>> Announcer: FUNDING FOR "NJ BUSINESS BEAT" PROVIDED BY IEBW LOCAL 102, PROUDLY SERVING NEW JERSEY'S BUSINESS COMMUNITY SINCE 1900.

LOCAL 102, LIGHTING THE PATH, LEADING THE WAY.

VISIT IBEW102.ORG.

AND FOR MORE THAN 110 YEARS, NJ BIA HAS BEEN FOCUSED ON THE ADVANCEMENT AND SUCCESS OF OUR MEMBERS.

WE'RE THE VOICE REPRESENTING ALL INDUSTRIES, WORKING TOGETHER TO HELP BUILD A MORE PROSPEROUS NEW JERSEY THROUGH ADVOCACY, SUPPORT, NETWORKING, AND BENEFITS.

>>> THIS WEEK ON "NJ BUSINESS BEAT," THE FEDERAL GOVERNMENT TAKES STEPS TO KEEP BANKS SAFE AND REASSURE AMERICANS AFTER A SERIES OF BANK COLLAPSES.

>> AMERICANS CAN FEEL CONFIDENT THAT THEIR DEPOSITS WILL BE THERE WHEN THEY NEED THEM.

>>> PLUS, WHY ATLANTIC CITY COULD SOON BE A DESTINATION FOR A DIFFERENT TYPE OF TOURISM.

>>> AND WE HIGHLIGHT NEW JERSEY'S BLOSSOMING FILM AND TV INDUSTRY, FROM FILMING MOTION PICTURES AND TV SHOWS TO BUILDING MAJOR MOVIE STUDIOS.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪ >> Announcer: THIS IS "NJ BUSINESS BEAT" WITH RHONDA SCHAFFLER.

>>> HELLO, I'M RHONDA SCHAFFLER.

THANKS FOR JOINING ME ON "NJ BUSINESS BEAT."

INVESTORS NEED A BREAK THIS WEEKEND AFTER A TUMULTUOUS COUPLE OF DAYS IN THE FINANCIAL MARKETS BROUGHT ON BY FEARS OF A BANKING CRISIS AND ITS POTENTIAL IMPACT ON THE ECONOMY.

BY WEEK'S END, ONE FAILED INSTITUTION, SILICON VALLEY BANK, HAD FILED FOR BANKRUPTCY PROTECTION.

TREASURY SECRETARY JANET YELLEN TESTIFIED BEFORE CONGRESS LATE IN THE WEEK, SAYING FEDERAL OFFICIALS HAVE TAKEN STEPS TO KEEP THE BANKING SYSTEM SAFE.

>> I CAN REASSURE THE MEMBERS OF THE COMMITTEE THAT OUR BANKING SYSTEM IS SOUND AND THAT AMERICANS CAN FEEL CONFIDENT THAT THEIR DEPOSITS WILL BE THERE WHEN THEY NEED THEM.

THIS WEEK'S ACTIONS DEMONSTRATE OUR RESOLUTE COMMITMENT TO ENSURE THAT OUR FINANCIAL SYSTEM REMAINS STRONG AND THE DEPOSITORS' SAVINGS REMAIN SAFE.

>> THE PROBLEMS ALL STARTED A WEEK AGO WHEN REGULATORS SEIZED SILICON VALLEY BANK FOLLOWING ITS COLLAPSE.

THAT WAS QUICKLY FOLLOWED BY ANOTHER BANK FAILURE.

REGULATORS SHUT DOWN SIGNATURE BANK LAST SUNDAY.

BOTH BANKS WERE VICTIMS OF A BANK RUN.

DEPOSITORS BEGAN WITHDRAWING THEIR MONEY, AND THE BANKS WERE RUNNING OUT OF FUNDS TO COVER THOSE WITHDRAWALS.

IN AN EFFORT TO CALM THE MARKETS, FEDERAL REGULATORS PROMISED TO MAKE ALL OF THE BANKS' DEPOSITORS WHOLE.

>>> MEANTIME, NEW JERSEY OFFICIALS COMMITTED MILLIONS OF DOLLARS TO PROVIDE CAPITAL TO START-UPS AND CAN ENTREPRENEURS IN THE STATE FOLLOWING THE COLLAPSE OF SILICON VALLEY BANK.

TIM SULLIVAN SAID UPWARDS OF 100 NEW JERSEY COMPANIES WERE IMPACTED WHEN SVB SHUT DOWN.

>> THIS IS NOT A MOM AND POP, YOU KNOW, MAIN STREET, RESTAURANTS AND HARDWARE STORES KIND OF IMPACT.

THIS IS MORE TECH START-UPS, HEALTH CARE, BIOTECH, THOSE KINDS OF COMPANIES THAT ARE IMPACTED HERE.

WE KNOW THERE'S REAL PAIN OUT THERE.

THE MOST IMMEDIATE CONCERN SEEMS TO HAVE BEEN SOLVED BY THE FEDERAL GOVERNMENT.

