Voters around the country approved $57 billion of borrowing for construction projects in the November 2022 elections, with Texas approving the most by far with over $35 billion for public infrastructure. A recent Houston Chronicle article notes that this is the most construction funding approved in a single election on record.
"Experts said the explosion of borrowing for infrastructure in Texas was largely a product of population growth and the pandemic. Many projects were delayed during the worst days of the COVID-19 crisis."
"Meanwhile, Congress has passed several rounds of stimulus and infrastructure funding that have left local governments flush with cash, and interest rates and construction costs are on the rise, making now a good time to start building."
In addition to these factors, the high dollar ammount of construction spending can also be attributed to recent extreme inflation and the increasing cost of construction which has been exhaserbated by workforce shortages in the industry. A solution from lawmakers to allow some of the 11 million+ unauthorized immigrants to earn legal status so they can work for legitimate employers in the construction industry would help lower construction costs for taxpayers.
