Markets
From Coast to Coast: How U.S. Muni Bonds Help Build the Nation
Over 200 Years of U.S. Municipal Bond History
Our modern society shares few characteristics with the 1800s. In the last two centuries, styles have changed, laws have evolved, and cities look entirely different. However, one thing that has prevailed is the way state and local governments finance public projects.
Far from a new invention, municipal bonds have been shaping U.S. communities for more than 200 years. In today’s infographic from New York Life Investments, we take a look back at their long history.
Early Beginnings – 1800s
1812: First Official Issue
New York City issues a general obligation bond for a canal.
1817-1825: Facilitating Economic Growth
A few years later, 42 separate bond issues help fund the successful Erie Canal project.
1843: Growing Popularity
Municipal debt sits at about $25 million. Over the next two decades, this total increases exponentially to fund urban improvement and free public education.
Circa 1865: Railroad Expansion
For a few years after the American Civil War, a great deal of debt is issued to build railroads.
1873: The Panic of 1873
Excessive investment in railroads, real estate, and nonessential services leads to the downfall of the large bank Jay Cooke and Co., smaller firms, and the stock market. Many state and local governments default, temporarily halting municipal financing.
The 20th Century
1913: Exception Granted
U.S. Congress introduces a permanent federal income tax, and specifically excludes municipal bond income from taxation.
Note: today, a portion of municipal bonds are taxable.
1930: Expansion in the West
In the midst of the Great Depression, voters approve $35 million in funding to build the Golden Gate Bridge.
1939-1945: Diverted Resources
With financial resources directed to the military in WWII, municipal debt falls. By 1945, total debt sits at less than $20 billion.
1960: Exponential Growth
Only 25 years later, outstanding public debt—the total amount owed to creditors—more than triples to $66 billion.
1971: Investor Protection
Municipal bond insurance is introduced. That same year, insured municipal bonds finance the construction of hospital facilities in Alaska—bringing essential services and investment opportunities to a remote area.
1975: Marketplace Stewardship
Bringing further reassurance to the municipal bond market, the Municipal Securities Rulemaking Board (MSRB) is introduced to establish regulations for dealers, and for advisors at a later date.
1981: Continued Growth
Outstanding public debt reaches $361 billion.
Modern Day
2009-2010: Economic Recovery
More than $181 billion of federally-subsidized Build America Bonds are issued by state and local governments to help stimulate the economy after the financial crisis.
2016-2018: Investor Dollars at Work
In recent years, state and local debt has financed many important projects across the country.
- 2016: The New York State Thruway Authority issues $850 million in bonds to finance a portion of the new NY Bridge Project.
- 2017: California’s Department of Water Resources issues $428 million in bonds for the maintenance and construction of its water management infrastructure.
- 2018: The Denver International Airport issues $2.5B in bonds to finance capital improvements, the largest airport revenue bond in municipal bond history.
2018: Helping People and the Planet
Sustainable applications for municipal bonds continue to grow, with Californian voters approving $2 billion in financing for supportive housing. In addition, state and local governments issue $4.9 billion in U.S. municipal green bonds.
Today: A Sizable Investment Opportunity
As financing spans the nation, the U.S. municipal bond market is both large and active:
- $3.8 trillion capital market
- One million outstanding securities
- $11.6 billion in par traded per/day
- 40,000 daily trades
Not only that, municipals have offered a compelling after-tax yield. For example, high yield municipals offered 121% of the after-tax yield of high yield corporates as of September 30, 2019.
The Foundation of Infrastructure
For over 200 years, municipal bonds have provided critical financing to build hospitals, schools, highways, airports, and more. Today, two out of three infrastructure projects in the U.S. are financed by municipal bonds.
Additionally, municipals have weathered almost every economic storm, providing much-needed capital stimulus during some of the deepest U.S. recessions. As history continues to unfold, municipals hold great potential for issuers, communities, and investors.
Markets
30 Years of Gun Manufacturing in America
The U.S. has produced nearly 170 million firearms over the past three decades. Here are the numbers behind America’s gun manufacturing sector.

30 Years of Gun Manufacturing in America
While gun sales have been brisk in recent years, the uncertainty surrounding COVID-19 was a boon for the gun industry.
From 2010-2019, an average of 13 million guns were sold legally in the U.S. each year. In 2020 and 2021, annual gun sales sharply increased to 20 million.
While the U.S. does import millions of weapons each year, a large amount of firearms sold in the country were produced domestically. Let’s dig into the data behind the multi-billion dollar gun manufacturing industry in America.
Gun Manufacturing in the United States
According to a recent report from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), the U.S. has produced nearly 170 million firearms over the past three decades, with production increasing sharply in recent years.
America’s gunmakers produce a wide variety of firearms, but they’re generally grouped into five categories; pistols, rifles, shotguns, revolvers, and everything else.
