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Report | Impact of tax and immigration policy on CRE


​Last week, the administration laid out a prospective time line for fiscal policy reform that calls for finalized plans for tax policy and spending in August. The details are unclear, but a late 2017 deadline means that little impact will likely be felt this year.

Additionally, the administration's memos on immigration could cause the labor force to contract and a decline in foreign students and foreign tourism. In turn, real GDP growth could drop by as much as 50 basis points.

A fiscal stimulus delay coupled with a drag on the economy due to immigration policy, could result in economic growth that fails to live up to expectations. As we mentioned last week, that could be significantly negative for CRE.

Learn more in our complete economic insight report for February 27, 2017.

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