ATLANTA — Once dubbed the “Hollywood of the South,” Georgia’s film and television industry is showing signs of slowing down.

According to The Wall Street Journal, 245 projects were shot in the state during the last fiscal year, a sharp drop from 412 just three years ago. Entertainment industry reporter Ben Fritz says the shift comes as major studios, including Marvel, move more productions overseas.

“This is what happens, industries come and go, they go where it’s cheapest,” Fritz said. “As soon as it’s cheaper somewhere else, they’ll go. It’s not like they build a factory.”

Marvel, which has made 22 films and TV shows in Georgia, recently moved production of The Fantastic Four: First Steps to the U.K., where costs are lower. Fritz called the move “devastating,” noting Marvel’s projects have generated thousands of jobs in Georgia.

He says the state has seen nearly a 50% drop in production spending over the past three years and warns Georgia could face the same challenges as Los Angeles, which has been hit even harder by industry slowdowns.

“I think the real lesson is don’t ever rest on your laurels,” Fritz said. “Don’t think, ‘Oh, look at how much stuff is getting made in my state now, I can be confident it’s going to stay.’ They can leave.”

Still, efforts are underway to keep Georgia competitive. Trilith Studios is investing in companies that commit to producing projects in-state, while the Georgia Film Academy just opened a new training space at Assembly Studios in Doraville. Officials hope strengthening the state’s workforce will help keep Georgia attractive to future productions.

The state’s job website for the industry continues to list openings, including positions for two feature films slated to begin production soon.

WSB’s Ashley Simmons contributed to this story