Job Creation & Regional Economic Output Studies
Job Creation studies are important to the approval of the immigrant investor’s I-526 and I-829 (removal of conditions, or obtaining of the “green card.”). The studies are performed pursuant to the rules of the EB-5 Program of the Immigration and Nationality Act (8 U.S.C. 1153 (b)(5)(A)-(D); INA 203 (b)(5)(A)-(D)). The job studiers are also an explicit part of the “comprehensive business plan” requirements of the USCIS precedent case, Matter of Ho (31 July 1998). The information about specific job creation is, therefore, utilized by the immigrant investor and his/her attorney as evidence that the jobs have been created. Dr. Penbera and PenberaParis, LLC has prepared hundreds of certified job creation opinion letters accompanying successful I-526 and I-829s. The two main methodologies for job creation studies are IMPLAN and RIMS II; although USCIS has pronounced a preference for IMPLAN, either method can use either the final demand output or the number of jobs created by the business to estimate the effects to the economy.
In May 2012, Dr. Penbera’s paper entitled “A Comparative Analysis of Implan and RIMS II Econometric Modeling of Job Creation and Capital Investment As Applied to EB5 Investment Projects”, was accepted into the Proceedings of The Global Finance Conference — the largest association of economic and finance scholars and practitioners in the world, and publisher of the Global Finance Journal. Dr. Penbera’s research was one of the first empirical studies that compared job creation estimates derived from both IMPLAN and RIMS II methodologies as applied to various sized EB5 projects in the same geographical area and in the same industry.