The capital spending figures are part of a broader fiscal study, the latest edition of the budget officers' annual State Expenditure Report, released Oct. 7.
The report says an up-and-down trend is characteristic of infrastructure expenditures. "Because of the nature of capital spending, such as long construction timetables and unforeseen or delayed project costs, increases in state spending on capital projects are generally followed by a significant slowdown or decrease," the report says.
Higher-education increased 21 percent, to an estimated $9 billion, after falling 15 percent the previous year. Environmental projects increased 34 percent, to $6 billion, after dipping 13 percent. Corrections spending is estimated at $1.5 billion this year, 16 percent above 2003, but not much higher than 2002’s $1.4 billion.
States got 35 percent of their capital budget from dedicated fees and surpluses, 33 percent from bonds, 27 percent from federal aid and 5 percent from their general funds.
Florida ranked first among states in total 2004 capital expenditures, with $9.7 billion, followed by California at $5.3 billion; New York, with $4.5 billion; Illinois, $3.5 billion; and Ohio, $3.4 billion.
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