The 2025 elections have defied expectations as an off-year event, becoming a pivotal moment in the political calendar. Typically, the year following a presidential election sees a decline in campaign activities, but 2025 has proven to be an exception. This surge in political activity is largely attributed to competitive state races, notably in New Jersey and Virginia, alongside the New York City mayoral contest and California’s Proposition 50 ballot initiative.
These races have not only captured national attention but have also triggered a significant financial investment in campaign efforts. As of early October, the race for New Jersey governor saw both Democratic nominee Rep. Mikie Sherrill and GOP rival Jack Cittarelli amassing substantial fundraising, with Sherrill raising about $17.5 million and Cittarelli securing $16.5 million. The spending has been equally extensive, with Sherrill spending around $11 million and Cittarelli allocating nearly $13 million. In Virginia, Democratic candidate Abigail Spanberger raised nearly $12 million alone in October, while Lieutenant Governor Winsome Earle-Sears garnered $9.5 million.
Furthermore, the New York City mayoral race, despite having fundraising and spending caps, has also seen a considerable influx of public and private contributions. Democratic nominee Zohran Mamdani received nearly $17 million, while Independent candidate Andrew Cuomo raised $12.5 million, and GOP nominee Curtis Sliwa secured approximately $6 million. The figures do not include the millions spent by outside groups like super PACs, which have played a pivotal role in amplifying the financial scope of the elections.
The Proposition 50 battle in California has also seen an extraordinary financial investment, with over $140 million spent as of last month. This initiative, aimed at returning congressional redistricting control to the Democratic-led legislature, has seen the Yes on Prop 50 forces far outspending the No forces, with the former accumulating nearly $100 million in donations.
These figures underscore the intense financial stakes in the 2025 elections, reflecting the broader political strategy and the significant resources allocated to influence voter behavior and secure electoral outcomes. The unprecedented spending highlights the growing importance of financial resources in modern political campaigns, setting a new benchmark for election finance in the United States.