Imagine a real-estate business where your occupant finds it hard to move and you provide the barest of amenities. No, this isn't the world of the New York apartment house landlord. It's the personal prison business.
Corrections Corp. of America and the GEO Group are the two principal secretive prison and jail operators in the U.S., secretarial for 75% of "beds" under secretive management. Despite a small drop in 2009, the by and large U.S. inmate population of 2.3 million was double the level in 1990.
Less than one in ten state and national prisoners, some 1.7 million in total, are in private services today—confidential operators don't operate much in local jails.
In spite of the perceptible real estate growth opening, there's a problem: Public finances. Shares in CCA and GEO have been treading water since mid-2009 as investors fret that federal and state authorities will cancel or try to renegotiate contracts and delay new projects. Alteration is the fourth-largest item on state budgets after teaching, Medicaid and transport, according to Moody's.
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