>> BUT DAYS LATER, ANOTHER BANK FACED PROBLEMS, CREDIT SUISSE WAS IN NEED OF CAPITAL.

THE SWISS NATIONAL BANK CAME TO THE RESCUE THERE, PROVIDING THE GLOBAL FINANCIAL INSTITUTION WITH A LIFELINE.

AND THEN SHORTLY AFTER THAT, CALIFORNIA-BASED FIRST REPUBLIC BANK NEEDED AND GOT AN INFUSION OF CASH FROM BIG U.S. BANKS.

TO PUT SOME PERSPECTIVE ON THE WEEK THAT WAS, I'M JOINED BY AN ASSOCIATE PROFESSOR AT RUTGERS BUSINESS SCHOOL.

>> THIS HAS BEEN AN INTERESTING COUPLE OF DAYS, TO SAY THE LEAST.

IN TERMS OF THE SITUATION WITH THE STATE OF BANKS, NOT JUST IN THE U.S.

BUT GLOBALLY, IT'S HARD TO TELL IF THE WORST IS OVER OR THE WORST IS YET TO COME.

WHAT DO YOU THINK?

>> WELL, IT REMAINS TO BE SEEN IN TERMS OF HOW MANY MORE BANKS CRUMBLE, BUT IN GENERAL, I WOULD SAY THAT THE POLICYMAKERS ARE TAKING PROMPT ACTION.

THEY'RE NOT WAITING AROUND, AND THEY'RE GUARANTEEING THE DEPOSITORS, AND SO THEY'RE GOING TO MAKE EVERYBODY WHOLE.

CONSEQUENTLY, WE VIEW THIS MORE AS A LOCALIZED EVENT, AND IT IS NOT LIKELY -- IT MAY CAUSE SOME CONTAGION.

THAT MEANS THAT A LOT OF BANKS ARE GOING TO COME UNDER MORE HEAVY SCRUTINY, AND THE SECTOR IS GOING TO SUFFER AS A RESULT.

BUT IN GENERAL, WE DON'T EXPECT THAT THIS IS A MAJOR -- GOING TO BE A MAJOR FINANCIAL CRISIS IN THE WORKS.

>> IT SEEMS THAT OFFICIALS CLEARLY LEARNED FROM THE LAST BIG FINANCIAL CRISIS, 2007 TO 2009, WHICH IMPACTED MANY BANKS.

SO, IT LOOKS LIKE SOME OF THE DECISIONS MADE REALLY ARE BORN BACK FROM THOSE EXPERIENCES.

>> THE 2007-2008 CRISIS HAD DIFFERENT REASONS, AND THAT WAS MUCH MORE PERNICIOUS, AND IT DRAGGED THE ECONOMY INTO THE GREAT RECESSION.

SO, WE DON'T SEE THOSE KIND OF FACTORS.

I THINK THERE IS FAR MORE BALANCE RIGHT NOW, AND IF YOU LOOK AT THE RECENT BANK FAILURES THAT WE HAVE HAD, FOR SILICON VALLEY BANK OR FOR SILVERGATE OR, YOU KNOW, THESE ARE NOT -- THESE ARE PARTICULAR TO THEIR BUSINESSES, SO CONSEQUENTLY, I DON'T THINK THAT THIS IS AS, YOU KNOW, AS MUCH OF A FACTOR.

>> PRESIDENT BIDEN EARLY IN THE WEEK ASKED FOR CONGRESS TO LOOK AT TOUGHENING BANKING REGULATIONS.

DO YOU THINK THAT IS SOMETHING THAT WILL COME OUT OF THIS?

>> THE REGULATORS DO DEFINITELY NEED TO SHOW MORE VIGILANCE, AND SIMULTANEOUSLY, I GUESS THE PRESIDENT HAS MENTIONED THAT THEY'RE GOING TO BE LOOKING AT THE OPERATIONS OF DIFFERENT BANKS AND SEE IF THERE WAS ANY DEVIOUS INTENT, SUCH AS SELLING THE STOCK PRIOR TO THE ACTUAL CRISIS ITSELF.

SO, CONSEQUENTLY, THOSE ARE ALL THINGS THAT WILL GRADUALLY COME INTO PLAY OVER AGAIN.

BUT IN THE MEANTIME, YES, WE HAVE THE FED, THE FDIC, AND THE U.S. TREASURY TRYING TO CONTAIN THE CRISIS, AND HOPEFULLY, THERE WILL BE SOME SEMBLANCE OF STABILITY THAT COMES ABOUT.

>> PROFESSOR, THANK YOU SO MUCH FOR YOUR TIME TODAY.

>> THANK YOU VERY MUCH FOR HAVING ME.

>>> THE TURMOIL IN THE BANKING SECTOR HAS SOME INVESTORS BETTING THAT FEDERAL RESERVE WILL PAUSE ITS INTEREST RATE INCREASES.

A SERIES OF REPORTS OUT THIS PAST WEEK COULD SUPPORT THAT DECISION.

