Recently USCIS released quarterly adjudication data. This data was especially interesting because it revealed that for the first time, I-829 petition receipts were higher than I-526 petition receipts. These findings would explain a slowing of EB-5 demand.
Although EB-5 petitions have steadily increased over time, preliminary filing data for Q2 of FY2016 indicates a notable drop in filings from January through March. This change doesn't totally come as a surprise, as legislative uncertainty drove unparalleled growth in EB-5 filings in the two preceding quarters.
Representatives from the Immigrant Investor Program Office (IPO), which manages EB-5 program administration, expects filings to increase again this summer. They believe the sunset date will be the contributing factor for the expected spike.
I-526 Petitions Pending & Implications: By the Numbers
• Compared to Q2 of 2015, I-526 receipts in Q2 of this year are down 71%. Meanwhile, completions (approvals and denials combined) are up 11%.
• The number of receipts in Q2 in 2016 were 849. In Q1 of this year, there were 6,277 receipts. This indicates that demand is slowing from new investors compared to the pace set between October and December of 2015.
I-829 Petitions Pending & Implications: By the Numbers
• The number of I-829 receipts in Q2 of this year are up 28% compared to Q2 of 2015, with a total of 886 receipts. This is the first time on record that I-829 receipts have outpaced I-526 receipts in a single quarter. Meanwhile, completions are up 60% to 443.
Decreased petitions filings may give USCIS an opportunity to reduce their adjudication backlog. In Q2, IPO adjudicated 4,141 I-526 petitions, 1,255 I-829 petitions, and 135 I-924 petitions, more than double the number of I-526 and I-829 adjudications completed in Q1.