{"id":99835,"date":"2026-08-31T16:11:22","date_gmt":"2026-08-31T19:11:22","guid":{"rendered":"https:\/\/murray.adv.br\/?p=99835"},"modified":"2026-08-31T16:11:22","modified_gmt":"2026-08-31T19:11:22","slug":"state-investment-hits-record-in-first-half-of-election-year","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/state-investment-hits-record-in-first-half-of-election-year\/","title":{"rendered":"State investment hits record in first half of election year"},"content":{"rendered":"<section class=\"content--header\">\n<div class=\"row content-head non-featured \">\n<div class=\"title\">\n<h6 class=\"content-head__title\" style=\"text-align: center\"><em><strong>Spending rises 40.6% in real terms as stronger finances, borrowing and electoral cycle drive infrastructure outlays<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n<div class=\"content__signa-share\">\n<div class=\"content__signature\">\n<div class=\"content-publication-data\">\n<div class=\"content-publication-data__text\">\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p class=\"content-publication-data__updated\"><time datetime=\"2026-08-31T06:14:49.007-03:00\">08\/31\/2026\u00a0<\/time><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"content__share-bar-container\"><\/div>\n<\/div>\n<\/section>\n<div id=\"mc-article-body\" class=\"mc-article-body ready cropped\">\n<article>\n<div class=\"no-paywall\">\n<div class=\"row medium-uncollapsed content-media content-photo\" data-block-type=\"backstage-photo\" data-block-id=\"0\">\n<div class=\"mc-column content-media__container\" data-image-display=\"normal\">\n<div class=\"content-media-container\" style=\"text-align: center\">\n<figure class=\"content-media__figure\"><img loading=\"lazy\" decoding=\"async\" class=\"content-media__image\" src=\"https:\/\/s2-valorinternational.glbimg.com\/QZz6NnzygoSJtWWWI91fWNC94nA=\/984x0\/smart\/filters:strip_icc()\/i.s3.glbimg.com\/v1\/AUTH_63b422c2caee4269b8b34177e8876b93\/internal_photos\/bs\/2026\/2\/K\/bQN4XOTvS687pKAfY7uw\/foto31bra-101-estados-a4.jpg\" alt=\"Samuel Kinoshita \u2014 Foto: Gabriel Reis\/Valor\" width=\"375\" height=\"474\" \/><figcaption class=\"content-media__description\"><em>Samuel Kinoshita \u2014 Photo: Gabriel Reis\/Valor<\/em><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mc-column mc-side-item__container\" data-block-type=\"ads\" data-block-id=\"1\"><\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"57\" data-block-id=\"2\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Combined investment by Brazil\u2019s states and Federal District (Bras\u00edlia) hit a record in the first half of this election year, reaching R$42.9 billion. The total was up 40.6% in real terms from the same period of 2025 and 13.9% above the previous high set in the first six months of 2022, when the current governors were elected.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"45\" data-block-id=\"3\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The figures are even higher when financial investments \u2014 a budget category that states often also regard as investment \u2014 are included. Together, the two types of spending reached R$59.6 billion in the first half of 2026, up 55.5% from 2025 and 43.3% from 2022.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"4\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Investment alone rose in real terms in 22 of the 26 states compared with the first half of 2025. Sixteen posted growth of more than 30%, while 12 exceeded the nationwide average of 40.6%.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"6\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The 10 fastest-growing states, in order, were Rio Grande do Norte, Tocantins, Paran\u00e1, Minas Gerais, Sergipe, Pernambuco, Cear\u00e1, S\u00e3o Paulo, Alagoas and Santa Catarina.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"7\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In absolute terms, S\u00e3o Paulo and Minas Gerais led, with R$4.2 billion each, followed by Paran\u00e1 at R$3.9 billion. Santa Catarina invested R$3.4 billion, just above Bahia\u2019s R$3.3 billion.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"8\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">S\u00e3o Paulo stands out even more in financial investments. The category totaled R$16.7 billion across the states and Federal District, of which S\u00e3o Paulo alone accounted for R$10.9 billion.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"28\" data-block-id=\"9\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Of that amount, R$6.6 billion represented state contributions to public-private partnerships (PPPs), mainly for transportation infrastructure projects including the subway system, the Rodoanel beltway and the Santos-Guaruj\u00e1 tunnel.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"43\" data-block-id=\"10\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The total also includes about R$1 billion for housing, of which R$700 million was invested through funds and had been classified as regular investment until 2025, said Samuel Kinoshita, S\u00e3o Paulo\u2019s finance secretary. All figures refer to the first half of the year.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"11\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Kinoshita said the 2026 amount should be seen as the culmination of a process of rising investment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"12\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Election boost<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"44\" data-block-id=\"13\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Alberto Borges, an economist and partner at Aequus Consultoria, which compiled the data, expects 2026 to become a new full-year record for state investment. He sees the election cycle as one driver, with spending supported by surpluses accumulated in previous years and by borrowing.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"19\" data-block-id=\"14\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Luiz Paulo Budal, Paran\u00e1\u2019s acting finance secretary, also pointed to the electoral calendar, which traditionally brings higher state investment.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"15\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cParan\u00e1 has pursued an expansionary policy since 2023, raising its investment levels and managing to deliver record figures.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"17\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Budal said first-half investment reached all-time highs in several areas, including urban development, agriculture \u2014 particularly a rural roads program \u2014 transportation, education, health and public safety.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"18\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The pace at which projects are actually being carried out has also accelerated more recently, he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"19\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cUntil 2024, Paran\u00e1 would commit funds for investment but had more difficulty actually executing the spending,\u201d he recalled.