Our nation’s next president wasn’t the only thing elected last night.
So was $10.9 billion in local-government debt.
Voters in the U.S. passed at least $10.9 billion in local government bond issuances, according to Bloomberg. There was $37 billion in borrowings up for vote yesterday, which is 45-percent less than in 2008.
“There is a reluctance to commit to new ongoing spending given the uncertainty of revenue,” Tracy Gordon, a state and local-finance economist with The Brookings Institution, told Bloomberg. “Similarly, there is a hesitancy on the part of voters to incur debt when they are still recovering from the recession.”
Some of the projects approved by voters include $642 million in funding for sewer improvements in Dallas and $1.3 billion in highway construction in Arkansas, according to Bloomberg.
About 63 percent of the $307 billion in debt issued since Oct. 25 has been to refund higher-cost debt.
“That trend is going to continue as voters across the country continue to feel the need to keep debt at a low level,” John Loffredo, co-head of MacKay Municipal Managers in Princeton, New Jersey, told Bloomberg.
- Distracted walking injuries end up not so funny
- Scary situations: 5 quick tips before you let a contractor in your home
- Four ways telemedicine is changing the health care industry
- 5 mistakes homeowners make in the spring
- Three rivers run through it: Exploring Arizona's waterways
- Smart home basics: things you need to know to get started
- 5 Surprising things causing back pain
- Arizona agriculture is a $17.1B industry
- Timeline: Arizona's roots in brewing history
- 5 reasons to love the D-backs this season
- Tips for taking your home entertainment experience to the backyard
- Tech-related injuries your parents never experienced
- Workers comp: Signs your co-worker could be a fraud
- Who's the real founder of America's pastime?
- Epidemic rising? What you need to know about Alzheimer's in Arizona
- 5 unforgettable Wooden Award winners
- Family and hard work are keys to success of modern dairy farmers
- Genetic testing could hold answers for colon cancer survival
- Cold beers and baseball: A beer lover's guide to Spring Training
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past