Trump 2.0: The First 100 Days | United States

More Restrictive Immigration, Period

Impact on CRE

• For CRE, more restrictive immigration has two notable impacts. First, labor force and job growth is expected to slow. The combination of weaker immigration and aging demographics in the U.S. is likely to result in weaker job growth in the coming years.

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• Second, the construction pipeline will slow.

The occupations most exposed to immigration are the construction,

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maintenance and landscaping sectors. Housekeeping and restaurant occupations are also disproportionately impacted. • Developers and certain CRE operators or tenants (e.g., retail, hotel) will find it harder to source workers.

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Trump 1.0

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Immigration, millions

Historical Average

Source: U.S. Census Bureau, Consensus Forecast via Moody’s Analytics

CONTENTS

CONTENTS

Cushman & Wakefield