Netflix has chosen New Mexico as the site of a new U.S. production hub and is in final negotiations to buy an existing multimillion-dollar studio complex on the edge of the state’s largest city, government and corporate leaders announced Monday.
It’s the company’s first purchase of such a property, and upcoming production work in Albuquerque and at other spots around New Mexico is forecast to result in $1 billion in spending over the next decade.
More than $14 million in state and local economic development funding is being tapped to bring Netflix to New Mexico. Republican Gov. Susana Martinez and Albuquerque Mayor Tim Keller, a Democrat, touted the investment and said lengthy efforts to put New Mexico on the movie-making map are paying off.
“This is awesome,” the governor told dozens of people gathered inside a cavernous sound stage at ABQ Studios. “This massive investment will have a huge impact of course on New Mexico and continue our efforts to grow and diversify the economy.”
Martinez acknowledged the state’s reliance on federal funding and oil and gas development, saying more needs to be done to encourage diverse ventures such as Netflix as the private sector is the backbone of the American economy.
Keller said the city has laid the groundwork to make sure the film industry is part of its economic development plan. He called landing Netflix a “transformative victory” for the city.