Although the federal government still has a lot of work to do with respect to planning and funding infrastructure investment, state and local governments are moving ahead with plans to “fix the damn roads,” Bloomberg’s Steve Matthews and Margaret Newkirk report.
State and local tax receipts soared in 2018 and voters approved roughly $53 billion in state and local bond measures in November, providing funds for infrastructure projects that have long been on hold.
The spending is so significant that it could help postpone a recession, economists say, and it’s a big part of state and local spending increases that could add as much as 0.3 percentage points to GDP growth this year and next.
