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The Boston Globe

Business

Rising rates pinch state and local governments

Major projects costing more

Repaving roads, repairing bridges, and building new schools is getting more expensive as interest rates increase from historic lows and the price of borrowing money climbs for state and local governments.

Rates for municipal bonds, which state and local governments sell to investors to finance major projects, have climbed more than a full percentage point since early May, according to Municipal Market Data, which tracks these bonds.

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