IN A SIGN THE ECONOMY MAY BE SLOWING, SHOPPERS ARE REINING IN THEIR SPENDING.

RETAIL SALES DROPPED IN FEBRUARY, DUE IN PART TO A BIG DECLINE IN SPENDING AT BARS AND RESTAURANTS.

ON TOP OF THAT, INFLAEGS IS MODERATING.

INFLATION UNEXPECTED FELL LAST MONTH.

THAT HASN'T FILTERED DOWN TO WHAT YOU AND I PAY FOR FOOD, HOUSING, AND OTHER GOODS.

THE CONSUMER PRICE INDEX ROSE, PUTTING THE ANNUAL INFLATION RATE AT 6%, BUT THAT'S LOWER THAN WHAT WE'VE SEEN IN RECENT MONTHS.

>>> NEW JERSEY'S JOB MARKET CONTINUES TO HOLD UP.

IN FACT, THE GARDEN STATE EXPERIENCED HIGHER JOB GROWTH IN THE PAST TWO YEARS THAN FIRST REPORTED.

UPDATED DATA FROM THE FEDERAL GOVERNMENT SHOWS MORE THAN 395,000 NEW JOBS WERE CREATED IN NEW JERSEY IN THE PAST TWO YEARS.

THAT IS 34,000 MORE THAN ORIGINALLY ESTIMATED.

>>> LATINO WORKERS IN NEW JERSEY ARE FACED WITH LOW WAGES AND A LACK OF WORKPLACE BENEFITS, ACCORDING TO A NEW REPORT FROM THE RUTGERS CENTER FOR WOMEN IN WORK IN PARTNERSHIP WITH THE LATINO ACTION NETWORK FOUNDATION.

LATINAS MAKE UP 9% OF NEW JERSEY'S TOTAL WORKFORCE, AND PAY EQUITY IS A HUGE PROBLEM.

IN FACT, THE STUDY FOUND NEW JERSEY RANKS NEAR THE BOTTOM ON PAY EQUITY, SECOND ONLY TO CALIFORNIA.

LATINAS IN NEW JERSEY EARN ON AVERAGE 45 CENTS FOR EVERY DOLLAR EARNED BY A WHITE MAN, MAKING JUST $27,000 TO $37,000 EACH YEAR.

PART-TIME AND SEASONAL WORKERS EARN EVEN LESS.

GLENDA GARCIA RIVERA EXPLAINS THE REASONS FOR THE PAY GAP.

>> A LOT OF THE WOMEN DID FACE SOME DISCRIMINATORY PRACTICES AND TALKED TO US ABOUT THAT.

A LOT OF THEM TALKED ABOUT ENGLISH PROFICIENCY BEING A BARRIER.

ACCESS TO CHILD CARE WAS A REALLY LARGE BARRIER, AND THE ONE THING THAT DID SURPRISE US WAS TRANSPORTATION WAS ALSO A BARRIER THAT WAS CITED, SO WE SEE THAT THESE WOMEN ARE CLUSTERED IN LOW-WAGE SECTORS, THUS CREATING THE CONDITIONS TO MAKE THE PAY GAP THAT MUCH BIGGER.

>> NEW JERSEY'S BIGGEST ANNUAL BUSINESS GATHERING WAS HELD IN ATLANTIC CITY THIS PAST WEEK.

MORE THAN 900 BUSINESS AND NONPROFIT LEADERS, AS WELL AS GOVERNMENT OFFICIALS, ATTENDED THE NEW JERSEY CHAMBER OF COMMERCE'S RENEW JERSEY BUSINESS SUMMIT.

DISCUSSION CENTERED ON HOW TO GROW BUSINESSES IN THE STATE AND PROVIDE MORE OPPORTUNITIES TO THE COMMUNITY.

CHAMBER OF COMMERCE PRESIDENT TOM BRACKEN SAYS FOR TOO LONG, THE BUSINESS COMMUNITY HAS COMPLAINED ABOUT WHAT'S WRONG WITH NEW JERSEY.

NOW, HE SAYS, THE CONVERSATION HAS SHIFTED TO WHAT'S RIGHT FOR BUSINESSES IN THE STATE.

>> WE HAVE PROBABLY THE BEST OVERALL DEMOGRAPHICS OF ANY STATE IN THE COUNTRY.

CUMULATIVELY, OUR ASSETS ARE BETTER THAN ANY STATE IN THE COUNTRY.

OUR LOCATION IS UNPRECEDENTED.

WE HAVE THE BEST-LOCATED STATE FOR BUSINESS IN THE COUNTRY.

AND A LOT OF THAT IS ENCOMPASSED IN THE FACT THAT WE HAVE A VERY EDUCATED WORKFORCE.

WE HAVE A VERY DIVERSE WORKFORCE, WHICH IS A HUGE PLUS.

>> ATLANTIC CITY HAS BUILT A TOURISM INDUSTRY ON CASINOS AND GAMBLING.

COULD CANNABIS ALSO BE A DRAW?

