The results are clear: the EB-5 Program works for America on several levels that include job creation, GDP growth, and tax revenue.
Chicago, IL (PRWEB) September 27, 2013
The Association to Invest in the USA (IIUSA), the national not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”), recently commissioned Minnesota IMPLAN Group, Inc. (MiG) to conduct an economic impact study on the EB-5 Program for 2010-2011 and draft the results for peer-review and publication.
The study, which is also peer-reviewed by university economists affiliated with the Association for University Business and Economic Research (AUBER) is an important tool for industry stakeholders, particularly in advocacy efforts. The primary analyst working on the publication, David Kay of MiG, Inc., presented the findings of the economic impact analysis at IIUSA’s 3rd Annual International Investment and Economic Development Forum in Las Vegas this past June. The results from the study show that in 2010-2011 the EB-5 Program supported over 33,000 jobs and contributed $2.65 billion to the US economy in GDP while generating $346 million in federal tax revenue of and $218 million in state and local tax revenue.
Peter Joseph, IIUSA’s Executive Director will be part of a panel presenting the findings of the report at the Association for University Business Economic Research (AUBER) annual fall conference in Richmond, Va. on October 12-15, 2013.
“This newly published economic impact assessment demonstrates the tangible economic benefits of the EB-5 Program utilizing a comprehensive investment dataset that allows for more accurate findings than ever before. The results are clear: the EB-5 Program works for America on several levels that include job creation, GDP growth, and tax revenue,” said Joseph. “We are working on a 2012 assessment that will be published in the near future, which will show how the growth of EB-5 utilization has enhanced the program’s economic benefits for the U.S.”
The IIUSA-commissioned report expands upon the United States Citizenship and Immigration Services’ (USCIS) EB-5 Program evaluation from 2010 that included an economic impact assessment. Unlike the USCIS 2010 report, the IIUSA-commissioned report is based on comprehensive investor per Regional Center statistics from 2011 annual reporting by the Regional Centers with USCIS. The new report also captures the recent spike in growth of the EB-5 Program post-2008 recession and broadens the scope of analysis to include both national and state level economic impacts. It also expands spending categories to include both direct investment and indirect/induced economic impact factors, such as the immigrant investors’ household spending and various other immigration expenses, like government immigration fees, attorney fees and moving costs.
IIUSA is the national not-for-profit industry trade association for the EB-5 Regional Center Program, represent well over 100 Regional Center members that account for over 95 percent of the capital flowing through the Program. IIUSA represents the industry in government and public affairs, telling the story of how the EB-5 Program has become an integral part of U.S. economic development policy.