Below is a breakdown of firearms manufactured in the country over the past 30 years, by type:
Year | Pistols | Rifles | Revolvers | Shotguns | Misc. Firearms | Total Firearms |
---|---|---|---|---|---|---|
1989 | 1,404,753 | 1,407,400 | 628,573 | 935,541 | 42,126 | 4,418,393 |
1990 | 1,371,427 | 1,211,664 | 470,495 | 848,948 | 57,434 | 3,959,968 |
1991 | 1,378,252 | 883,482 | 456,966 | 828,426 | 15,980 | 3,563,106 |
1992 | 1,669,537 | 1,001,833 | 469,413 | 1,018,204 | 16,849 | 4,175,836 |
1993 | 2,093,362 | 1,173,694 | 562,292 | 1,144,940 | 81,349 | 5,055,637 |
1994 | 2,004,298 | 1,316,607 | 586,450 | 1,254,926 | 10,936 | 5,173,217 |
1995 | 1,195,284 | 1,411,120 | 527,664 | 1,173,645 | 8,629 | 4,316,342 |
1996 | 987,528 | 1,424,315 | 498,944 | 925,732 | 17,920 | 3,854,439 |
1997 | 1,036,077 | 1,251,341 | 370,428 | 915,978 | 19,680 | 3,593,504 |
1998 | 960,365 | 1,535,690 | 324,390 | 868,639 | 24,506 | 3,713,590 |
1999 | 995,446 | 1,569,685 | 335,784 | 1,106,995 | 39,837 | 4,047,747 |
2000 | 962,901 | 1,583,042 | 318,960 | 898,442 | 30,196 | 3,793,541 |
2001 | 626,836 | 1,284,554 | 320,143 | 679,813 | 21,309 | 2,932,655 |
2002 | 741,514 | 1,515,286 | 347,070 | 741,325 | 21,700 | 3,366,895 |
2003 | 811,660 | 1,430,324 | 309,364 | 726,078 | 30,978 | 3,308,404 |
2004 | 728,511 | 1,325,138 | 294,099 | 731,769 | 19,508 | 3,099,025 |
2005 | 803,425 | 1,431,372 | 274,205 | 709,313 | 23,179 | 3,241,494 |
2006 | 1,021,260 | 1,496,505 | 385,069 | 714,618 | 35,872 | 3,653,324 |
2007 | 1,219,664 | 1,610,923 | 391,334 | 645,231 | 55,461 | 3,922,613 |
2008 | 1,609,381 | 1,734,536 | 431,753 | 630,710 | 92,564 | 4,498,944 |
2009 | 1,868,258 | 2,248,851 | 547,195 | 752,699 | 138,815 | 5,555,818 |
2010 | 2,258,450 | 1,830,556 | 558,927 | 743,378 | 67,929 | 5,459,240 |
2011 | 2,598,133 | 2,318,088 | 572,857 | 862,401 | 190,407 | 6,541,886 |
2012 | 3,487,883 | 3,168,206 | 667,357 | 949,010 | 306,154 | 8,578,610 |
2013 | 4,441,726 | 3,979,570 | 725,282 | 1,203,072 | 495,142 | 10,844,792 |
2014 | 3,633,454 | 3,379,549 | 744,047 | 935,411 | 358,165 | 9,050,626 |
2015 | 3,557,199 | 3,691,799 | 885,259 | 777,273 | 447,131 | 9,358,661 |
2016 | 4,720,075 | 4,239,335 | 856,291 | 848,617 | 833,123 | 11,497,441 |
2017 | 3,691,010 | 2,504,092 | 720,917 | 653,139 | 758,634 | 8,327,792 |
2018 | 3,881,158 | 2,880,536 | 664,835 | 536,126 | 1,089,973 | 9,052,628 |
2019 | 3,046,013 | 1,957,667 | 580,601 | 480,735 | 946,929 | 7,011,945 |
Total | 60,804,840 | 59,796,760 | 15,826,964 | 26,241,134 | 6,298,415 | 168,968,113 |
Pistols (36%) and rifles (35%) are the dominant categories, and over time, the former has become the most commonly produced firearm type.
In 2001, pistols accounted for 21% of firearms produced. Today, nearly half of all firearms produced are pistols.
Who is Producing America’s Firearms?
There are a wide variety of firearm manufacturing companies in the U.S., but production is dominated by a few key players.
