The Cefa Brief
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Local infrastructure is limited by the people who can run a project, not by the price of money
The ten-year Treasury rose from 0.89 percent in 2020 to 4.29 in 2025 and nonresidential construction spending rose alongside it, from 856 billion dollars a year to 1,309. What complicates the argument is that the only capacity measure held here counts business and financial operations workers across every industry, not the staff of any city hall.