Texans approved $35 billion in construction projects, the most of any state

In the November elections, voters around the country approved $57 billion of borrowing for construction projects, on track for the most in a single election in the 10-year history of S&P Global Intelligence tracking the data, with Texas voters approving by far the most of any state. Voters from 39 counties in Texas approved more than $35 billion for school buildings, libraries, wastewater facilities, football stadiums, parks, roads and other projects. Experts said the explosion of borrowing for infrastructure in Texas was largely a product of population growth and the pandemic. Many projects were delayed during the worst days of the COVID-19 crisis.

“Nationally, I think there’s a lot of pent-up demand," said Sherri Greenberg, a former state representative who is now a fellow with the LBJ School Of Public Affairs at the University of Texas at Austin. "We’ve been through over two years of COVID, and so many things were shut down, right? And I don’t mean just stores and restaurants, I mean the economy, government, all kinds of plans were put on hold.” "People have re-emerged and there are infrastructure needs,” she said. Meanwhile, Congress has passed several rounds of stimulus and infrastructure funding that have left local governments flush with cash, and interest rates and construction costs are on the rise, making now a good time to start building. “For the most part, most states are in really good shape right now financially," said John Diamond, who studies public finance at Rice University’s Baker Institute for Public Policy. "So I think they’re looking for ways to put their money to work, and they feel like they’ve got the resources right now to fund these longer-term projects.” Diamond said many cities and counties are hoping to lock in interest rates now, before they possibly rise higher.