THAT WAS THE SUBJECT OF A RECENT EVENT ON CANNABIS, HOSPITALITY, AND TOURISM HELD BY STOCKTON UNIVERSITY.

WITH NEW JERSEY'S FIRST CONSUMPTION LOUNGE EXPECTED TO OPEN IN ATLANTIC CITY THIS SUMMER, RAVEN SANTANA REPORTS MANY IN THE INDUSTRY WILL BETTING SOUTH JERSEY WILL BECOME A HOT SPOT FOR CANNABIS SALES.

>> HOW WOULD YOU DEFINE CANNABIS HOSPITALITY AND TOURISM?

>> YOU NO LONGER NEED TO BE A REGULAR AT A CASINO TO BE CONSIDERED A HIGH ROLLER.

THAT'S BECAUSE ATLANTIC CITY WILL BE HOME TO TWO MEDICAL DISPENSARIES AND TWO CONSUMPTION LOUNGES THIS SUMMER.

ROB MEJIA, WHO IS A TEACHING SPECIALIST IN CANNABIS STUDIES AT STOCKTON UNIVERSITY, SERVED AS A MODERATOR FOR A WEBINAR ON TURNING ATLANTIC CITY INTO A CANNABIS TOURISM DESTINATION.

>> TWO OF THE BIGGEST DISPENSARIES AND BIGGEST CONSUMPTION LOUNGES IN THE STATE OF NEW JERSEY ARE GOING TO BE RIGHT IN ATLANTIC CITY, SO THERE IS ONE COMPANY, AND THEY ARE REMODELING THE CLARJ HOTEL, WHICH IS ROUGHLY 10,000 SQUARE FEET.

SO YOU'RE GOING TO HAVE A 10,000-SQUARE-FOOT DISPENSARY AND THEN A CONSUMPTION LOUNGE UPSTAIRS THAT'S THE SAME SIZE.

THAT'S A LOT OF SPACE.

AND THEN ACROSS FROM THE HARD ROCK, YOU'LL HAVE A FACILITY CALLED ENDO, RUN BY FAY COLEMAN, AND SHE'LL HAVE A 4,000-FOOT CONSUMPTION LOUNGE UPSTAIRS THAT IS A COMBINATION OF AN INDOOR AND OUTDOOR FACILITY.

IN BOTH CASES, PRIVATE PARTIES CAN RENT THOSE AREAS.

>> AND I THINK TODAY, EVERYONE HAS A BETTER IDEA AND UNDERSTANDING IN TERMS OF WHAT CANNABIS CAN BRING NOT JUST TO TOURISM BUT TO PATIENTS.

AS WE SEE IT, MEDICALLY, AS SOMETHING OF NEED FROM A MEDICINAL STANDPOINT FOR OUR PATIENTS AND CONSUMERS.

SOMETIMES, WE HAVE CONSUMERS THAT JUST WANT TO HAVE A GOOD EXPERIENCE.

>> FAY COLEMAN IS OWNER OF ENDO, ONE OF THOSE TWO DISPENSARIES AND CONSUMPTION LOUNGES ANTICIPATED TO OPEN THIS SUMMER.

>> WE WILL ABSOLUTELY BE LOOKING TO HIRE LOCALLY, AND WE WILL ALSO BE HIRING THROUGH RE-ENTRY PROGRAMS.

30% OF OUR JOBS WILL COME THROUGH RE-ENTRY PROGRAMS.

SO, IT'S IMPORTANT THAT WE JUST NOT REACH BACK TO JUST WITHIN THE COMMUNITY, THOSE WHO ARE SURROUNDING US, BUT ALL OF US WHO HAVE BEEN INVOLVED IN THE CANNABIS INDUSTRY IN SOME WAY, WHETHER POSITIVE OR NEGATIVE, BECAUSE WE NEED TO BRING EVERYBODY FORWARD SUCCESSFULLY.

>> IT'S THE TRAVEL INDUSTRY, THE HOTELS, THE ATTRACTIONS, AIRPORTS, RENTAL CAR COMPANIES, THE ENTIRE VISITOR ECONOMY UNDERSTANDING WHAT CANNABIS IS TODAY, WHICH IS A VERY -- IT'S RAPIDLY INNOVATING AND EVOLVING.

AS WELL AS THE CANNABIS STAKEHOLDERS UNDERSTANDING WHAT IT MEANS TO BE AN ATTRACTION AND AN EXPERIENCE FOR VISITORS TO A DESTINATION, WHICH IS A DIFFERENT LENS THAT GOES ABOVE AND BEYOND A TRANSACTION.

>> BRIAN APPLEGARTH IS THE FOUNDER OF THE CANNABIS TRAVEL ASSOCIATION INTERNATIONAL, WHICH PROMOTES THE DEVELOPMENT OF SAFE AND RESPONSIBLE CANNABIS TOURISM.

