I thought this was a mistake when Christie decided to turn the project down because he was afraid of cost overruns.

<There are lots of reasons for bondholders to love Colorado and show no respect for New Jersey. Here's a big one: infrastructure. Colorado made a huge investment in it and is getting rewarded by investors. New Jersey didn't and is being punished. >

<The Denver airport is superior in the $3.6 trillion market for state and local government debt. The bonds that financed its construction returned 4.04 percent, the fifth-best weighted return during the past 12 months among the 53 U.S. airports with outstanding debt. They outperformed U.S. investment-grade and high-yield bonds, according to data compiled by Bloomberg. It costs Denver 3.77 percent to raise long-term funds right now, less than what airports in California, Florida, Georgia, Michigan and Texas are paying on their bonds, according to Bloomberg data. >

<Now look at what happened in New Jersey, the third-richest state based on median income, after it rejected a chance to improve its transportation infrastructure. In 2010, the federal government offered New Jersey $3 billion to build a rail tunnel to double commuter capacity to New York City. It would have relieved pressure on the overburdened existing tunnel, built in 1910 and damaged in 2012 by Hurricane Sandy. >

New Jersey, You Should've Built That Tunnel - Bloomberg View