Border / Immigration Enforcement

Where it stands

Each step compares the last four complete quarters with the two years before. A theme usually moves left to right: companies push, Congress and the White House act, the government buys, and markets respond.

1. 1. Companies pushing
   Steady

   143 companies and groups lobbied on it in Q2 2026, against 139 a year earlier.

2. 2. Congress
   Falling

   20 bills introduced and 0 became law in the last four quarters, against 32 and 0 a year before that.

3. 3. White House and agencies
   Falling

   1 proposed rule, 0 final rules and 1 presidential action in the last four quarters, against 3 a year before that.

4. 4. Government buying
   Steady

   122 purchase plans and award notices in the last four quarters, against 136 a year before that (records start October 2023).

5. 5. Markets
   Falling

   0 insider purchases in the theme's companies in the last four quarters, against 1 a year before that. Their stocks: +54% over the same year, against +14% for the S&P 500. Among the 50 largest holdings of the funds we track, these stocks were worth $939.7M at the end of Q1 2026, against $1.0B a year earlier; the figure moves with prices and with how many funds rank them that high.

The setup

The Department of Homeland Security is significantly expanding its physical border infrastructure and enforcement capabilities. This push, primarily driven by U.S. Customs and Border Protection (CBP) and Immigration and Customs Enforcement (ICE), involves billions in new border wall contracts and substantial investments in detention, transportation, and deportation services. The activity began in late 2024 and has accelerated through 2026, indicating a sustained, multi-pronged strategy.

How this developed

1. Dec 20, 2024ICE awards GEO Group $120.4M for detention services at Adelanto Detention Facility in Los Angeles.Federal contract
2. Mar 6, 2025ICE awards GEO Group $58.6M for transition, detention, and transportation services at Delaney Hall in Newark, NJ.Federal contract
3. Jun 12, 2025CBP awards Fisher Sand & Gravel Co $352.4M for new vertical border barrier construction in Tucson, Arizona sector.Federal contract
4. Oct 31, 2025ICE awards CSI Aviation, Inc. $1.29B for dedicated and on-demand chartered flight services for alien deportation under the ICE Air Program.Federal contract
5. Dec 17, 2025CBP awards Fisher Sand & Gravel Co a $2.8B delivery order for vertical border barrier construction.Federal contract
6. Mar 5, 2026CBP awards Fisher Sand & Gravel Co $1.22B for vertical border barrier construction in the Big Bend, Texas sector.Federal contract
7. Apr 24, 2026CBP awards Barnard Construction Company $1.77B for border wall construction in the El Paso, Texas sector.Federal contract
8. Jul 22, 2026DHS awards SLS Federal Services LLC $1.3B for border wall construction (TCA-5 Ton).Federal contract
9. Oct 7, 2026CBP awards Anduril Industries, Inc. $42.1M for border security solutions, indicating investment in AI and surveillance.Federal contract
10. Oct 9, 2026DHS awards Southwest Valley Constructors Co $144M for a CBP facility in Jacksonville.Federal contract
11. Oct 15, 2026DHS awards GardaWorld Federal Services LLC $100M for armed ground transportation services under ICE's 287(g) program in Texas.Federal contract

The full story, year by year

* Year to date. Lobbying is the most companies and groups naming the theme in any one quarter. Insider buys are officer and director open-market purchases in GEO, CXW. Fund holdings are the value of these companies among the top 50 positions of the funds whose 13F filings we track, at the latest quarter of each year. Stock returns are an equal-weight basket of the same companies with prices on file, split-adjusted, without dividends, against the S&P 500 over the same quarters.

• Lobbying before 2025 is still loading for this theme, so earlier years undercount.
• Lobbying reports for Q3 2026 are still being filed, so the comparison uses Q2 2026.

Why it matters

• DHS has committed over $7.5 billion to border wall construction across Arizona and Texas since June 2025, with major awards to Fisher Sand & Gravel Co, Barnard Construction, and SLS Federal Services (E3, E5, E6, E7, E8).
• ICE is significantly expanding its capacity for detention and deportation, awarding GEO Group $179M for detention services (E1, E2) and CSI Aviation $1.29B for chartered deportation flights (E4).
• Beyond physical barriers, DHS is investing in advanced technology and personnel, including a $42.1M contract to Anduril Industries for AI-driven border security (E12) and $100M to GardaWorld for armed transportation (E14).

