EB-5 filing trends since the Reform and Integrity Act (RIA) tell a remarkable story—but getting to that story has been harder than it should be. For much of the program’s history, stakeholders could rely on a steady flow of government data: USCIS published quarterly processing times and petition counts, and the Department of State updated its visa bulletin on a regular schedule.
That picture changed when the RIA took effect in March 2022. New petition forms, reconfigured filing categories, and shifting adjudication responsibilities created a data vacuum that has left investors, regional centers, and immigration attorneys with less visibility than at any point in recent memory.
In a recent CanAm Enterprises webinar, COO Christine Chen sat down with Aaron Grau, Executive Director of IIUSA, and Lee Li, IIUSA’s Director of Policy Research & Data Analytics, to unpack what the available EB-5 data tells us and where the gaps remain. Their analysis reveals a program surging to levels few predicted three years ago.
The EB-5 Data Gap: Why USCIS Reporting Leaves Stakeholders Guessing
USCIS remains the most authoritative source of EB-5 program data, tracking every petition filed, every approval issued, and every processing milestone. The challenge is that much of this information never reaches the public.
As Lee Li explained, USCIS publishes data quarterly—but until recently, that data was limited to aggregate filing, approval, and denial counts for I-526 and I-526E petitions. Critically missing was any breakdown by country of birth, meaning the industry could see how many petitions were moving through the system without understanding who was filing or how long cases were taking.
“They only tell us how many 526 or 526E [petitions] have been filed, approved, [or] denied,” Li noted. “But we do not [know] who these investors are, and we don’t know how long they take for them to receive their approvals.”
The Department of State has also fallen behind. At the time of the webinar, no updated data had been released in several months. The timing is particularly problematic because a growing share of EB-5 visas are now processed by USCIS through concurrent adjustment-of-status (AOS) filings—by some estimates, roughly half of all issuances—a proportion the traditional visa bulletin does not capture.
To fill these gaps, IIUSA turned to its own membership base, collecting anonymized petition data from regional centers and immigration attorneys to assemble a dataset representing a majority of all post-RIA filings. That grassroots effort, supported by firms like CanAm Enterprises, has become the industry’s most comprehensive window into real-time EB-5 program activity.
I-526E Filing Trends: Record Petition Volumes After the RIA
The EB-5 filing data emerging from these combined sources tells a striking story. After years of decline—driven by retrogression backlogs, long processing times, and the program’s temporary lapse—I-526E petition filings are climbing at a pace that could set new all-time records.
The I-526 petition count peaked in fiscal year 2015, driven by a surge of filings from mainland China. From that point forward, backlogs and processing delays eroded demand steadily, bottoming out in fiscal year 2021. The passage of the RIA in March 2022 marked a turning point, and filings have increased year over year since. In fiscal year 2025, data through the first three quarters already exceeded the full-year total for fiscal year 2024.
Christine Chen echoed the momentum: “Despite a lot of the transparency and integrity measures that have been imposed on regional centers, the fact is stakeholders have been able to rise to the occasion, abide by those rules, and I think get more trust from investors that they’re going to be better protected in a post-RIA program.”
That trust appears well-founded. According to IIUSA’s estimates, more than 13,000 investors have filed EB-5 petitions since the RIA, representing approximately $10 billion in investment capital. Of those, 96% chose to invest through a regional center in a targeted employment area (TEA) project—a powerful endorsement of the model the RIA was designed to strengthen.
Rural EB-5 Investment Growth: From Niche Category to Near-Majority
Perhaps the most consequential shift in post-RIA EB-5 filing trends is the dramatic rise in rural investment. Before the RIA, urban TEA projects dominated, with the vast majority of capital going to high-unemployment areas in major metropolitan regions.
The RIA changed the calculus by introducing reserved visa categories for rural, high-unemployment-area (HUA), and infrastructure projects. Rural EB-5 investments also received priority processing—a significant incentive for investors concerned about wait times.
The data shows these incentives are working. Beginning in the third quarter of fiscal year 2024, rural filings began to overtake urban TEA filings for the first time. By the most recent reporting period, the gap was widening. Overall, the post-RIA split sits at roughly 51% urban TEA versus 49% rural—a near-even divide that was almost unimaginable before 2022.
