New Security Issues, State and Local Governments

Release Date: January 2026
New Security Issues, State and Local Governments (Table 1.45) 
Millions of dollars
Type of issue or issuer, or use 2023 2024 2025 May 2025 Jun 2025 Jul 2025 Aug 2025 Sep 2025 Oct 2025 Nov 2025 Dec 2025
1 All issues, new and refunding 1 370,483 502,023 576,500 51,172 57,815 56,064 50,682 46,949 59,116 42,160 42,351
 
  By type of issue  
2 General Obligation 131,296 153,426 185,950 15,768 18,771 19,732 17,216 15,812 17,994 11,502 8,233
3 Revenue 239,187 348,597 390,550 35,405 39,043 36,332 33,466 31,136 41,122 30,658 34,118
 
  By type of issuer  
4 State n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
5 Special district or statutory authority 2 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
6 Municipality, county or township n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
 
7 Issues for new capital 248,650 317,193 375,793 35,224 37,029 41,912 33,003 28,880 36,743 28,473 29,806
 
  By use of proceeds  
8 Education 67,375 67,803 90,681 13,584 9,434 10,934 6,602 4,985 4,510 4,263 6,085
9 Transportation 21,328 31,425 33,371 1,665 1,802 9,428 3,788 1,454 2,787 3,094 1,094
10 Utilities and conservation 9,998 7,790 14,302 1,637 1,525 676 1,699 899 1,134 1,646 163
11 Industrial aid 39,463 45,994 50,201 2,967 4,223 5,581 1,400 8,752 5,253 5,460 4,143
12 Other purposes 66,978 99,732 113,214 8,875 11,474 10,244 10,598 6,922 14,183 6,670 11,410
  1. Par amounts of long-term issues based on date of sale.  Return to table
  2. Includes school districts.  Return to table
Source: Mergent beginning November 2011; Securities Data Company beginning January 1990 to October 2011; Investment Dealers Digest before then.
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Last Update: January 30, 2026