Here are the top 10 gunmakers in America, which collectively make up 70% of production:
Rank | Firearm Manufacturer | Guns Produced (2016-2020) | Share of total |
---|---|---|---|
1 | Smith & Wesson Corp | 8,218,199 | 17.2% |
2 | Sturm, Ruger & Company, Inc | 8,166,448 | 17.1% |
3 | Sig Sauer Inc | 3,660,629 | 7.7% |
4 | Freedom Group | 3,045,427 | 6.4% |
5 | 0 F Mossberg & Sons Inc | 2,223,241 | 4.7% |
6 | Taurus International Manufacturing | 1,996,121 | 4.2% |
7 | WM C Anderson Inc | 1,816,625 | 3.8% |
8 | Glock Inc | 1,510,437 | 3.2% |
9 | Henry RAC Holding Corp | 1,378,544 | 2.9% |
10 | JIE Capital Holdings / Enterprises | 1,258,969 | 2.6% |
Total | 33,274,640 | 69.7% |
One-third of production comes from two publicly-traded parent companies: Smith & Wesson (NYSE: RGR), and Sturm, Ruger & Co. (NASDAQ: SWBI)
Some of these players are especially dominant within certain types of firearms. For example:
- 58% of pistols were made by Smith & Wesson, Ruger, and SIG SAUER (2008–2018)
- 45% of rifles were made by Remington*, Ruger, and Smith & Wesson (2008–2018)
*In 2020, Remington filed for Chapter 11 bankruptcy protection, and its assets were divided and sold to various buyers. The Remington brand name is now owned by Vista Outdoor (NYSE: VSTO)
The Geography of Gun Manufacturing
Companies that manufacture guns hold a Type 07 license from the ATF. As of 2020, there are more than 16,000 Type 07 licensees across the United States.
Below is a state-level look at where the country’s licensees are located:
State | Licenses (2000) | Licenses (2020) | Population | Licenses per 100,000 pop. (2020) |
---|---|---|---|---|
Alaska | 8 | 117 | 733,391 | 16.0 |
Alabama | 40 | 276 | 5,039,877 | 5.5 |
Arkansas | 28 | 302 | 3,011,524 | 10.0 |
Arizona | 100 | 959 | 7,276,316 | 13.2 |
California | 159 | 620 | 39,237,836 | 1.6 |
Colorado | 27 | 481 | 5,812,069 | 8.3 |
Connecticut | 71 | 194 | 3,605,944 | 5.4 |
Delaware | 0 | 10 | 989,948 | 1.0 |
Florida | 131 | 1,009 | 21,781,128 | 4.6 |
Georgia | 52 | 510 | 10,799,566 | 4.7 |
Hawaii | 0 | 11 | 1,455,271 | 0.8 |
Iowa | 11 | 187 | 3,190,369 | 5.9 |
Idaho | 38 | 358 | 1,839,106 | 19.5 |
Illinois | 40 | 263 | 12,671,469 | 2.1 |
Indiana | 39 | 280 | 6,805,985 | 4.1 |
Kansas | 17 | 229 | 2,937,880 | 7.8 |
Kentucky | 22 | 211 | 4,505,836 | 4.7 |
Louisiana | 20 | 258 | 4,657,757 | 5.5 |
Massachusetts | 67 | 263 | 6,984,723 | 3.8 |
Maryland | 36 | 146 | 6,165,129 | 2.4 |
Maine | 13 | 107 | 1,362,359 | 7.9 |
Michigan | 43 | 386 | 10,050,811 | 3.8 |
Minnesota | 63 | 254 | 5,707,390 | 4.5 |
Missouri | 62 | 401 | 6,168,187 | 6.5 |
Mississippi | 12 | 190 | 2,961,279 | 6.4 |
Montana | 24 | 240 | 1,084,225 | 22.1 |
North Carolina | 52 | 628 | 10,551,162 | 6.0 |
North Dakota | 3 | 46 | 779,094 | 5.9 |
Nebraska | 15 | 91 | 1,961,504 | 4.6 |
New Hampshire | 25 | 188 | 1,377,529 | 13.6 |
New Jersey | 10 | 26 | 9,267,130 | 0.3 |
New Mexico | 18 | 179 | 2,117,522 | 8.5 |
Nevada | 45 | 276 | 3,104,614 | 8.9 |
New York | 35 | 299 | 19,835,913 | 1.5 |
Ohio | 80 | 644 | 11,780,017 | 5.5 |
Oklahoma | 37 | 423 | 3,959,353 | 10.7 |
Oregon | 55 | 226 | 4,237,256 | 5.3 |
Pennsylvania | 87 | 519 | 12,964,056 | 4.0 |
Rhode Island | 1 | 20 | 1,097,379 | 1.8 |
South Carolina | 25 | 284 | 5,190,705 | 5.5 |
South Dakota | 14 | 79 | 886,667 | 8.9 |
Tennessee | 76 | 352 | 6,975,218 | 5.0 |
Texas | 150 | 2,022 | 29,527,941 | 6.8 |
Utah | 33 | 478 | 3,271,616 | 14.6 |
Virginia | 48 | 412 | 8,642,274 | 4.8 |
Vermont | 15 | 85 | 643,077 | 13.2 |
Washington | 49 | 351 | 7,738,692 | 4.5 |
Wisconsin | 38 | 306 | 5,895,908 | 5.2 |
West Virginia | 20 | 115 | 1,793,716 | 6.4 |
Wyoming | 20 | 147 | 576,851 | 25.5 |
These manufacturers are located all around the country, so these numbers are somewhat reflective of population. Unsurprisingly, large states like Texas and Florida have the most licensees.