>> FOR THOSE THAT DON'T KNOW WHAT THIS IS, IT'S REALLY KIND OF RIGHTING THE WRONGS FROM THE WAR ON DRUGS AND THOSE MARGINALIZED COMMUNITIES THAT WERE NEGATIVELY IMPACTED AND TARGETED AND OFTENTIMES INCARCERATED WHEN CANNABIS WAS ILLEGAL.

>> WE WILL BE THE EAST COAST HUB FOR CANNABIS.

WE HAVE BEEN CHAMPIONS FOR LOUNGES SINCE THE DAY IT'S BEEN LEGAL.

>> ATLANTIC CITY'S McKINLEY IS DIRECTOR OF CONSTITUENT SERVICES AND SPECIAL PROJECTS FOR THE CITY.

McKINLEY SAYS DESPITE ORIGINALLY RECEIVING PUSHBACK FROM SOME CITY LEADERS ABOUT THE FUTURE OF CANNABIS TOURISM, HE SAYS CANNABIS EDUCATION AND A VISION SEALED THE DEAL.

>> WE WANT YOU TO PURCHASE YOUR CANNABIS THERE.

WE WANT YOU TO CONSUME IT HERE.

WE WANT YOU TO CHECK OUT A FESTIVAL HERE, A CONVENTION HERE, GO TO ONE OF OUR STATE-OF-THE-ART FACILITIES HERE, KNOWING WE'RE A UNIQUE TOWN.

>> FOR "NJ BUSINESS BEAT," I'M RAVEN SANTANA.

>> NEW JERSEY IN ITS OWN WAY WAS IN THE SPOTLIGHT DURING LAST WEEKEND'S ACADEMY AWARDS.

A LOT OF THE NOMINEES HAD GARDEN STATE CONNECTIONS.

BEST PICTURE NOMINEE "TOP GUN: MAVERICK" FEATURES TOM CRUISE, WHO GREW UP IN GLEN RIDGE.

ANOTHER NOMINEE IN THAT CATEGORY, THE FABELMANS, WAS DIRECTED BY STEVEN SPIELBERG, WHO LIVED IN KAMDEN COUNTY FOR A WHILE.

NEITHER OF THOSE FILMS COULD OUTSHINE THE OSCAR-WINNING FILM, "EVERYTHING EVERYWHERE ALL AT ONCE," BUT IT IS A REMINDER THAT JERSEY PLAYS A GROWING ROLE IN THE FILM INDUSTRY, WHICH WE'RE PUTTING IN FOCUS THIS WEEK.

THERE'S A LONG LIST OF ACTORS WHO HAIL FROM THE GARDEN STATE, AND NOW, AN INCREASING NUMBER OF MOVIES ARE FILMED HERE AND NOT IN HOLLYWOOD.

LOOK FOR MORE MOVIES MADE IN NEW JERSEY IN THE NOT-TOO-DISTANT FUTURE.

FILM PRODUCTION, THE GARDEN STATE, HAD SET RECORDS DURING THE LAST TWO YEARS, ACCORDING TO THE NEW JERSEY MOTION PICTURE AND TELEVISION COMMISSION.

THE INDUSTRY BROUGHT IN $650 MILLION FOR THE STATE IN 2022, COMPARED TO $500 MILLION IN THE PRIOR YEAR.

PRELIMINARY NUMBERS SHOW THERE WERE SOME 96 FILM AND TV PROJECTS SHOT IN NEW JERSEY LAST YEAR, BUT THAT NUMBER IS SUPPOSED TO JUMP SIGNIFICANTLY ONCE EVERYTHING IS TALLIED UP.

CONSIDER THIS.

THERE WERE 725 PROJECTS SHOT HERE IN THE PRIOR YEAR, INCLUDING 68 FEATURE FILMS.

FILM AND TELEVISION PRODUCTION CREATED OVER 8,500 JOBS IN THE STATE LAST YEAR, ABOUT 3,000 MORE THAN THE JOBS CREATED IN 2021.

THERE'S A BUZZ IN THE STATE ABOUT FUTURE PRODUCTION OPPORTUNITIES AFTER A RECENT ANNOUNCEMENT BY NETFLIX THAT IT WOULD BUILD AN $850 MILLION PRODUCTION FACILITY AT FORT MONMOUTH.

NETFLIX SAYING, WE'RE EXCITED TO ESTABLISH A HOME IN NEW JERSEY, THE BIRTHPLACE OF THE MODERN FILM INDUSTRY.

NEW JERSEY HAS TOPNOTCH CREWS AND TALENT AND A VIBRANT CREATIVE SECTOR, WHICH WE INTEND TO TAP INTO AND FURTHER ENRICH.

ON TOP OF THAT, LION'S GATE ANNOUNCED LAST YEAR THAT IT WOULD BE THE ANCHOR TENANT AT A NEW STUDIO COMPLEX BEING BUILT IN NEWARK.

FOR A LOOK AT HOW THE INDUSTRY CONTINUES TO EVOLVE IN THE STATE, I SPOKE WITH STEVEN GORELICK.

GREAT TO SEE YOU ON "NJ BUSINESS BEAT."

