Louisiana's state debt drops for first time since 2008

Don Ames
May 18, 2019 - 2:17 pm

Getty Images

Categories: 

For the first time in a decade, Louisiana's debt load has declined.

This is seen as a significant benchmark in a state trying to deal with its finances after years of budget gaps and record borrowing.

However, the amount the state owes for every resident -- man, woman, and child -- still exceeds the national average.

The State Bond Commission has received an updated debt report showing Louisiana's per capita, tax-supported debt dropped to $1,497 in 2018.

That's a reduction of $61 per person from $1,558 a year earlier, as Louisiana tries to reduce its outstanding obligations for construction projects.

It's the first drop in the debt load since 2008, after years of continued increases. 

The amount per state resident that Louisiana owes is lower than it was in 2014, when it was slightly above $1,500. 

Comments ()