WASHINGTON — A refunding surge triggered by low interest rates and soaring airport issuance contributed to big growth in transportation bond volume in 2012, market analysts said.

Volume shot up 67% in the transportation sector over 2011, according to data from Thomson Reuters, hitting $54.9 billion from the previous year’s $32.9 billion. The number of issues rose to 555 from 436. New-money volume totaled $21.5 billion and refundings reached $25.3 billion. Combined issues were $8.1 billion.

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