EB-5 Update – TEA Changes with Release of New Unemployment Statistics
TEA Unemployment Data Explained
On May 1, 2019, national unemployment data statistics were released and the State of California Office of the Governor has updated its website to reflect the new TEA Map. In California based EB-5 projects, to qualify the site as a target employment area the unemployment rate in that single census tract or a contiguous string of up to 12 census tracts must average a minimum 150% of the national unemployment rate. The national unemployment rate was recorded as 3.93% which means that the unemployment rate of the EB-5 project site must reach at least 5.9% to achieve target employment area certification.