Beginning in 2003:Q2, levels for 2003:Q2, 2011:Q2, and 2019:Q2 are calculated as approximately 3%, 3.5%, 2.5%, respectively, of total financial assets. Annual second quarter total financial assets are from the U.S. Census Bureau's Table 1--State and Local Government Finances by Level of Government and by State for United States Total items: Cash and security holdings, other than insurance trust funds, plus Insurance trust funds Workers' Compensation and Miscellaneous. Percentages are based on detailed data for fiscal year 2003:Q2, 2011:Q2, and 2019:Q2 on multifamily residential mortgages from Comprehensive Annual Financial Reports (CAFRs) for the largest state and local governmental units and a sample of smaller local governments. Mortgages are estimated to reflect trends in select sample of state and local government CAFRs between CAFRs benchmark periods of 2003:Q2, 2011:Q2, 2019:Q2, and to the current period. Unadjusted transactions are the change in the level. Data for the most recent ten years show no significant seasonality.
Last edited on: 06/09/2025