(The Center Square) – Georgia fared well in a new study ranking states by the amount of debt contrasted to population.
Georgia, which ranks eighth nationally in population, was 29th among states when the debt is divided by the number of residents in the state, according to the Reason Foundation study.
Georgia had $4,503 in debt for every person and total debt of $48.2 billion (13th).
By comparison, Connecticut, ranked first on the per capita list at $26,187 with New Jersey second at $22,968 and Hawaii third at $18,909.
Tennessee was lowest.
In June, the three major credit rating agencies gave Georgia their highest score of AAA, the state said in a news release.
“Georgia continues to be a safe and stable bet for job creators,” Gov. Brian Kemp said in a statement. “That’s why we continue to see record investment and economic development, and it’s one of the many reasons we are well-positioned to save Georgia taxpayers tens of millions of dollars with low interest borrowing rates in the years to come.”
For the second year in a row, the state has not issued general obligation bonds, opting instead to pay cash for construction projects, which will save an estimated $2.81 billion in interest charges over 20 years, the state said.
Also in June, the state for the third year in a row began issuing checks to taxpayers because of a surplus in revenue.
The refunds “are a direct result of conservative budget practices and a strong state economy,” Kemp said in a release.
