Flat debt total signals cautious borrowing, despite infrastructure needs

Source: Ted Hampton, Chandra Ghosal, Emily Raimes, Nicholas Samuels, Timothy Blake, Moody’s, Sector Profile, State government – US Medians, June 3, 2019
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Total net tax-supported debt (NTSD) for the 50 states was virtually unchanged in 2018, as governments maintained a cautious approach to bond issuance and increased their reliance on operating revenue for transportation infrastructure. The $523 billion in NTSD marked the eighth straight year with minimal change, putting average annual growth at 0.6% since 2011.