Companies exposed to this theme

The record · 11 items, oldest first

• Dec 20, 2024Federal contractTHE GEO GROUP, INC.: DETENTION SERVICES FOR LOS ANGELES AOR AT ADELANTO DETENTION FACILITY
• Mar 6, 2025Federal contractTHE GEO GROUP, INC.: THE PURPOSE OF THIS NEW TASK ORDER IS TO PROVIDE THE FUNDING NECESSARY FOR TRANSITION, DETENTION, AND TRANSPORTATION SERVICES FOR HOUSING IC
• Jun 12, 2025Federal contractFISHER SAND & GRAVEL CO: NEW VERTICAL BARRIER BORDER WALL BORDER WITHIN THE TUCSON, ARIZONA SECTOR (TCA), THESE INCLUDE TCA 10-4, SONOITA AND TCA 10-6.
• Oct 31, 2025Federal contractCSI AVIATION, INC: THIS CALL ORDER OBTAINS DEDICATED AND ON-DEMAND CHARTERED FLIGHT SERVICES FOR ENFORCEMENT AND REMOVAL OPERATIONS UNDER THE ICE AIR PROGRAM.
• Dec 17, 2025Federal contractFISHER SAND & GRAVEL CO: $2.8B Department of Homeland Security Contract
• Mar 5, 2026Federal contractFISHER SAND & GRAVEL CO: BORDER WALL CONSTRUCTION - VERTICAL BARRIER, BIG BEND TEXAS SECTOR (BBT-2)
• Apr 24, 2026Federal contractBARNARD CONSTRUCTION COMPANY, INCORPORATED: BORDER WALL CONSTRUCTION FOR EL PASO SECTOR - EPT-5
• Jul 22, 2026Federal contractSLS FEDERAL SERVICES LLC: $1.3B Department of Homeland Security Contract
• Oct 7, 2026Federal contractANDURIL INDUSTRIES, INC.: $42.1M Department of Homeland Security Contract
• Oct 9, 2026Federal contractSOUTHWEST VALLEY CONSTRUCTORS CO: $144M Department of Homeland Security Contract
• Oct 15, 2026Federal contractGARDAWORLD FEDERAL SERVICES LLC: $100M Department of Homeland Security Contract

Some keyword matches were judged unrelated to this theme and are excluded from the record above.

How this story evolved

• Oct 16, 2026, 5:13 AM ETreal211 recordslatest record Oct 14, 2026

  DHS commits over $6.5B to border wall construction, detention, and air removal services, with a focus on private contractors.

  The Department of Homeland Security (DHS) is significantly expanding its border and immigration enforcement capabilities, primarily through large-scale contracts with private companies. This initiative, spanning detention services, border wall construction, and air transportation for removals, began in late 2024 and has accelerated through 2026. The focus is on enhancing physical barriers, increasing detention capacity, and streamlining the deportation process.

• Oct 15, 2026, 5:14 AM ETreal249 recordslatest record Oct 10, 2026

  CBP invests billions in border barriers and facilities, while the White House uses trade policy for border control.

  The US government is significantly expanding its physical and technological border infrastructure, with Customs and Border Protection (CBP) awarding billions in contracts for new barriers and facilities. Concurrently, the White House is leveraging trade policy, specifically through presidential proclamations, to exert pressure on international partners, demonstrating a multi-faceted approach to border and trade enforcement.

• Oct 14, 2026, 5:15 AM ETreal203 recordslatest record Oct 9, 2026

  CBP awarded $7.5B in border barrier contracts to private firms in 18 months, alongside new trade enforcement via executive orders.

  The US government is significantly expanding its physical border infrastructure and simultaneously increasing trade enforcement actions through U.S. Customs and Border Protection (CBP). This initiative, primarily driven by the Department of Homeland Security (DHS), has seen billions of dollars allocated to private construction firms for border barriers and facilities. Concurrently, the executive branch is leveraging CBP to implement new trade restrictions, particularly against Canadian imports.

• Oct 13, 2026, 5:14 AM ETreal203 recordslatest record Oct 9, 2026

  CBP awarded $7.5B in border barrier contracts to private firms in 18 months, alongside new trade enforcement via executive orders.

  The US government is significantly expanding its physical border infrastructure and simultaneously increasing trade enforcement actions through U.S. Customs and Border Protection (CBP). This initiative, primarily driven by the Department of Homeland Security (DHS), has seen billions of dollars allocated to private construction firms for border barriers and facilities. Concurrently, the executive branch is leveraging CBP to implement new trade restrictions, particularly against Canadian imports.

