The $3.7 trillion municipal market is poised to shrink for a fourth straight year, the longest stretch in almost seven decades, underscoring localities’ reluctance to borrow for crumbling infrastructure.
The crash-plagued debut of the Obamacare website is leading cities and towns to pull back on plans to curb billions of health-care costs by sending retired workers to the federal insurance marketplace.
New Haven, Connecticut, sold two streets this year to Yale University, its biggest employer, and raised taxes to bolster its finances. The moves haven’t been enough to win over investors and ratings companies.
U.S. localities are asking voters to approve about $18 billion of bonds for schools, hospitals and streets, less than half the 2007 record for an off-year election, showing officials’ reluctance to take on borrowing.
Harrisburg is set to be the first U.S. city in three years to lease its parking operations, part of a plan to rid Pennsylvania’s insolvent capital of $363 million of debt from an ill-fated incinerator project.