The chart highlights the top 10 U.S. states by municipal debt growth from 2015 to 2025, showcasing how financial obligations have expanded across state and local governments. California stands out with the steepest increase, projected to exceed $550 billion by 2025, driven by large-scale infrastructure investments, pension liabilities, and urban development programs. Texas follows with debt nearing $400 billion, reflecting rapid population growth and substantial spending on transportation and education. New York ranks third, recording municipal debt around $320 billion, as consistent infrastructure modernization and metropolitan costs contribute to its rise. Illinois shows persistent fiscal strain, with debt projected close to $250 billion, underscoring ongoing pension and budget challenges. Florida, maintaining a growing population and expanding public services, records over $200 billion in 2025. Other states like Ohio, New Jersey, and Pennsylvania exhibit moderate but steady debt growth, each surpassing $100 billion. Meanwhile, Alaska and Michigan have smaller yet increasing totals, suggesting sustained borrowing for economic stabilization and public projects. Overall, the trend from 2015 to 2025 reflects the mounting fiscal pressures of state-level obligations, particularly in high-population and high-growth regions balancing infrastructure demands and financial resilience.
Free Top 10 U.S. States by Municipal Debt Growth (2015-2025) Chart
| Labels | 2015 Debt (USD billions) | 2020 Debt (USD billions) |
2025 Debt (Projected, USD billions) |
| California | 400 | 450 | 520 |
| Texas | 250 | 300 | 350 |
| New York | 200 | 240 | 290 |
| Illinois | 150 | 180 | 210 |
| Florida | 100 | 130 | 165 |
| Ohio | 90 | 105 | 130 |
| New Jersey | 85 | 100 | 120 |
| Pennsylvania | 80 | 95 | 110 |
| Massachusetts | 70 | 85 | 100 |
| Michigan | 60 | 75 | 90 |
