Bonds elections are one of the main tools that state and local governments use to secure funding for major public projects. In the U.S., the last of this year’s bond elections occurred on Tuesday, Nov. 4. The staggering amount of newly approved funding totaled $207 BILLION!
(The Strategic Partnerships Team has captured data on every project in every state that just got covered in the new funding round.)
In 2025, 1,286 bond elections were held nationwide. The number of bond elections this year marks an uptick compared to recent cycles. For context, there were 1,250 elections in 2023, 1,179 in 2024 and now 1,286 this year.
The top states for bond activity in 2025 were Texas, Michigan, Iowa, Oklahoma, Minnesota, and Arizona. Texas alone accounted for 209 elections, spanning sectors such as water, transportation, education, public safety, and parks and recreation, totaling an estimated $89 billion in proposed funding. Surprisingly, the five largest bond measures in the country came from municipal utility districts, or MUDs, in Texas.
As SPI continues to track bond elections across the nation, we’ll keep identifying long-term trends and emerging opportunities for industry partners.
Interested in exploring the data and results in detail?
Visit our website to access the full 2025 Bond Report and stay informed on the projects shaping communities across the U.S.
Photo by Greg Thames from Pexels
