Municipal bond issuance totaled $320.25 billion in 2018, according to Thomson Reuters Data, as New York issuers led the charge. The Empire State flexed its municipal muscle, accounting for four of the top five muni issuers — one more than it had in 2017.
![Gerrard Bushell, president & CEO, Dormitory Authority of the State of New York](https://arizent.brightspotcdn.com/dims4/default/4ce2963/2147483647/strip/true/crop/998x668+0+0/resize/822x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F0e%2Fe8%2F262e322c4f3581baef8402e4f85c%2Fgerrard-p.%20Bushell.jpg)
DASNY tops issuance list
![new-york-city-fotolia.jpg](https://arizent.brightspotcdn.com/dims4/default/8e5c04c/2147483647/strip/true/crop/357x222+0+0/resize/357x222!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F39%2F7c%2F692badbe4ac89e6851be3c803865%2Fnew-york-city-fotolia.jpg)
NYC TFA jumps up one spot
![calif-sign.jpg](https://arizent.brightspotcdn.com/dims4/default/88c4366/2147483647/strip/true/crop/204x195+0+0/resize/204x195!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Ff9%2Fe1%2Fe8375c374b328a5caaaf40e8e7bc%2Fcalif-sign.jpg)
California's reign come to an end
![New York real estate](https://arizent.brightspotcdn.com/dims4/default/d1024c8/2147483647/strip/true/crop/570x380+0+0/resize/570x380!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fa1%2F75%2Fcc3e37b9469d9f11cd2dd0f1b528%2Fp1913acbct142v1fcife61iob14ei9.jpg)
New York City rises
![MTA_blmg.jpg](https://arizent.brightspotcdn.com/dims4/default/072d05c/2147483647/strip/true/crop/3488x2201+0+0/resize/872x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F00%2F74%2F127036004c589927a806dae3d856%2Fmta-blmg.jpg)
MTA stays strong
![connecticut-welcome-sign-istock.jpg](https://arizent.brightspotcdn.com/dims4/default/90f9537/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F3f%2Fa5%2F0e662e8c43ecb6968fffc981db59%2Fconnecticut-welcome-sign-istock.jpg)
Connecticut crashes the party
![Denver City County Building](https://arizent.brightspotcdn.com/dims4/default/8d7a1a5/2147483647/strip/true/crop/2592x1944+0+0/resize/733x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fda%2Fdc%2F166faf424cc08963a7b5df513a10%2Fdenver-city-county-building-denver.jpg)
Denver climbs up
![tobacco-adobestock-38011497.jpg](https://arizent.brightspotcdn.com/dims4/default/da11644/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F4c%2F72%2Fd432cc0c42d5a0e0d1b8a544b3d3%2Ftobacco-adobestock-38011497.jpg)
It only takes one
![TWDB091418](https://arizent.brightspotcdn.com/dims4/default/7fbc019/2147483647/strip/true/crop/400x690+0+0/resize/319x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fd7%2F19%2F248bb43b4ea3bf56fcb30b97f0b2%2Ftwdb.jpg)
Texas Water brings flood of issuance
![An unidentified man looks at the first of 231 new multi-level rail cars unveiled today at Newark's Penn Station by New Jersey Transit on September 14, 2005.](https://arizent.brightspotcdn.com/dims4/default/b374e20/2147483647/strip/true/crop/2000x1330+0+0/resize/827x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F6e%2F38%2Fbc7d13f54cf7adca10e7c8f2f581%2Fnj-transit-credit-bloomberg.jpg)
New Jersey TTFA rounds out top 10
![kentucky-fotolia.jpg](https://arizent.brightspotcdn.com/dims4/default/52e1960/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F4d%2F1d%2F7ce77b17431bb21cd16d91889037%2Fkentucky-fotolia.jpg)
Kentucky issuer just misses out on top 10
![tobacco-ts-357.jpg](https://arizent.brightspotcdn.com/dims4/default/ec89a67/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F06%2Fce%2F1430b20a4cb9b2e442ff7372dc37%2Ftobacco-ts-357.jpg)
