With the release of the finalized unemployment data from calendar year 2017, we have updated our Annual EB-5 Targeted Employment Area Map to reflect the most up-to-date unemployment data for census tracts.
* Sign up for the May 2nd Webinar here *
* New unemployment threshold is 6.6% *
The Impact DataSource TEA Map shows potential Targeted Employment Areas (“TEAs”) for projects under the EB-5 Program. As of this release date, TEA rules remain the same as in previous years, and they are still certified via the appropriate state authority.
TEAs can be areas of high unemployment or areas that meet certain rural definitions. In the map, census tracts that meet the definitions for high unemployment TEAs on their own are shown in orange, and census tracts that meet (may meet) the definitions of rural TEAs are shown in blue (blue-green). These areas have been determined using the census-share methodology – which is the methodology utilized by most states for determining TEA eligibility.
Under current definitions, TEAs may also be formed by combining adjacent census tracts to create a combined area that meets the high unemployment criteria – so just because a certain location does not meet the criteria for a high unemployment TEA on its own does not necessarily mean that it does not qualify at all. In fact, we can help you determine if a certain location may qualify by combining census tracts.
As most of our readers know, the yearly update is extremely important, especially if investors plan on submitting I-526 petitions after this release date. To avoid possible questions and/or RFEs from USCIS, TEA certifications included in I-526 petitions should utilize the most recent data that the state is using at the time of the filing. Outdated TEAs is one of the most common questions in RFEs, so staying updated is a key issue for stakeholders.
Wondering if you need a new TEA letter? See our discussion here.
The new unemployment threshold for an area to qualify as a high unemployment TEA is 6.6%, which is based on 150% of the the 2017 national unemployment rate of 4.4%.
Webinar: What You Need to Know This Year
Join us for our annual webinar discussing the newly released map and what you need to know about TEAs this year. We will address questions such as:
- What does the data update mean for me and my project?
- Will I need a new TEA certification letter?
- Will the definitions of TEAs change?
- How do I use the map?
Read more in our blog and check out the map yourself! Access it all here: https://impactdatasource.com/eb-5-tea-map-release-2018-webinar/.
Impact DataSource is an industry leader in EB-5 economic analysis (job creation reports) and TEA analysis.
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