I APPRECIATE YOUR TIME TODAY.

>> PLEASURE TO BE HERE.

EXCITED TO TALK ABOUT THE FILM INDUSTRY IN NEW JERSEY.

>> AND THERE'S A LOT TO TALK ABOUT.

FIRST OF ALL, WE KNOW THAT 2022 WAS A RECORD YEAR FOR THE FILM INDUSTRY IN THE STATE.

HOW IS THIS YEAR SHAPING UP?

>> WE HAVE DOZENS OF PROJECTS ALREADY IN PRODUCTION.

WE HAVE SOME TV SERIES.

WE HAVE A REALLY NICE TV SERIES THAT'S GOING TO BE FILMED IN SOMERSET COUNTY WITH JULIANNE MOORE.

WE HAVE -- "THE WALKING DEAD" IS ALL OVER NEW JERSEY.

>> SO, LET ME ASK YOU AS WELL, THERE'S BEEN A LOT OF EXCITEMENT SINCE THE ANNOUNCEMENT OF NETFLIX AND LION'S GATE MOVING TO NEW JERSEY IN THE FUTURE.

HOW IS THAT PROCEEDING FROM WHAT YOU KNOW IN TERMS OF THOSE TWO BIG NAMES COMING TO THE GARDEN STATE?

DOES EVERYTHING SEEM TO BE ON TRACK?

>> YEAH, AND ALSO, 1888 STUDIOS IN BAYONNE, THEY SEEM TO BE ON TRACK.

THEY'RE STARTING CONSTRUCTION ON LION'SGATE IN NEWARK.

THEY WILL SOON BE STARTING CONSTRUCTION ON THE BAYONNE PROJECT AND NETFLIX SOON AFTER THAT, I BELIEVE.

THEY ALL SEEM TO BE VERY MUCH ON TRACK, AND WE'RE REALLY EXCITED ABOUT THAT.

THAT'S REALLY GOING TO TAKE US INTO THE STRATOSPHERE.

THAT'S GOING TO TAKE AN INDUSTRY WHERE RIGHT NOW OUR REVENUES ARE AROUND $670 MILLION A YEAR FOR LAST YEAR, IT COULD BE HIGHER, WE'RE STILL TABULATING, AND IT'S GOING TO TAKE US INTO THE BILLIONS PER YEAR.

WE NEED TO ATTRACT NOT JUST FILM PRODUCTION.

FILM PRODUCTION IS A VEHICLE TO ATTRACT PERMANENT INFRASTRUCTURE, STUDIOS, EQUIPMENT HOUSES, PROP HOUSES, THAT SORT OF THING.

THAT CREATES A STABLE INDUSTRY THAT WILL FLOURISH IN THE YEARS TO COME.

>> SO, WE KNOW THAT A LOT OF THIS REALLY GOT PROPELLED FROM THE TAX CREDIT NEW JERSEY OFFERS.

ARE THOSE TAX CREDITS RIGHT NOW MORE THAN ADEQUATE?

DO YOU SEE ANYTHING CHANGING ON THAT FRONT IN THE FUTURE?

>> WELL, A LOT, OF COURSE, IS UP TO THE LEGISLATURE AND THE GOVERNOR.

WE HAVE A VERY ROBUST PROGRAM.

IT'S VERY ATTRACTIVE, AND THAT'S WHY WE'RE GETTING ALL THESE PRODUCTIONS.

WE HAD CLOSE TO 90 FEATURE FILMS LAST YEAR AND 15 MAJOR TV PROJECTS, SO APPARENTLY, IT'S VERY, VERY ATTRACTIVE TO THE INDUSTRY.

WE KNOW IT IS, BECAUSE PRODUCERS TELL US, NEW JERSEY IS NOW THE PREFERRED DESTINATION.

IT IS THE PLACE TO GO, AND THAT'S WHY ALL THESE STUDIOS ARE CROPPING UP.

THEY WOULDN'T BE IF THE INDUSTRY HADN'T EMBRACED THE STATE THE WAY IT HAS.

>> ARE PEOPLE BEING BROUGHT ON TO THESE PRODUCTIONS, OR ARE SOME OF THESE PRODUCTION HOUSES BRINGING THEIR PEOPLE WITH THEM TO NEW JERSEY?

>> LAST YEAR, I THINK PRODUCTION CREATED SOMETHING LIKE 10,000 JOBS ON THE VARIOUS PRODUCTIONS.

IF YOU LOOK AT THE COMPOSITION OF THE LOCAL UNION LOCALS, A LARGE PORTION OF THEM ARE NEW JERSEY RESIDENTS, AND LET ME TELL YOU, THOSE UNION MEMBERS, THE TEAMSTERS AND SUCH, THEY WANT TO WORK IN THE STATE WHERE THEY LIVE.

THEY DON'T WANT TO HAVE TO CROSS TWO BRIDGES AND COMMUTE FOR TWO HOURS EACH WAY EVERY DAY OR GO TO NEW MEXICO OR GEORGIA.

