Corporate America is talking about immigration more than ever

In corporate boardrooms across the country, immigration is dominating the conversation.

Mentions of “immigration” on earnings calls from S&P 1500 companies have surged to a record high during the first quarter, surpassing the early period of President Donald Trump’s first term, which set a high, according to a Bloomberg analysis of transcripts of earnings calls, presentations and company events dating to 2002.

The heightened focus reflects broader anxiety about the labor supply at a time when companies are already navigating the potential costs of an on-again-off-again trade war and some signs of strain in the US economy.

For now, Trump’s vow to carry out the largest deportation push in US history remains more of a threat than reality as the president seeks more money from Congress for detention beds and deportation flights. Large-scale removals have yet to materialize, and legal battles over tighter immigration policy continue to play out. But for companies reliant on immigrant labor, the uncertainty alone is cause for concern.

Foreign-born workers make up almost 20% of the US labor force, according to the Bureau of Labor Statistics, and they play an outsized role in key industries such as construction, transportation and hospitality.

Meritage Homes Corp., a national builder of single-family homes, calls immigration a “top of mind” issue. Developers like Meritage, already contending with tariffs on steel and aluminum and the threat of new softwood lumber duties, depend on immigrant labor more than many other industries - at least 25% of construction workers are foreign-born, according to the BLS.

ABM Industries Inc., a facility-services contractor, is closely watching immigration policy for its potential impact on “the balance of supply and demand for qualified workers,” Chief Executive Officer Scott Salmirs told analysts this month. Many of the company’s jobs are in services positions, like custodian work or security officers.

Omega Healthcare Investors Inc. has flagged the challenge of staffing medical facilities in rural areas.

“To the extent that we can legally bring in immigrants to supplement the nursing force, that helps,” said Megan Krull, Omega’s senior vice president for operations. “We’ll just have to wait to see how that all progresses.”

So far, major companies in sectors ranging from retail to manufacturing say they haven’t felt a direct hit. From Walmart Inc. to Sherwin-Williams Co., executives fielding analyst questions on the issue indicated they’re watching the situation, saying it’s either too soon to tell or that immigration policy has yet to disrupt operations.

And not all businesses are on edge.

CoreCivic Inc., a prison operator that contracts with federal agencies including Immigration and Customs Enforcement and the US Marshals Service, anticipates a “sharp acceleration in demand,” CEO Damon Hininger told analysts last month. A proposal to add 28,000 beds for detainees could generate an additional $1.5 billion in revenue, and the company may activate some of its idle facilities on new contracts signed this year.

Fellow private-prison operator Geo Group Inc. last month announced a $1 billion ICE contract for an immigration processing facility in New Jersey, saying the federal government’s crackdown was an “unprecedented opportunity.” Geo Group’s shares are up about 90% since the close on Election Day, even after paring some gains since Trump’s January inauguration, while CoreCivic is up roughly 50%.