“Before the RIA, we didn’t see much of the investment or much of the interest in rural area for EB-5,” Li observed. “But right now it’s the majority of the filings. That means the majority of the EB-5 investments right now are going to rural areas, which I think is exactly the congressional intent of the RIA.”
The trajectory suggests rural EB-5 filings will continue to outpace urban TEA—carrying significant implications for visa availability, processing times, and the case for EB-5 program reauthorization in 2027.
EB-5 Investor Demographics: Country-of-Origin Shifts and Visa Strategy
The post-RIA EB-5 data also reveals important shifts in investor origin. China remains the largest source market, accounting for approximately 51% of all petitions filed since the RIA took effect. India holds second position, followed by emerging markets including Taiwan, South Korea, and Vietnam.
What is particularly notable is how investors from different countries are allocating capital between urban and rural projects. Chinese investors—who have experienced the longest visa retrogression backlogs—have overwhelmingly pivoted to rural projects, with roughly 3,500 rural filings compared to approximately 2,800 urban TEA filings. Indian investors have followed a similar pattern.
The logic is straightforward: rural EB-5 projects come with reserved visa allocations that bypass the general backlog, along with priority processing that shortens wait times. For high-demand countries, this combination makes rural projects substantially more attractive than under the old framework. Investors from countries without significant retrogression, such as Taiwan and South Korea, have shown a more balanced distribution. As Christine Chen noted, these patterns will shape EB-5 visa demand for years to come.
What Post-RIA EB-5 Filing Data Means for Investors and Stakeholders
The post-RIA EB-5 filing data delivers a clear message: the program is growing faster and more purposefully than at any point in its history. Petition volumes are surging, rural investment is approaching parity with urban TEA, and confidence in the regional center model remains exceptionally strong.
For prospective investors, rural EB-5 projects now offer a compelling combination of reserved visas, priority processing, and bipartisan political support. But as filing volumes rise, favorable processing conditions may not last indefinitely. Investors considering the EB-5 path should evaluate their options sooner rather than later.
For the industry, the data underscores the need for continued collaboration between USCIS, the Department of State, and private stakeholders to improve transparency. Organizations like IIUSA—supported by leading regional centers including CanAm Enterprises—are doing essential work to fill the gaps, but long-term program health depends on more consistent government reporting.
Watch the Full EB-5 After the RIA Webinar
This blog post is the third installment in our six-part series, “EB-5 After the RIA.” To hear the full conversation, watch the complete webinar on the CanAm Enterprises YouTube channel.
Ready to learn more about CanAm’s EB-5 investment opportunities?
Contact us at info@canamenterprises.com or +1 (212) 668-0690.
Key Takeaways: EB-5 Filing Trends After the RIA
- Data gap persists: USCIS and the Department of State have not kept pace with post-RIA reporting, forcing the industry to rely on IIUSA’s member-sourced data for EB-5 filing trend insights.
- Record filing volumes: More than 13,000 I-526E petitions filed since the RIA, representing ~$10 billion in EB-5 investment. FY2025 is on track for an all-time record.
- Rural EB-5 surge: Rural filings have risen to near-parity with urban TEA projects (49% vs. 51%), driven by reserved visas and priority processing.
- China and India lead the shift: Investors from both countries increasingly choose rural EB-5 projects to avoid retrogression and benefit from faster processing.
- Regional center confidence: 96% of post-RIA investors chose the regional center model, signaling strong confidence in the RIA framework.
About the Speakers
Christine Chen
Chief Operating Officer, CanAm Enterprises
Christine Chen serves as COO of CanAm Enterprises, one of the longest-operating regional centers in the EB-5 industry. She oversees operations and investor relations across a portfolio that has raised over $3.9 billion in EB-5 capital and facilitated more than 16,900 conditional green cards.
Aaron Grau
Executive Director, IIUSA
Aaron Grau is the Executive Director of Invest in the USA (IIUSA), the national trade association for the EB-5 Regional Center Program. IIUSA leads industry advocacy, education, and policy research to support continued program growth and integrity.
Lee Li
Director of Policy Research & Data Analytics, IIUSA
Lee Li is the Director of Policy Research & Data Analytics at IIUSA, where he leads the organization’s data collection and analysis efforts. His research provides the EB-5 industry with critical insights into filing trends, processing times, and program performance.
