Municipalities have capitalized on the record low interest rates by issuing $67.3 billion in debt for infrastructure in the five months through May, the most since 2010. Over the past year, states have also increased spending on public construction to the most since 2010.

For now, IGF resides around critical technical levels.

“IGF $45 is not a random price point, but a level that carries some real significance. Back in 2014, the ETF peaked just shy of here, at $44.87, before embarking on a lengthy slide into its January 2016 low around $32.50,” said Schaeffer’s. “Years prior, IGF had found support around $45 for a few months in early 2008, ahead of a steep sell-off that would culminate in a low of $20.52 in March 2009 (coincident with the broad market’s bottom that same month). And meanwhile, for this final week of 2017, IGF’s round 20% year-to-date return is located squarely at $44.90.”

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