The $1 Trillion Infrastructure Backlog Cities Aren’t Counting

A strong bond rating can tell investors that a city is likely to repay its debt. It says much less about whether that city can afford to replace the roads, pipes, and other infrastructure its residents depend on. Richard Ciccarone, president emeritus of Merit Research Services, developed a new metric using financial statements from nearly 2,000 cities to estimate that burden. When he compared the…