Last week, the U.S. Bureau of Labor Statistics (BLS) released the latest 2023 annual data for Local Area Unemployment Statistics (LAUS) by county. While the new LAUS data does not change rural areas, this data release is still particularly important for the EB-5 industry because the LAUS data included new unemployment statistics that impact the qualification of high unemployment areas (“urban TEAs“) across the country.
IIUSA immediately updated our online EB-5 TEA Mapping Tool to reflect the latest LAUS 2023 annual data.
INITIAL DATA INSIGHTS
Based on the latest LAUS data, the national unemployment rate remained at 3.6% in 2023. This means that the benchmark for a census tract or contiguous census tracts to qualify as a urban TEA using the LAUS data is still 5.4%. Below, you can see a year-over-year trend of the national average unemployment rates based on the LAUS versus the ACS data (an alternative data source for urban TEA qualification):
In addition, our comprehensive analysis of each census tract across the country found that 44,770 tracts now qualify as an urban TEA, representing an increase of 1,132 tracts from the previous LAUS data (see below). These numbers include census tracts that qualify independently, as well as the locations where they qualify as an urban TEA by combining adjacent census tracts.
IIUSA is going to publish a more in-depth analysis of the latest TEA data in the coming days.
Meanwhile, we are pleased to share that our EB-5 TEA Mapping Tool has been used by more than 14,000 times so far in 2024 alone! This tool is considered an important resource for the EB-5 industry to conduct project due diligence. We are excited to see this map being widely used by tens of thousands stakeholders across the globe and want to thank everyone who has used and supported this valuable resource.
If you have any ideas or suggestions on how we can further enhance our TEA map, please do not hesitate to share them with us at research@iiusa.org.
THANK YOU TO OUR TEA MAP SPONSOR
Sponsorship opportunities are still available. You can showcase your company’s leadership in the field by supporting this valuable tool. Email info@iiusa.org to learn more about sponsoring IIUSA‘s EB-5 TEA Map.
