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Tollroads Show Strongest Growth in Total Revenue Growth


Municipal Bond Sector Revenue Growth

Municipal Revenue Growth Percent Change 2012 to 2017 by sector

Tollroads Edge Hospitals for the Municipal Bond Credit Sector Revenue Honors

Tollroad and Hospital Sectors easily led all other municipal bond credit sectors when it came to annual total revenue growth over the recent five year period spanning 2012 through 2017.

Tollroads saw a median increase of 30.4%, barely edging out hospitals (systems and independent obligors), which grew by 29.8%.

The slowest growing sector belonged to the wholesale electric sector, which only saw a five year bump of 4.3%. The wholesale electric group, also frequently referred to as public power authority joint action agencies, has been showing positive margins as their missions are often limited to the large generating power plants that they financed.

The credit sector summary analysis comparing the growth in total revenues to total expenses from 2012 to 2017 was compiled by Merritt Research Services, LLC using audited reports from approximately 10,000 municipal bond borrowers.


The Tollroad sector was the clear leader among the major municipal credit sectors.  Its total revenue pace was about double that of its total expenses during the period from 2012 to 2017. The strong revenue growth experienced by the sector doesn’t mean that every municipal bond tollroad borrower raised more than it took in every year; but, the vast majority has been doing that lately. For Fiscal Year 2017, 75% of all tollroads reporting a five year trend showed positive net income.

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Airport Revenue Trends

Airport traffic and revenues improved in 2015.  Revenue per enplanement close at its highest level in 10 years.

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