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 91 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.