Trends in the Regions

The ultimately unrealized threat to the municipal bond tax-exemption and infrastructure needs were among the drivers of bond sales.

Dan Hartman of PFM attributed the drop to fewer prepaid gas deals, one-time large transactions last year like Jefferson County's and normal timing variations.

Midwest municipal bond volume surged more than 29% year-over-year to $46.05 billion for the first half of 2025.

Bond sales in the eight-state region totaled $54.9 billion, trailing the nation with an 8.1% gain year-over-year as Texas issuance slipped 7.6%.

Municipal issuers in the Northeast sold $72.25 billion of bonds in the first half of 2025, up 14.7% year-over-year, propelled by new money and GO deals.

Medicaid cuts and tariffs are expected to pressure already struggling small rural and urban hospitals, including 18 in California that borrowed from the state.

The resignation of the troubled mass transit system's CEO gives MARTA an opportunity to improve operations and to select projects to focus on.

With Chicago-area transit's fiscal cliff looming, the area's transit agencies are searching for revenue fixes and prepping for two key milestones this fall.

A flow of public dollars to private schools has raised credit concerns about public schools and spurred litigation in Southwest states.

Hospital acquisitions, expansions and the anticipation of federal policy changes has increased bond issuance from the California Health Facilities Financing Authority.