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Market Snapshot: State Financials

Financial health and spending trends based on U.S. state budgets

PUBLISHED: 7/2/2024

Market Snapshot: State Financials

State budgets have experienced healthy years since federal emergency funds were made available during the pandemic. As we head into the second half of 2024, states are still in overall good shape financially, but things may be getting a bit tighter going forward due to shrinking reserves. Most states are expected to have increases in general-fund revenue, but overall spending is set to decrease.

As it relates to capital spending, these are the 10 states with the highest growth rates since before the pandemic (2019 to 2023):

Indiana
South Carolina
Tennessee*
Missouri
Kansas*
Utah*
California
Michigan
Maryland*
Alaska*

* States where 2023 capital spending was 10% or more of total spending.

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