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"20\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Today, the state completes the execution of about 75% of the funds it commits, another record for its investment program, Budal said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"42\" data-block-id=\"21\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Paran\u00e1 is expected to set a full-year investment record in 2026. Spending already executed should reach between R$8 billion and R$8.5 billion, well above the R$5.9 billion seen in 2025. Climate-related disruptions that could delay construction are among the risks, he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"22\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Pandemic legacy<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"29\" data-block-id=\"23\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The current annual record for investment by the states and Federal District was set in 2022. In the first half of that year, spending surged 167.9% in real terms.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"24\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Extraordinary federal transfers to address the effects of the pandemic lifted state revenues in 2020. In subsequent years, collections from the ICMS state value-added tax were also buoyant, rising 21.8% in the first half of 2021 from a year earlier.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"25\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">After falling 7.1% in 2020, ICMS revenue rebounded as economic activity recovered from the worst of the health crisis and prices rose sharply. Those factors, combined with restrictions on payroll spending that remained in place through the end of 2021, helped pave the way for record investment in 2022.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"26\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Borges said stronger finances also allowed governors to improve their so-called \u201cCapag\u201d ratings, a measure of debt repayment capacity assigned by the National Treasury Secretariat (STN) that works much like a credit rating. Better scores have made it easier for states to obtain financing backed by federal government guarantees.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"27\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In 2020, only 10 of the 26 states and the Federal District had an A or B Capag rating, which qualifies them for federally guaranteed borrowing, Treasury data show. By 2025, that number had risen to 21.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"21\" data-block-id=\"29\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThe improvement in Capag ratings opened the door to the credit market for the states, and investment volumes increased,\u201d Borges said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"30\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Borrowing surge<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"32\" data-block-id=\"31\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Revenue from credit operations reached R$26.5 billion in the first half of 2026, up 52.4% from the same period of 2025, which was already a relatively high comparison base, Aequus data show.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"32\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Such revenue had reached R$17.4 billion in the first half of last year, an 81.4% increase from R$9.6 billion in the same period of 2024.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"33\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Borges said investment has also been supported by financial reserves accumulated during earlier periods of stronger revenue.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"31\" data-block-id=\"34\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Despite the economic slowdown, current revenue across the states grew 3.6% in real terms in the first half from a year earlier, after rising 2.3% in the same comparison in 2025.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"52\" data-block-id=\"35\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Current spending also accelerated, climbing 4.4% this year after a 3.4% increase in 2025. Payroll expenses were the main driver, rising 5.3% after gaining 1.7% a year earlier, always in real terms and for the first half. Borges said the faster growth in payroll spending in 2026 also reflects the election cycle.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"40\" data-block-id=\"36\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Aequus collected the figures from budget execution reports submitted by the states to the National Treasury. The survey considers expenditures already executed and revenues actually received. All amounts were adjusted for inflation using the IPCA consumer price index through June.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"37\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Fiscal risks<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"38\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThe increase in state investment is surreal, and the data show that the movement has been widespread,\u201d said Gabriel Leal de Barros, chief economist at ARX Investimentos.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"39\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">He said the figures offer further evidence of how state finances have changed since the COVID-19 pandemic, while also reflecting easier access to borrowing by subnational governments.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"25\" data-block-id=\"40\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">From 2018 through 2021, average first-half state investment stood at R$13.6 billion, Barros noted. From 2022 through 2026, the first-half average jumped to R$34.1 billion.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"42\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThe problem is that the bill for these credit operations comes later, after the grace period on the financing ends,\u201d Barros said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"24\" data-block-id=\"43\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">That could put pressure on states with less budget flexibility, particularly as today\u2019s investment boom creates higher mandatory spending in the future, he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"44\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Although conditions vary widely among states, Barros said the trend raises concerns about subnational finances in the coming years. A federal administrative reform that also covers states and municipalities could therefore play an important role, he argued.