Voters on Election Day approved a huge schedule of state and local bond and tax issues in support of infrastructure spending for schools, colleges, other public buildings and highways. The Bond Buyer estimated that successful bond issues alone totaled $54 billion, the second-highest total after 2006 and about 82 percent of issues on the ballot.

The freezing of credit markets, combined with sharply reduced expectations for the economy, are drastically lowering the number of construction starts. At the same time, the slowing world economy, along with a rebound in the value of the dollar against some currencies, has driven down many materials prices.

The upheaval on Wall Street is delaying or stopping projects all over the country, even ones already under way.