• Oct 12, 2026, 5:13 AM ETreal203 recordslatest record Oct 9, 2026

  CBP awarded $7.5B in border barrier contracts to private firms in 18 months, alongside new trade enforcement via executive orders.

  The US government is significantly expanding its physical border infrastructure and simultaneously increasing trade enforcement actions through U.S. Customs and Border Protection (CBP). This initiative, primarily driven by the Department of Homeland Security (DHS), has seen billions of dollars allocated to private construction firms for border barriers and facilities. Concurrently, the executive branch is leveraging CBP to implement new trade restrictions, particularly against Canadian imports.

• Oct 11, 2026, 5:14 AM ETreal244 recordslatest record Oct 9, 2026

  CBP invests over $7B in border barriers and facilities, while new executive orders target Canadian trade.

  The US government, primarily through Customs and Border Protection (CBP), has significantly ramped up investment in border infrastructure, awarding over $7 billion in contracts for physical barriers and facilities. Concurrently, a series of executive orders have been issued to address trade disputes with Canada, impacting various sectors. This dual focus indicates a comprehensive approach to border management, encompassing both physical security and economic policy.

• Oct 10, 2026, 5:13 AM ETreal201 recordslatest record Oct 7, 2026

  DHS awards $8.5B in border wall and checkpoint construction contracts to private firms, signaling sustained infrastructure investment.

  The US government is significantly investing in border infrastructure, primarily through large-scale construction contracts awarded by Customs and Border Protection (CBP). This initiative, which began in late 2025, has seen over $8.5 billion allocated to private construction firms for border wall segments and new checkpoint facilities. The sustained spending underscores a clear federal commitment to enhancing physical border security.

• Oct 9, 2026, 5:14 AM ETreal239 recordslatest record Oct 7, 2026

  CBP invests $6.1B in border infrastructure and IT, while White House uses CBP to enforce trade policy.

  The US government is significantly increasing its investment in border infrastructure and technology, with Customs and Border Protection (CBP) leading the charge. This push includes billions in new border barrier construction and modernization of ports of entry, alongside a strategic upgrade of its IT systems. Concurrently, the White House is leveraging CBP's enforcement capabilities to implement aggressive trade policies, particularly against Canada.

• Oct 8, 2026, 5:14 AM ETreal230 recordslatest record Oct 6, 2026

  CBP invests billions in border barriers and IT modernization while the White House uses trade policy to target Canadian imports.

  The US government is pursuing a dual strategy for border management: significant investment in physical and digital infrastructure for Customs and Border Protection (CBP), alongside aggressive trade actions against Canada. Billions are being allocated to construct new border barriers and modernize CBP's IT systems, indicating a long-term commitment to physical and technological enforcement. Concurrently, the White House is leveraging trade policy to impose duties and bans on Canadian products, directing CBP to implement these measures.

• Oct 7, 2026, 5:41 AM ETreal230 recordslatest record Sep 30, 2026

  CBP issues multiple RFIs for IT and logistics support, while DHS awards $7.7B in border barrier contracts.

  The Department of Homeland Security (DHS), primarily through Customs and Border Protection (CBP), is actively seeking to modernize its IT and logistics infrastructure while simultaneously investing heavily in physical border barriers. This dual approach suggests a strategy to enhance both technological and physical enforcement capabilities. The most significant development is the award of over $7.7 billion in border barrier construction contracts to private firms.

• Oct 6, 2026, 5:14 AM ETreal285 recordslatest record Oct 5, 2026

  CBP awards $7.1B in border wall contracts to private firms, while also seeking bids for maritime surveillance towers.

  The US government is significantly expanding its physical and technological border security infrastructure, primarily through large-scale construction contracts and advanced surveillance systems. This effort is spearheaded by U.S. Customs and Border Protection (CBP), which has awarded billions in contracts to private firms for border wall construction. Concurrently, CBP is exploring new maritime surveillance capabilities, indicating a multi-faceted approach to border control.

• Oct 5, 2026, 5:13 AM ETreal217 recordslatest record Sep 30, 2026

  DHS awards $9.4B in border barrier contracts to private firms, while CBP implements new trade restrictions via executive orders.

  The US government is significantly increasing its investment in border infrastructure, awarding billions in contracts for physical barriers. Concurrently, Customs and Border Protection (CBP) is being directed to implement new trade restrictions through presidential proclamations, indicating a dual focus on physical enforcement and economic leverage at the border. This activity began in late 2025 with large-scale construction awards and expanded in late 2026 to include trade enforcement.