Election Fundraising Update

October 22, 2024

Last week’s third-quarter political campaign fundraising data gives us insight as to where things stand financially for Democrats and Republicans with two weeks to go until Election Day.

  • In the race to control the House, Senate, and Presidency, the Democrats are raising significantly more money than their Republican counterparts.

Why it matters: Fundraising impacts a candidate’s ability to get their message out to voters but doesn’t always predict victory in high-profile races. You can read more at this link, which offers some analysis of how often the highest-spending candidate wins the election.

On the presidential campaign, Vice President Kamala Harris and her affiliated committees have raised $1 billion since entering the race in July, while former President Donald Trump and his affiliated committees raised $430 million in roughly the same time period.

The figures above do not include the Democratic National Committee and Republican National Committee, which raised $68.7 million and $40.4 million respectively over the same Q3 period.

  • Harris and the Democrats have $404 million cash on hand, compared to Trump and the Republicans who have $295 million.
  • This shortfall for Republicans could potentially affect their decision-making down the final stretch.

In the 10 seats that will decide the makeup of the Senate, Democrat candidate campaigns brought in nearly 2.5 times the amount that Republican candidates raised in Q3.

  • Democrat campaigns have collected $203 million, compared to the Republicans’ $83 million.
  • For a full list of the breakdown of the fundraising outlook for each race, click here.

In 23 of the most competitive House races rated by Cook Political Report, the Democrats have experienced a fundraising boom since President Joe Biden dropped out of the race.

  • Democrats in these races have raised nearly double compared to their Republican opponents, an average of $2.3 million to $1.25 million.
  • For a more detailed analysis, click here.

Does money equal a victory? Democrats outraising and outspending Republicans in federal elections is not a new phenomenon, and it is far from predictive in a close race.

  • In 2020, there was a large amount of media coverage regarding Senator Lindsey Graham’s (R-SC) re-election race. His Democratic challenger that year, Jamie Harrison, raised $130 million, the most ever for a Senate candidate. However, Sen. Graham coasted to re-election, winning with a margin of 54% to Harrison’s 44%, even though he was outraised and outspent by a margin of nearly three to one.
  • Similarly in 2016, Hillary Clinton vastly outraised and outspent Trump in a losing campaign. Biden outraised Trump and won the 2020 election.

How they are spending it: It’s no surprise that the presidential campaigns are spending heavily on the seven swing states.

“79% of all presidential ad spending has gone to just seven states since Vice President Kamala Harris entered the 2024 presidential race, according to the AdImpact report. These battleground states — Arizona, Georgia, Michigan, North Carolina, Nevada, Pennsylvania and Wisconsin — are also set to receive 88% of future reservations between Oct. 10 and Election Day.” - Digiday

Political ads in multiple forms won’t be slowing down anytime soon, so buckle up for 14 more days of ads during the final sprint to Nov. 5.

Contact James Montfort (Jmontfort@crefc.org) with any questions.
 

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org 

Coins being poured out of a watering can.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2024 CRE Finance Council. All rights reserved.

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