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 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.

How this developed

1. Oct 17, 2024CBP issues a Request for Information for IT Modernization Support Services (RFIITMOD).Procurement notice
2. Aug 26, 2025CBP seeks information for an integrated enterprise-wide Asset Management System (CAMS) to manage its assets.Procurement notice
3. Dec 17, 2025CBP awards Fisher Sand & Gravel Co. a $2.8B contract to build vertical border barriers.Federal contract
4. Mar 18, 2026DHS awards Spencer Construction LLC a $1.1B contract for border barrier construction.Federal contract
5. May 11, 2026DHS awards Southwest Valley Constructors Co. a $1.7B contract for border wall construction in Texas.Federal contract
6. Jul 22, 2026DHS awards SLS Federal Services LLC a $1.3B contract for border wall construction (TCA-5 Ton).Federal contract
7. Sep 8, 2026President issues a proclamation banning certain Canadian dairy products due to trade discrimination, to be implemented by CBP.Executive action
8. Sep 8, 2026President issues a proclamation modifying duties on Canadian alcoholic beverages, to be implemented by CBP.Executive action
9. Sep 8, 2026President issues a proclamation modifying duties on Canadian motor vehicles, to be implemented by CBP.Executive action
10. Oct 9, 2026DHS awards Southwest Valley Constructors Co. a $144M contract for a CBP facility in Jacksonville, FL.Federal contract
11. Oct 9, 2026CONSTRUCTION OF U.S. CUSTOMS AND BORDER PROTECTION FACILITY IN JACKSONVILLE,FLFederal 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

• CBP is investing heavily in physical border infrastructure, with over $6.9 billion in contracts awarded for border barriers and facilities to private firms between December 2025 and October 2026 (E5, E6, E7, E8, E12).
• The Department of Homeland Security is modernizing its IT and asset management capabilities, as evidenced by RFI notices for IT Modernization Support Services (E1) and an integrated Asset Management System (E4) for CBP.
• Presidential proclamations are being used to enforce trade policy, with CBP directed to implement bans and modified duties on Canadian products (E9, E10, E11), indicating a broader use of border agencies for economic leverage.
• The consistent awarding of multi-billion dollar contracts for border barriers suggests a sustained, long-term federal commitment to physical border security, supported by legislative signals like the DHS Appropriations Act of 2027 (E5).

Companies exposed to this theme

The record · 11 items, oldest first

• Oct 17, 2024Procurement noticeDF--RFI - IT Modernization Support Services
• Aug 26, 2025Procurement noticeCBP Asset Management System (CAMS) - Request for Information
• Dec 17, 2025Federal contractFISHER SAND & GRAVEL CO: $2.8B Department of Homeland Security Contract
• Mar 18, 2026Federal contractSPENCER CONSTRUCTION LLC: $1.1B Department of Homeland Security Contract
• May 11, 2026Federal contractSOUTHWEST VALLEY CONSTRUCTORS CO: $1.7B Department of Homeland Security Contract
• Jul 22, 2026Federal contractSLS FEDERAL SERVICES LLC: $1.3B Department of Homeland Security Contract
• Sep 8, 2026Executive actionProclamation: Excluding Certain Canadian Products from Importation into the United States in Response to Continued Discrimination Against the Commerce of the United States with Respect to Dairy
• Sep 8, 2026Executive actionProclamation: Modifying the Scope of Products of Canada Subject to the Additional Duties Imposed to Offset Canadian Discrimination Against the Commerce of the United States with Respect to Alcoholic Beverages
• Sep 8, 2026Executive actionProclamation: Modifying the Scope of Products of Canada Subject to the Additional Duties Imposed to Offset Canadian Discrimination Against the United States with Respect to Motor Vehicles
• Oct 9, 2026Federal contractSOUTHWEST VALLEY CONSTRUCTORS CO: $144M Department of Homeland Security Contract
• Oct 9, 2026Federal contractSOUTHWEST VALLEY CONSTRUCTORS CO: CONSTRUCTION OF U.S. CUSTOMS AND BORDER PROTECTION FACILITY IN JACKSONVILLE,FL

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

How this story evolved

• 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.

• Oct 4, 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.

• Oct 3, 2026, 5:13 AM ETreal209 recordslatest record Sep 30, 2026

  CBP awarded $7.6B in border barrier contracts to private firms in 2025-2026, alongside new trade enforcement via executive orders.

  The US government is significantly increasing its investment in physical border infrastructure, awarding billions in contracts for vertical barriers and facilities. This push is primarily driven by Customs and Border Protection (CBP) within the Department of Homeland Security. Concurrently, the executive branch is leveraging CBP's enforcement capabilities to implement new trade restrictions, particularly against Canadian imports.