Sorting by the number of licensees per 100,000 people offers a different point of view. By this measure, Wyoming, Montana, and Idaho come out on top.
If recent sales and production trends are any indication, these numbers may only continue to grow.
Markets
Made in America: Goods Exports by State
The U.S. exported $1.8 trillion worth of goods in 2021. This infographic looks at where that trade activity took place across the nation.

Made in America: Goods Exports by State
After China, the U.S. is the next largest exporter of goods in the world, shipping out $1.8 trillion worth of goods in 2021—an increase of 23% over the previous year.
Of course, that massive number doesn’t tell the whole story. The U.S. economy is multifaceted, with varying levels of trade activity taking place all across the nation.
Using the latest data on international trade from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, we’ve visualized the value of America’s goods exports by state.
Top 10 Exporter States
Here are the top 10 American states that exported the highest dollar value worth of goods during 2021. Combined, these export-leading states represent 59.4% of the nation’s total exports.
Rank | State | Total Exports Value | % share |
---|---|---|---|
#1 | Texas | $375.3 billion | 21.4% |
#2 | California | $175.1 billion | 10.0% |
#3 | New York | $84.9 billion | 4.8% |
#4 | Louisiana | $76.8 billion | 4.4% |
#5 | Illinois | $65.9 billion | 3.8% |
#6 | Michigan | $55.5 billion | 3.2% |
#7 | Florida | $55.5 billion | 3.2% |
#8 | Washington | $53.6 billion | 3.1% |
#9 | Ohio | $50.4 billion | 2.9% |
#10 | New Jersey | $49.5 billion | 2.8% |
Top 10 States | $1.04 trillion | 59.4% |
Texas has been the top exporting state in the U.S. for an incredible 20 years in a row.
Last year, Texas exported $375 billion worth of goods, which is more than California ($175 billion), New York ($85 billion), and Louisiana ($77 billion) combined. The state’s largest manufacturing export category is petroleum and coal products, but it’s also important to mention that Texas led the nation in tech exports for the ninth straight year.
California was the second highest exporter of goods in 2021 with a total value of $175 billion, an increase of 12% from the previous year. The state’s main export by value was computer and electronic product manufacturing, representing 17.8% of the total U.S. exports of that industry. California was also second among all states in exports of machinery manufacturing, accounting for 13.9% of the U.S. total.
What Type of Goods are Exported?
Here is a breakdown of the biggest U.S. export categories by value in 2021.
Rank | Product Group | Annual Export Value (2021) | Share of Total Exports |
---|---|---|---|
1 | Mineral fuels including oil | $239.8 billion | 13.7% |
2 | Machinery including computers | $209.3 billion | 11.9% |
3 | Electrical machinery, equipment | $185.4 billion | 10.6% |
4 | Vehicles | $122.2 billion | 7.0% |
5 | Optical, technical, medical apparatus | $91.7 billion | 5.2% |
6 | Aircraft, spacecraft | $89.1 billion | 5.1% |
7 | Gems, precious metals | $82.3 billion | 4.7% |
8 | Pharmaceuticals | $78 billion | 4.4% |
9 | Plastics, plastic articles | $74.3 billion | 4.2% |
10 | Organic chemicals | $42.9 billion | 2.4% |
These top 10 export categories alone represent almost 70% of America’s total exports.
The biggest grower among this list is mineral fuels, up by 59% from last year. Pharmaceuticals saw the second biggest one-year increase (45%).
Top 10 U.S. Exports by Country of Destination
So who is buying “Made in America” products?
Unsurprisingly, neighboring countries Canada (17.5%) and Mexico (15.8%) are the two biggest buyers of American goods. Together, they purchase one-third of American exports.
Rank | Destination Country | Share of U.S. Goods Exports |
---|---|---|
1 | 🇨🇦 Canada | 17.5% |
2 | 🇲🇽 Mexico | 15.8% |
3 | 🇨🇳 China | 8.6% |
4 | 🇯🇵 Japan | 4.3% |
5 | 🇰🇷 South Korea | 3.7% |
6 | 🇩🇪 Germany | 3.7% |
7 | 🇬🇧 United Kingdom | 3.5% |
8 | 🇳🇱 Netherlands | 3.1% |
9 | 🇧🇷 Brazil | 2.7% |
10 | 🇮🇳 India | 2.3% |
Three Asian countries round out the top five list: China (8.6%), Japan (4.3%), and South Korea (3.7%). Together, the top five countries account for around half of all goods exports.
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