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Furthermore, the national civil unrest and natural disasters on both coasts are further exacerbating the issues for all forms of government throughout the U.S.
In this article, we will take a closer look at ways cities and other local governments are able to weather the storms.
Be sure to check out our Education section to learn more about municipal bonds.
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However, for several small-to-midsize businesses that were already beaten with the impacts of Coronavirus, the further destruction to their property served as a double whammy. This means that these businesses may either never revive or take a longer to build back up, impacting the local government’s ability to generate tax revenues into 2021.
We have also seen many cities throughout the U.S funding the construction of arenas and sporting complexes with the hope that it will add to the local economy and help lift local businesses. However, as we have already seen, in addition to many of the games and concerts being cancelled for the foreseeable future, many large corporations have decided to cancel their in-person conferences for both this year and next year. This can be a huge blow to local economies, especially for small to mi-size cities.
Furthermore, wildfires on the west coast and the increased number of hurricanes on the east have added to the pre-existing issues for local and state governments in the U.S.
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Disclaimer: The opinions and statements expressed in this article are for informational purposes only and are not intended to provide investment advice or guidance in any way and do not represent a solicitation to buy, sell or hold any of the securities mentioned. Opinions and statements expressed reflect only the view or judgement of the author(s) at the time of publication and are subject to change without notice. Information has been derived from sources deemed to be reliable, the reliability of which is not guaranteed. Readers are encouraged to obtain official statements and other disclosure documents on their own and/or to consult with their own investment professionals and advisers prior to making any investment decisions.