murphy celebrates 'revived hope'
New Jersey Gov. Phil Murphy is touting a deal to transform the long-shuttered Fort Monmouth army base into a Netflix film and television production studio with 12 soundstages and a backlot — a project that will cost the streaming service nearly $1 billion to build.
The governor is contending with a string of bad news that's emerged in the weeks before state legislative elections next Tuesday, including an offshore wind developer announcing it “My mom worked at that fort and I had a lot of memories going there as a kid,” Gopal said. “And then when that fort closed, nearly two decades ago, the devastating impact it had in the Monmouth County area was felt.”The Hollywood Reporter last year it is investing in Fort Monmouth, which has been vacant since shutting down in 2005, because the company needs an East Coast production facility close to a large pool of its talent.
“Extensive research of similar programs across the country finds that film and TV tax credits do not generate the economic activity and job creation they promise,” reads a June 2023by the think tank New Jersey Policy Perspective. “Because most jobs in the industry are temporary and often filled by specialists from out-of-state, film and TV tax credits only deliver pennies on the dollar for state and local governments.
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