Toronto Touts Record Spending From Hollywood Productions in 2016
Total film and TV production hit $2 billion, thanks to tax credits and TV series like CBS' 'Star Trek: Discovery' and Syfy's 'Dark Matter' shooting citywide.
Hollywood helped Toronto to its best-ever year for film and TV production levels in 2016.
New figures from the Canadian city unveiled Monday indicate the film and TV industry invested $2.01 billion in local production last year, surpassing the previous high of $1.5 billion in 2015.
Thanks to Hollywood movies like the Matt Damon-starrer Downsizing and the Vin Diesel-starrer XXX: The Return of Xander Cage, and TV series like CBS' Star Trek: Discovery, Syfy's Dark Matter and Killjoys and USA Network's Suits, spending by Los Angeles producers in Toronto hit a record $794 million last year.
That's a 49 percent increase from 2015, when such movies as Suicide Squad and the Oscar-winning Room and Spotlight and a heavy slate of U.S. TV shows shot locally. Since 2014, Hollywood investment in local film and TV production has jumped 129 percent.
Despite Ontario's foreign film tax credit in 2015 dropping from a 25 percent all-spend to 21.5 percent for qualifying production expenditures, enthusiasm by Hollywood producers to shoot in Toronto hardly dampened as they continue to chase currency savings from a sharply lower Canadian dollar.
Last year was also the sixth year in a row production levels in Toronto exceeded $1 billion, with production during that period virtually split between domestic and foreign production.
Toronto is the biggest film and TV production hub in Canada and the third-largest by volume in North America behind Los Angeles and New York City.