THEY WANT TO WORK AT HOME, AND THEY ARE THRILLED ABOUT THE OPPORTUNITY TO DO THIS.

>> WHAT EXCITES YOU MOST AS YOU LOOK OUT FOR THE REST OF THIS YEAR?

>> WE HAVE SOME WONDERFUL PROJECTS, OF COURSE, AND I'M LOOKING FORWARD TO, QUITE FRANKLY, SOME OF THE MOVIES THAT WERE FILMED HERE THAT ARE ABOUT TO BE RELEASED, LIKE "A GOOD PERSON" AND "OPPENHEIMER."

THE TRAILER LOOKS AMAZING.

>> WHEN FILM CREWS COME TO TOWN, THEY SPEND MONEY, AND ALL ACROSS NEW JERSEY, MUNICIPALITIES WANT A PIECE OF THE ACTION.

IN SOMERSET COUNTY, SEVERAL TOWNS RECEIVED CERTIFICATION TO BE A FILM-READY COMMUNITY.

THE MUNICIPALITIES NEED TO SHOW THEY'VE GOT THE RESOURCES AND FILMING LOCATIONS TO SUPPORT MOVIE CREWS.

I SPOKE WITH HILLSBORO MAYOR SEAN TO FIND OUT WHY HIS TOWN TOOK STEPS TO ROLL OUT THE RED CARPET FOR PRODUCERS, DIRECTORS, AND ACTORS.

MAYOR, IT'S GREAT TO HAVE YOU ON "NJ BUSINESS BEAT" TO TALK ABOUT HILLSBORO BEING A FILM-READY COMMUNITY.

WHY WAS THAT SOMETHING IMPORTANT FOR YOU TO SEE HAPPEN?

>> I'M A LIFELONG RESIDENT OF THIS TOWN, AND THE SCENIC HILLS OF HILLSBORO, THE VIBRANT BUSINESS, I JUST THINK I'M VERY PROUD OF THIS TOWN.

WE'D LOVE TO SHOWCASE IT IN A MOVIE IN ANY CAPACITY.

BUT ALSO, SECONDLY, I THINK IT'S A GOOD MODEL FOR BRINGING BUSINESS INTO OUR COMMUNITY.

OBVIOUSLY, THESE FILM PRODUCERS, WHEN THEY COME IN WITH CREWS, WILL HOPEFULLY VISIT OUR LOCAL ESTABLISHMENTS FOR LUNCHES OR FOR DINNERS OR FOR ANYTHING THAT THEY MIGHT NEED, SO I THINK IT'S A WIN-WIN FOR THE TOWN.

>> AND WHAT DID YOU HAVE TO DO TO GET THE DESIGNATION?

>> SOMERSET COUNTY PROVIDED US WITH A CHECKLIST OF THINGS THAT WE NEEDED TO DO.

ONE WAS TO DESIGNATE A LIAISON BETWEEN THE TOWNSHIP AND ANYONE THAT WOULD -- MIGHT WANT TO BE FILMING IN THIS TOWN.

WE HAD TO ATTEND A WORKSHOP AT RBCC FOR A ONE-DAY SEMINAR.

WE HAD TO FILL OUT AND PUBLISH A CODE OF CONDUCT, WHICH WOULD GOVERN THE -- WHAT WE EXPECT AND WHAT WE WILL PROVIDE IF A FILM WOULD WANT TO COME HERE AND FILM ON SITES.

WE ALSO HAD TO SUBMIT SOME PHOTOS OF THE TOWNSHIP, OF DIFFERENT PLACES WE THINK WOULD BE GOOD PLACES TO FILM, BOTH RUSTIC, RURAL HOMES, SOME OF OUR HISTORIC SITES, ET CETERA.

WE HAD A LIST OF PRODUCTION RESOURCES, AND THEN FINALLY, WE HAD TO GET AN APPLICATION THAT WE HAD TO FILL IN.

>> THERE MUST BE A BIT OF A BUZZ AROUND THIS, RIGHT?

IT'S FUN AND EXCITING TO THINK ABOUT.

>> THERE ARE SOME LOCAL FILM PEOPLE HERE IN TOWN THAT WE COMMUNICATE WITH.

ONE IS TOM BALLINGER.

HE'S A PRODUCER WHO WON AN AWARD AT THE CANNES FESTIVAL RECENTLY, SO HE IS A RESIDENT OF TOWN, AND I KNOW THAT HE HAS DONE SOME FILMING IN TOWN ALREADY AT OUR HIGH SCHOOL FOR ONE OF THE PROJECTS HE'S WORKING ON.

SO, I THINK IT'S HAPPENING ALREADY.

WE'RE JUST NOW OPENING IT UP TO A BROAD SCOPE OF PEOPLE.

>> ALL RIGHT, MAYOR, WELL, GOOD LUCK WITH IT, AND THANKS FOR SPENDING TIME TO TALK WITH ME TODAY.

