Upcoming Changes to the TEA
Having the two different data updates, December and April, does seem like a hassle, and I know a lot of people feel that way, but it’s actually a good thing, because it represents the fact that there are two data sets that we can use now. – Chris Atteberry
Chris Atteberry is one of the founding partners of Vermilion Consulting, a renowned EB-5 economic consulting firm. As a seasoned leader with a background in military service, business development, and mathematical modeling, Chris brings a wealth of experience to the team.
Ian Perry is the Managing Partner of Vermilion Consulting, a renowned EB-5 economic consulting firm. With a focus on EB-5 compliant analysis and business plans, Ian has successfully facilitated over a billion dollars in EB-5 capital for a diverse range of projects. His expertise in economic analysis and meticulous attention to detail make him a trusted authority in the industry.
Wondering if those TEA maps you use online are accurate to base a project or investment on, or why the TEA data changes every December and April? Maybe, your burning question has to do with placement of job positions and how exactly remote or hybrid jobs count towards job creation in a TEA location?
Join EB-5 Investment Voice’s Mona Shah and Rebecca Singh as they ask these questions and more with our special guests Chris Atteberry and Ian Perry from Vermilion Consulting!
Experts in the field of data analysis, Chris and Ian specialize in EB-5 compliant applied economics and impact analysis guiding hundreds of projects worth tens of billions of dollars invested.
In this episode, Mona and Rebecca pull back the curtain on what economists do, their vital role in the EB-5 industry, and how it is projects get designated as rural or TEA.
Some highlights from the episode:
Ian: “Pre-RIA we would use this exact same data that we’re using now, except we had to get the individual state to sign off on a TEA letter they had to write. Now, post-RIA, the state is no longer involved. So it’s the same data, but we as economists are allowed to write the letters that get submitted to USCIS.”
Mona: “Does it matter whether or not you use IMPLAN, Redine or RIMS II?”
Chris: “The methods or models that you just referred to are what we use for job creation but they have nothing to do at all with targeted employment areas. The TEA data comes from the Census Bureau in December and from the Bureau of Labor Statistics in April. So there’s no connection at all with the different RIMs, IMPLAN or Redine.”
Rebecca: “Is there any alternative or legitimate data source that could be used if projects do miss the TEA?”
Chris: “If a client gets bad news about a data set one, then we will run the TEA with data set two. But if that’s bad news also, unfortunately, that’s kind of the end of the road.”
Rebecca: “How accurate are [online TEA maps] to just get a preliminary knowledge of whether or not it’s a TEA or a rural area?”
Ian: “They’re not necessarily the most up to date. There’s no real accountability in those. So there’s no way of knowing if they’re actually using the proper methodology.”
Mona: “Just like the TEA locations change with the data, is there any data set there which will take a project away from rural?”
Chris: “The rural qualification has two components. The first one is hat the project needs to sit in a county that is outside a metropolitan statistical area. It can sit in a micropolitan area. So metro is bad for rural, micro is good. The second component will not change until 2030 because the second component is based on the population of the town the project is in, as specified by the most recent decennial census.”