EB-5 MARKET IN NEW JERSEY
New Jersey has a fairly large EB-5 market. As of May 2020, New Jersey has 76 approved regional centers listed by USCIS.
New Jersey, known as The Garden State, is the 11th most populous state in the U.S. and fourth smallest by area. New Jersey’s gross state product is around $639.8 billion, according to the Bureau of Economic Analysis. The main industries include pharmaceuticals, financial services, manufacturing, technology and transportation. New Jersey has a lot of wealthy residents. New Jersey had the highest number of millionaires per capita in the U.S. in 2018, a study found.
POPULATION OF NEW JERSEY
The U.S. Census Bureau data shows the population in New Jersey at about 8.8 million. 72% of the state’s residents identify as white, 20.6% Hispanic or Latino, 15% Black or African American and 10% Asian. English is the most widely spoken and about 15% of the population speaks Spanish.
New Jersey has a fairly significant immigrant community. The American Immigration Council estimates that 22% of New Jersey’s residents are immigrants, and one-fifth of self-employed business owners are immigrants who generate about $3.28 billion in total annual revenue. The majority of immigrants come from India, the Dominican Republic, Mexico, the Philippines and Korea.
COMPLETED EB-5 PROJECTS IN NEW JERSEY
Avora at Port Imperial in Weehawken is a multi-family residential project that used $35 million in EB-5 funds from 70 investors, according to LCP Group.
Hudson Exchange, a mixed-use development in Jersey City, reportedly used EB-5 funds, according to Civitas.
88 Kushner-KABR, a mixed-use residential and commercial development in Jersey City, had 100 EB-5 investors, according to U.S. Immigration Fund Regional Center.