January 13, 2013

State Government Debt Levels

The individual states all have varying debt levels.   I found state debt levels on the Census site on State & Local Government Finance.  The figures are from 2010 and are estimated.

The top 5 states are :

California  $ 148,929
New York  $ 129,530
Massachusetts  $   73,940
Illinois  $   61,412
New Jersey  $   60,968

The bottom 5 states are :
 
Wyoming  $     1,514
North Dakota  $     2,198
Nebraska  $     2,330
South Dakota  $     3,483
Vermont  $     3,493

You may notice a trend there that the largest states in population also have higher debt levels while the lowest debt is found among low population states.  Of course the raw debt numbers don't say too much because clearly California or Illinois are much larger states with higher economic output than Wyoming or Vermont.

California may owe almost $150B in debt but on a per capita basis thats around $3,850 per person and by comparison Vermont's relatively small looking $3.5B debt for that small population state is over $5,000 per person.   Plus if you look at Gross State Product (GSP) then the GSP for Vermont's economy is only $28B while California's economy wracks up $2.1 trillion.   The debt / GSP is 12.5% for Vermont and 7% for California.   Either way California's debt level is less than Vermont's as far as per person or in relation to the respective state economies.


Here is the full list of states in alphabetical order with the amount of debt in millions of dollars :


Alabama  $    8,785
Alaska  $    6,381
Arizona  $  13,960
Arkansas  $    4,247
California  $148,929
Colorado  $   16,710
Connecticut  $   30,216
Delaware  $     5,515
Florida  $   41,324
Georgia  $   13,789
Hawaii  $     7,701
Idaho  $     3,872
Illinois  $   61,412
Indiana  $   23,635
Iowa  $     5,140
Kansas  $     6,478
Kentucky  $   14,393
Louisiana  $   17,443
Maine  $     6,034
Maryland  $   24,475
Massachusetts  $   73,940
Michigan  $   32,146
Minnesota  $   11,683
Mississippi  $     6,468
Missouri  $   20,421
Montana  $     4,400
Nebraska  $     2,330
Nevada  $     4,436
New Hampshire  $     8,347
New Jersey  $   60,968
New Mexico  $     8,740
New York  $ 129,530
North Carolina  $   18,853
North Dakota  $     2,198
Ohio  $   30,004
Oklahoma  $     9,963
Oregon  $   13,510
Pennsylvania  $   44,738
Rhode Island  $     9,498
South Carolina  $   15,771
South Dakota  $     3,483
Tennessee  $     5,835
Texas  $   42,034
Utah  $     6,478
Vermont  $     3,493
Virginia  $   25,047
Washington  $   27,478
West Virginia  $     7,144
Wisconsin  $   22,319
Wyoming  $     1,514


--

No comments:

Post a Comment

Blog Widget by LinkWithin