The number of filed I-526 petitions, which are the first step of EB5 applications, soared in Q3 of 2023. The quarter registered 699 new petitions, the highest recorded in a single quarter since the surge of applications in Q1 of 2020. 

This number of applications remains well below the quarterly average of 2,574, marked between 2016 and 2020. The changes to the EB5 program, as well as a "sunset" or enforced hiatus, have hindered application numbers in recent years, and the confusion surrounding the program's regulation changes may have also played a part.

However, now that the regulatory haze engulfing the program has faded, application numbers are steadily growing. The first three quarters marked a 179% increase in I-526 petitions over the same period of last year.

The first three quarters of 2023 registered more than double of last year's total, and experts expect that number to continue rising as the historical data indicates that the last three months of the year are always quite busy.