On November 26, 2019, a complaint for Injunctive Relief and a Temporary Restraining Order (“TRO”) was filed by Florida EB-5 Investments, LLC against the Department of Homeland Security (DHS) challenging a November 21, 2019, DHS-issued final rule amending its regulations for the EB-5 program (Case 1:19-cv-03573 FLORIDA EB5 INVESTMENTS, LLC v. WOLF et al). As EB-5 stakeholders know, the new DHS Rule proposed significant increases in minimum investment levels, and a new targeted employment area (TEA) designation process that eliminates the input of the individual states in designating such areas in which investments are made. The complaint alleges the new DHS rules: (1) were developed in violation of the Administrative Procedures Act (APA), (2) exceed DHS’s authority, and (3) violated the Tenth Amendment, among others. The complaint further alleges that the Rule’s changes impact the U.S. economy and were proposed without adequate studies or analysis of the new DHS rules’ expected impacts. EPR’s EB-5 Program economic contribution study—completed in cooperation with IIUSA and the EB-5 Investment Coalition—was used in support of the case filing.
The following pdf is a copy of EPR's study
Jeff Carr was recently invited to participate on a podcast hosted by prominent EB-5 immigration attorney Mona Shah of Mona Shah & Associates Global (“MSA Global”) to discuss EPR’s newly released study on the economic impact of the EB-5 Regional Center Program’s capital investment activities during federal fiscal years 2014-15. The study, developed through a collaboration of the EB-5 Investment Coalition (EB-5IC) and Invest in the USA (IIUSA), comes at a crucial time in the reform discussions regarding the EB-5 Regional Center Program. The study found that capital investment under the regional center program resulted in significant and geographically broad-based economic impacts for the U.S. economy during the most recent period when the regional center program was operating near its unconstrained potential. The study also shows the regional center program’s potential to support on-going economic growth across the U.S. economy, as long as the regional center program is allocated a sufficient number of Visas and without unreasonable restrictions on its economic development activities.
Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019, according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.0 percent. The increase in real GDP in the third quarter reflected positive contributions from PCE, federal government spending, residential investment, private inventory investment, exports, and state and local government spending that were partly offset by a negative contribution from nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the third quarter reflected upturns in private inventory investment, exports, and residential fixed investment that were partly offset by decelerations in PCE, federal government spending, and state and local government spending, and a larger decrease in nonresidential fixed investment.
The upward revision to the percent change in real GDP in the third quarter reflected upward revisions to private inventory investment, nonresidential fixed investment, and PCE that were partly offset by a downward revision to state and local government spending.
Total nonfarm payroll employment rose by 266,000 in November, and the unemployment rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services. Employment rose in manufacturing, reflecting the return of workers from a strike.
Total nonfarm payroll employment rose by 266,000 in November. Job growth has averaged 180,000 per month thus far in 2019, compared with an average monthly gain of 223,000 in 2018. In November, notable job gains occurred in health care and in professional and technical services. Employment also increased in manufacturing, reflecting the return of workers from a strike. Employment continued to trend up in leisure and hospitality, transportation and warehousing, and financial activities, while mining lost jobs.
In November, health care added 45,000 jobs, following little employment change in October (+12,000). The November job gains occurred in ambulatory health care services (+34,000) and in hospitals (+10,000). Health care has added 414,000 jobs over the last 12 months. Employment in professional and technical services increased by 31,000 in November and by 278,000 over the last 12 months. Manufacturing employment rose by 54,000 in November, following a decline of 43,000 in the prior month. Within manufacturing, employment in motor vehicles and parts was up by 41,000 in November, reflecting the return of workers who were on strike in October.
In November, employment in leisure and hospitality continued to trend up (+45,000). The industry has added 219,000 jobs over the last 4 months. Employment in transportation and warehousing continued on an upward trend in November (+16,000). Within the industry, job gains occurred in warehousing and storage (+8,000) and in couriers and messengers (+5,000). Financial activities employment also continued to trend up in November (+13,000), with a gain of 7,000 in credit intermediation and related activities. Financial activities has added 116,000 jobs over the last 12 months. Mining lost jobs in November (-7,000), largely in support activities for mining (-6,000). Mining employment is down by 19,000 since a recent peak in May. In November, employment in retail trade was about unchanged (+2,000). Within the industry, employment rose in general merchandise stores (+22,000) and in motor vehicle and parts dealers (+8,000), while clothing and clothing accessories stores lost jobs (-18,000). Employment in other major industries—including construction, wholesale trade, information, and government—showed little change over the month.
In November, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $28.29. Over the last 12 months, average hourly earnings have increased by 3.1 percent. In November, average hourly earnings of private-sector production and nonsupervisory employees rose by 7 cents to $23.83.
The full BLS press release on the November 2019 employment situation can be accessed in the pdf below:
The next employment situation report for December 2019 is scheduled to be released on Friday, January 10, 2020.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.3 percent in November on a seasonally adjusted basis, after rising 0.4 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.1 percent before seasonal adjustment.
Increases in the shelter and energy indexes were major factors in the seasonally adjusted monthly increase of the all items index. Increases in the indexes for medical care, for recreation, and for food also contributed to the overall increase. The gasoline index rose 1.1 percent in November and the other major energy component indexes also increased. The food index rose 0.1 percent, with the indexes for both food at home and food away from home increasing over the month.
The index for all items less food and energy rose 0.2 percent in November, the same increase as in October. Along with the indexes for shelter, for medical care, and for recreation, the indexes for used cars and trucks and for apparel also rose in November. The new vehicles index fell in November, as did the index for airline fares.
The all items index increased 2.1 percent for the 12 months ending November, a larger rise than the 1.8-percent increase for the period ending October. The index for all items less food and energy rose 2.3 percent over the last 12 months. The food index rose 2.0
The full press release can be found at the pdf below.
Next release is Thursday, January 14, 2020, for the December 2019 Consumer Price Index.