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"3\" data-block-id=\"45\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>S\u00e3o Paulo projects<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"27\" data-block-id=\"46\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">In S\u00e3o Paulo, investment and financial investments combined reached R$15.1 billion in the first half of 2026, up from R$5.8 billion in the same period of 2025.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"49\" data-block-id=\"47\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThe schedules of several projects now getting underway converged in 2026,\u201d Kinoshita said. \u201cWhen we look at the 2025 comparison base, it seems like a very sharp increase. It looked as though there had been a setback a year ago, but it was really just a matter of timing.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"37\" data-block-id=\"48\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The much higher level of financial investments \u2014 R$10.9 billion in the first half of 2026 versus R$3.4 billion a year earlier \u2014 reflects the greater role of PPPs in the current administration\u2019s investment portfolio, he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"34\" data-block-id=\"49\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The category also includes a R$2.9 billion contribution by S\u00e3o Paulo to the Federative Equalization Fund (FEF), required as part of the state\u2019s participation in Propag, the federal government\u2019s debt refinancing program for states.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"46\" data-block-id=\"50\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Rio de Janeiro\u2019s participation in Propag likewise led to a contribution to the FEF and increased its financial investments in the first half. The state Finance Department said spending in the category rose by R$1 billion, reflecting a contribution of the same amount to the fund.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"51\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Rio de Janeiro invested R$1.6 billion from January through June, up 3.6% from the same period of 2025.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"15\" data-block-id=\"52\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">S\u00e3o Paulo\u2019s investment this year has been financed largely with state Treasury funds, Kinoshita said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"54\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The state\u2019s annual budget had provided for R$8.8 billion in borrowing proceeds in 2026. But because loan agreements have taken longer than expected to be finalized, only R$552 million was used in the first half.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"55\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cWe had the capacity to use Treasury resources where funding from credit operations had initially been planned.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"56\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The remaining borrowing resources included in the budget could still be used during the second half, Kinoshita said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"2\" data-block-id=\"57\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\"><strong>Paran\u00e1 funding<\/strong><\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"18\" data-block-id=\"58\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Paran\u00e1\u2019s investment has been financed predominantly with its own resources, including surpluses accumulated in previous years, Budal said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"35\" data-block-id=\"59\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The state invested R$3.9 billion between January and June, a record for the period and more than double the R$1.6 billion invested in the same months of 2025, which had previously been the all-time high.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"17\" data-block-id=\"60\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">\u201cThat is R$2.3 billion more in investment during the period, the largest absolute increase among the states.\u201d<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"22\" data-block-id=\"61\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">The privatization of power utility Copel also brought additional funds into state coffers that are now being directed toward investment, Budal said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"36\" data-block-id=\"62\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Those resources have allowed Paran\u00e1 to increase spending even as ICMS revenue has remained nearly flat. Reflecting the performance of economic activity, the state\u2019s collections from the tax have been broadly stable this year, he said.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"33\" data-block-id=\"63\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Aequus data show that Paran\u00e1\u2019s ICMS revenue rose just 0.7% in real terms in the first half of 2026 from a year earlier, after gains of 2.5% in 2025 and 13.9% in 2024.<\/p>\n<\/div>\n<div class=\"mc-column content-text active-extra-styles \" data-block-type=\"unstyled\" data-block-weight=\"15\" data-block-id=\"64\">\n<p class=\" content-text__container \" data-track-category=\"Link no Texto\" data-track-links=\"\">Budal expects stepped-up enforcement measures to produce stronger ICMS revenue growth in the second half.<\/p>\n<p data-track-category=\"Link no Texto\" data-track-links=\"\">Source: VAlaor International<\/p>\n<p>https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Spending rises 40.6% in real terms as stronger finances, borrowing and electoral cycle drive infrastructure outlays &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 08\/31\/2026\u00a0 Samuel Kinoshita \u2014 Photo: Gabriel Reis\/Valor Combined investment by Brazil\u2019s states and Federal District (Bras\u00edlia) hit a record in the first half of this election year, reaching R$42.9 billion. The total was up [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[27127,27126],"class_list":["post-99835","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-hits-record-in-first-half-of-election-year","tag-state-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>State investment hits record in first half of election year - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/state-investment-hits-record-in-first-half-of-election-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State investment hits record in first half of election year - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Spending rises 40.6% in real terms as stronger finances, borrowing and electoral cycle drive infrastructure outlays &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 08\/31\/2026\u00a0 Samuel Kinoshita \u2014 Photo: Gabriel Reis\/Valor Combined investment by Brazil\u2019s states and Federal District (Bras\u00edlia) hit a record in the first half of this election year, reaching R$42.9 billion. 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