TOP ECONOMISTS
M
ichael K. Evans is the Chairman of
Evans, Carroll & Associates Inc.
Evans has been providing economic
forecasting and consulting to clients
since 1970.
He has prepared over 500 economic
impact reports for projects under the
EB-5 program, as well as models of state
and local tax receipts, impact of current
and proposed government legislation
and construction of economic models
for individual industries and companies.
MICHAEL K. EVANS
Chairman
Evans, Carroll & Associates Inc
Partner & Lead EB-5 Economist
Impact DataSource
M
ichael Kester is partner and lead EB-5
economist with Impact DataSource.
Established in 1993, Impact DataSource is a
Texas-based consulting firm specializing in high-
quality economic and fiscal impact research
services. The firm began offering specialized
EB-5 services in 2010 and has become a leading
resource for the industry. Kester leads the firm’s
specialized EB-5 economics team, which offers
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EB5 INVESTORS M AGAZINE
Evans holds a Ph.D. in Economics from
Brown University.
As chief economist for the American
Economics Group from 2000 to present,
Evans has also built a comprehensive
state modeling system that provides
economic analysis for a variety of consulting
EB-5 consulting services, analyses and
deliverables that reflect the evolving needs of
EB-5 clients and ever-changing requirements
of USCIS. The EB-5 team has completed
more than 350 comprehensive EB-5
economic studies, analyzed over 2,000 sites
for TEA-eligibility, assisted clients in obtaining
hundreds of TEA letters and successfully
helped clients on many complex EB-5
cases. Kester and his team are also part of
USAdvisor’s due diligence team, and speak
regularly on industry panels and webinars.
Kester has a degree in Mathematics from
Kansas State University.
MICHAEL KESTER
projects. Previously, Evans founded
and ser ved as president of Chase
Econometric Associates between 1970-
1980, served as clinical professor of
Economics at Kellogg Graduate School of
Management at Northwestern University
between 1996-1999 and assistant and
associate professor of Economics at
Wharton School of the University of
Pennsylvania between 1964-1969.
WHAT TRENDS ARE YOU SEEING
IN THE EB-5 INDUSTRY?
While the majority of projects that
we see are still hotels, multi-family,
mixe d - use and similar real es tate
projects, over the past year or so we
have seen a small but noticeable trend
in manufacturing- and infrastructure-
based projects. This may be reflective
of some of the proposed legislation that
would give automatic TEA qualification
to these types of projects. Although
what we have observed thus far has
been a small trend, we do anticipate
changes to the types and locations of
projects to occur once new legislation,
if any, is passed.
ARE YOU SEEING ANY SIGNS
THAT THE COMMUNITY IS
STARTING TO ADJUST TO
POSSIBLE TEA CHANGES?
It seems that EB-5 stakeholders are
making a concerted effort to stay in-
the - know about potential changes
to TE A definitions. Our clients are
becoming more concerned whether a
location qualifies under the proposed
definitions that might be enacted.
However, with ever y thing still up in
the air, we are not seeing any firm
adjustments being made yet. We would
like to see the EB-5 program obtain a
permanent authorization, or at least
a long -term ex tension, so that the
industry can be on solid footing to best
continue to help promote economic
growth in all communities that seek it.