Tobacco takes another spot
![massachusetts.jpg](https://arizent.brightspotcdn.com/dims4/default/9eb923a/2147483647/strip/true/crop/204x195+0+0/resize/204x195!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F8d%2F49%2F5066190044b4853a765392584b65%2Fmassachusetts.jpg)
Massachusetts falls three spots
![California's state capitol.](https://arizent.brightspotcdn.com/dims4/default/a754b7f/2147483647/strip/true/crop/4000x2667+0+0/resize/825x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F16%2F48%2Fe1bd7f2b4c3f875486fadc1fdc78%2Fcalifornia-state-capitol-bl.jpg)
California Municipal Finance Authority increased issuance
![emanuel-rahm-children-2.jpg](https://arizent.brightspotcdn.com/dims4/default/d3abb7e/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Ff0%2Fea%2F8f0586ed413a9b01b6c0184d3175%2Femanuel-rahm-children-2.jpg)
Chicago sees a dip
![Berkeley Tower.jpg](https://arizent.brightspotcdn.com/dims4/default/005007c/2147483647/strip/true/crop/2000x1238+0+0/resize/889x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F87%2F85%2Ffcc32cac4da5b0d37fce3e41f730%2Fberkeley-tower.jpg)
Cal Regents slips one spot
![gas wells](https://arizent.brightspotcdn.com/dims4/default/46a75c0/2147483647/strip/true/crop/2560x1920+0+0/resize/733x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F33%2F46%2Fba3bfb504dcdb02528a35963a89a%2Fgas-wells-credit-gerry-dincher.jpg)
Gassing up
![port-authority-terminal.jpg](https://arizent.brightspotcdn.com/dims4/default/c65530f/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F07%2Ff1%2F607f89514bd9b5af0a0f53c21073%2Fport-authority-terminal.jpg)
PANYNJ pulls forward
Houston rockets up
![pennsylvania-highway-credit-formulanone.jpg](https://arizent.brightspotcdn.com/dims4/default/62da848/2147483647/strip/true/crop/2400x1600+0+0/resize/825x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Ff2%2F97%2F8f23e1204fcf9ea40c01820baa61%2Fpennsylvania-highway-credit-formulanone.jpg)
The Pennsylvania Commonwealth Financing Authority makes a splash
![housing-fotolia.jpg](https://arizent.brightspotcdn.com/dims4/default/70e3df2/2147483647/strip/true/crop/357x236+0+0/resize/357x236!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fcd%2F0b%2F8f12e79e4986bcd9a715b3a2b6ed%2Fhousing-fotolia.jpg)
NYCHDC vaults 20-plus spots
![Road sign welcomes drivers to Illinois, the Land of Lincoln](https://arizent.brightspotcdn.com/dims4/default/f149816/2147483647/strip/true/crop/4209x2590+0+0/resize/894x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fe4%2F99%2F94f8aa0948cc8b96e369c0546da7%2Fadobestock-illinois-sign.jpeg)
Illinois makes little noise
![LA-sign](https://arizent.brightspotcdn.com/dims4/default/ca282ef/2147483647/strip/true/crop/357x222+0+0/resize/357x222!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F85%2F50%2F8afb0bb34e8eae071a8031e080a2%2Flos-angeles-fotolia.jpg)
LA Water and Power moves up
![p19d5r636l1ifu1ism1v3jqepn908.jpg](https://arizent.brightspotcdn.com/dims4/default/1f3d04b/2147483647/strip/true/crop/500x330+0+0/resize/500x330!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F4a%2F94%2F0e61ef654db3aa857d940b340d52%2Fp19d5r636l1ifu1ism1v3jqepn908.jpg)
Southeast Alabama Gas District makes an appearance
![As NYC Public Housing Tenants Suffer, A Glimmer Of Hope Emerges](https://arizent.brightspotcdn.com/dims4/default/1bf4f4b/2147483647/strip/true/crop/3999x2667+0+0/resize/825x550!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2F8a%2F85%2F0c1856d9415bb8d987e32deb3c8b%2F329706242.jpg)