Market Snapshot: Financial Health of U.S. States

Market Snapshot: Financial Health of U.S. States

Truth in Accounting (TIA), a think tank focused on governmental fiscal transparency, released its 15^th annual Financial State of the States report, which analyses and ranks the fiscal health of all 50 U.S. states. Here are the highlights:

• During the 2023 fiscal year, most states improved financially, but 27 states did not have enough money to pay their bills.
• Unfunded retirement liabilities were the largest contributing factor to state-level debt.
• The top-ranked states (in terms of taxpayer surplus) were North Dakota, Alaska, Wyoming, Utah, and Tennessee.
• Texas climbed six ranking positions compared to last year’s report. Iowa, Georgia, Arizona, and South Carolina also improved significantly, climbing four spots.
• The states with the highest taxpayer burden were Connecticut, New Jersey, Illinois, Massachusetts, and California.
• Kansas, Oklahoma, Colorado, and Ohio dropped the most ranking positions from last year’s standings.

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