Geo Group Inc, a private prison operator, saw its stock soar 5.21% intraday on Thursday, as investors anticipated a surge in demand for immigrant detention centers under the incoming Trump administration's hardline stance on immigration.
President-elect Donald Trump has signaled plans for a major crackdown on undocumented immigrants, even considering declaring a national emergency to use military assets for mass deportations. While the economic impact of increased deportations is uncertain, the private prison industry stands to benefit from the need for more detention facilities to hold immigrants while their cases are processed.
Geo Group, the largest contractor for Immigration and Customs Enforcement (ICE), expects "a potential sea change" under Trump's aggressive immigration enforcement policies. The company's executive chairman, George Zoley, stated on an earnings call that "the private sector will play a critical role in assisting the government in carrying out its objectives."
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