>> THANK YOU VERY MUCH, AND PLEASE COME TO HILLSBORO AND FILM ALL YOU WANT.

OUR DOORS ARE OPEN.

>>> WELL, THERE'S A LOT OF EXCITEMENT ABOUT BIG-TIME PRODUCTIONS BEING FILMED IN NEW JERSEY.

OUR STATE IS ALSO A PLACE WHERE HOME GROWN DOCUMENTARY PRODUCERS AND FILMMAKERS ARE THRIVING.

THEY MAY NOT HAVE HOLLYWOOD BUDGETS, BUT THEY'RE PRODUCING MEANINGFUL FILMS, TELLING STORIES THAT OTHERS MAY IGNORE.

THEIR WORK IS SEEN AT FILM FESTIVALS HELD UP AND DOWN THE STATE.

WE TALKED WITH JEREMY, EXECUTIVE DIRECTOR OF THE TEANECK INTERNATIONAL FILM FESTIVAL, WHICH DOES HAVE A PARTNERSHIP WITH NJ PBS.

THE FESTIVAL ATTRACTS FILM GOERS EACH YEAR.

WHAT DO YOU THINK HAS MADE THE FILM FESTIVAL SO SUCCESSFUL OVER THE YEARS?

>> SO, IN OUR 18-YEAR HISTORY, RHONDA, WE HAVE HAD A THEME OF ACTIVISM MAKING CHANGE.

WE'RE A SOCIAL JUSTICE FILM FESTIVAL, AND I THINK THAT REALLY HAS GIVEN US A NICHE IN THE FILM FESTIVAL WORLD, BECAUSE IT ENABLES US TO CONNECT WITH OUR COMMUNITY THROUGH SHOWING FILMS THAT ARE RELATED TO VARIOUS SOCIAL ISSUES OF THE DAY.

>> SO, GIVE ME A FEW EXAMPLES OF THE SOCIAL ISSUES THAT HAVE BEEN ADDRESSED.

>> EVERYTHING FROM GAY RIGHTS TO ENVIRONMENTAL ISSUES, MARRIAGE EQUALITY, WOMEN'S REPRODUCTIVE RIGHTS, YOU KNOW, THE LIST REALLY GOES ON AND ON.

THERE ISN'T AN ISSUE THAT WE HAVEN'T TACKLED.

>> HOW HAS THE FILM FESTIVAL GROWN SINCE THE FIRST YEAR IT WAS LAUNCHED?

>> SO, THE FIRST YEAR, WHEN IT WAS LAUNCHED, ELLEN ROUND, THE PREVIOUS EXECUTIVE DIRECTOR WHO COFOUNDED THE FESTIVAL, STARTED THE FESTIVAL TO REALLY KIND OF BE A MOTIVATING FACTOR TO INCREASE BUSINESS IN CEDAR LANE ON OUR MAIN STREET WHERE OUR MOVIE THEATER IS HOUSED.

SO, WHAT HAS HAPPENED IN THAT TIME IS WE'VE SWITCHED THE FOCUS OF THE FESTIVAL FROM HAVING LOOSE THEMES TO ESTABLISHING THE PERMANENT THEME OF ACTIVISM MAKING CHANGE.

>> FROM YOUR VANTAGE POINT, AS NEW JERSEY HAS THIS FOCUS ON FILM AND MEDIA AND HAS TRIED TO INCENTIVIZE COMPANIES TO DO MAJOR PRODUCTIONS HERE, HOW DOES THAT HELP FILM FESTIVALS OR SMALLER FILM PRODUCERS AND DIRECTORS?

>> YOU KNOW, THERE'S AN INCREASED SPOTLIGHT ON WHAT NEW JERSEY IS DOING IN THE FILM INDUSTRY, AND THAT TRICKLES DOWN TO FILM FESTIVALS.

THE FIRST PART OF WHAT WE DO WHEN WE START UP A NEW YEAR IS WORKING ON SELECTING AND CURATING THE FILMS, AND WE HAVE A FILM SCREENING COMMITTEE THAT WORKS TO DO THAT.

WE ALSO HAVE FILM SCOUTS THAT GO TO VARIOUS FESTIVALS THROUGHOUT THE COUNTRY AND FIND FILMS THAT THEY FEEL FIT INTO OUR THEME AND THAT ARE APPROPRIATE.

ONCE WE HAVE THE FILMS DETERMINED, THAT ENABLES US TO WORK WITH OUR SPONSORS AND BUILDING THE ROSTER, GETTING THE SPEAKERS IN, AND IT REALLY SHAPES THE THEMES OF THAT YEAR.

>> THANK YOU FOR YOUR TIME TODAY.

>> THANK YOU, RHONDA, IT'S A PLEASURE BEING HERE.

>>> THAT DOES IT FOR US THIS WEEK.

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RAVEN SANTANA JOINS NOW NEXT WEEK WITH A LOOK AT LATINAS IN THE WORKPLACE.

YOU HAVE A FABULOUS WEEKEND.

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