State and local governments across the US are asking voters to approve at least $15.7 billion of bond sales this year, showing pent-up demand for infrastructure at schools and in growing areas.
The measures would fund school renovations, enhancements to city transportation and the expansion of healthcare facilities, among other projects, according to a Bloomberg analysis of S&P Global Market Intelligence data. That tally included any referendum voted on by a school district, county, city or state valued at $200 million or more and excluded any special districts. It’s a much lighter slate than in 2024, which is unsurprising in an off-year election.
Texas leads the pack, with municipalities and school districts there seeking authorization for roughly $7 billion in combined proposals, excluding special districts, the data show. If voters approve a nearly $2 billion ask from Lamar Consolidated Independent School District on Tuesday, the district will use those funds to construct seven new elementary schools. The district serves part of Fort Bend County, a fast-growing county outside of Houston.
Bloomberg Politics
By Aashna Shah and Sri Taylor
November 3, 2025