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Illinois’ more than $76.3 billion in bonded obligations equals a debt load of about $6,025 per resident, representing the 10th highest level of per-capita debt among the 50 states, according to a new analysis by the American Legislative Exchange Council (ALEC).
The combined bonded liabilities of all the states now surpasses $1.25 trillion, ALEC’s report – “State Bonded Obligations, 2020” – states. That comes out to a debt burden of more than $3,800 per capita, based on data accumulated through December 2020.
On average, state bonded liabilities are made up of general obligation bonds (37%), revenue bonds paid through dedicated revenue streams (36%) and local bonds (26%), according to the analysis.
Illinois’ total bonded obligations rank the 47th highest among the states, and its total general obligation bond debt, at more than $44.2 billion, is the 48th highest, the report says.
During the onset of the coronavirus pandemic, many states borrowed to make up for anticipated shortfalls due to COVID-19 shutdowns and rising unemployment, according to the study. Those concerns turned out to be overblown, according to ALEC, leaving many states with more debt than was required to weather the economic crisis.
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State Obligation Bond Liabilities per Capita
| Rank | State | Bonded Obligation Amounts per Capita |
| 1 | Wyoming | $67 |
| 2 | Indiana | $200 |
| 3 | Nebraska | $667 |
| 4 | Montana | $1,059 |
| 5 | Missouri | $1,086 |
| 6 | Colorado | $1,202 |
| 7 | Idaho | $1,217 |
| 8 | Arizona | $1,263 |
| 9 | Florida | $1,290 |
| 10 | Tennessee | $1,313 |
| 11 | New Hampshire | $1,545 |
| 12 | North Carolina | $1,616 |
| 13 | Nevada | $1,622 |
| 14 | Arkansas | $1,775 |
| 15 | Wisconsin | $1,995 |
| 16 | Georgia | $2,027 |
| 17 | Pennsylvania | $2,088 |
| 18 | Iowa | $2,534 |
| 19 | Oklahoma | $2,599 |
| 20 | Kansas | $2,648 |
| 21 | Louisiana | $2,865 |
| 22 | Maine | $2,952 |
| 23 | Mississippi | $3,137 |
| 24 | Kentucky | $3,142 |
| 25 | Alabama | $3,197 |
| 26 | Michigan | $3,251 |
| 27 | Utah | $3,339 |
| 28 | New Mexico | $3,599 |
| 29 | Texas | $3,638 |
| 30 | Minnesota | $3,921 |
| 31 | North Dakota | $4,008 |
| 32 | West Virginia | $4,135 |
| 33 | South Carolina | $4,188 |
| 34 | Ohio | $4,223 |
| 35 | South Dakota | $4,351 |
| 36 | Maryland | $4,773 |
| 37 | Virginia | $4,821 |
| 38 | Delaware | $4,966 |
| 39 | Vermont | $5,276 |
| 40 | California | $5,296 |
| 41 | Illinois | $6,025 |
| 42 | Washington | $6,079 |
| 43 | New York | $6,287 |
| 44 | New Jersey | $6,401 |
| 45 | Oregon | $7,070 |
| 46 | Massachusetts | $8,615 |
| 47 | Rhode Island | $10,135 |
| 48 | Hawaii | $10,948 |
| 49 | Alaska | $11,095 |
| 50 | Connecticut | $12,055 |
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