Financial Accounts of the United States (LA214104005.Q) · State and local governments, debt securities and loans owed, end of quarter
How much debt do US state and local governments owe?
The debt of state and local governments was $3.82 trillion in the quarter ended , up 5.3% from a year earlier.
Debt of state and local governments, seasonally adjusted, each quarter
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
Debt of state and local governments, change from a year earlier, each quarter (ours)
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to , to , to , to , to , to , to , to , to , to , to , to .
Shaded bands are US recessions as the National Bureau of Economic Research dates them: to .
Each point is one quarter of the series as the source publishes it, or a change worked out from those values (ours). The US recessions are shaded. Pointing at the chart shows the quarter and the value.
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Inspect and compare dates
The newest quarter beside the one before it and the nearest ones a year, five and ten years earlier. The last ten years are in the table under "The numbers behind the chart".
| Measure | Latest | The quarter before | A year earlier | Five years earlier | Ten years earlier |
|---|---|---|---|---|---|
| Quarter | |||||
| Debt of state and local governments | $3.82 trillion | $3.73 trillion | $3.63 trillion | $3.42 trillion | $3.28 trillion |
| Change over a year | +5.3% | +5.1% | +3.8% | +3.3% | +1.2% |
The table scrolls sideways; the first column stays in place.
Observed .
Right now
The debt of state and local governments was $3.82 trillion in the second quarter of 2026, the highest since our record begins in the fourth quarter of 1945.
Over a year it is up 5.3% (ours).
ChangeOurs
| Period | Then | Change |
|---|---|---|
| One quarter | $3.73 trillion in | +2.3% |
| Four quarters | $3.63 trillion in | +5.3% |
| Five years | $3.42 trillion in | +11.5% |
| Ten years | $3.28 trillion in | +16.3% |
In historyOurs
The debt of state and local governments of $3.82 trillion in was higher than in 304 of the 304 other quarters since , the same in 0 and lower in 0.
Highest since : $3.82 trillion in . Lowest since : $0.01 trillion in .
AverageOurs
Average since : $1.287 trillion (ours, a plain mean of the 305 quarters).
ComparedOurs
Over a year the debt of state and local governments is up 5.3%, which ranks 4 of the 7 rows of the table, where 1 is the largest change.
The table sets the debt of state and local governments beside the sectors of the debt by sector page, by the change over a year in each one's newest quarter.
Understanding the debt of state and local governments
Where it stands today
The debt of state and local governments was $3.82 trillion in the second quarter of 2026.
What does the debt of state and local governments measure?
In the Federal Reserve Board's Financial Accounts of the United States (Z.1), the state and local government sector is the 50 states, their cities, counties, school districts and other local bodies. Its debt is mostly municipal bonds, plus loans and short-term notes.
Read more
The Board counts the amount outstanding at the end of each quarter. The federal government, whose debt is on the debt by sector page and in the Treasury pages, is a sector of its own.
What 500metrics adds: the change over a year, the last quarter in which the value was higher and lower, a rank among the sectors of the debt by sector page by that change, and the history since 1945 in one chart and one file.
The numbers behind the chart
What was the debt of state and local governments in each quarter?The last ten years, 40 quarters, newest first; the chart and the file have every quarter since 1945 Q4
| Quarter | Value | Change over a year |
|---|---|---|
| $3.82 trillion | +5.3% | |
| $3.73 trillion | +5.1% | |
| $3.68 trillion | +4.6% | |
| $3.68 trillion | +4.2% | |
| $3.63 trillion | +3.8% | |
| $3.55 trillion | +3.2% | |
| $3.52 trillion | +2.8% | |
| $3.53 trillion | +2.8% | |
| $3.49 trillion | +1.8% | |
| $3.44 trillion | +0.9% | |
| $3.42 trillion | +0.6% | |
| $3.43 trillion | −0.4% | |
| $3.43 trillion | −0.3% | |
| $3.41 trillion | −0.3% | |
| $3.40 trillion | −1.1% | |
| $3.44 trillion | −0.1% | |
| $3.44 trillion | +0.5% | |
| $3.42 trillion | +0.5% | |
| $3.44 trillion | +1.8% | |
| $3.45 trillion | +2.5% | |
| $3.42 trillion | +3.3% | |
| $3.40 trillion | +3.7% | |
| $3.38 trillion | +3.3% | |
| $3.36 trillion | +3.6% |
Show 16 more rows
| Quarter | Value | Change over a year |
|---|---|---|
| $3.32 trillion | +2.3% | |
| $3.28 trillion | +0.9% | |
| $3.27 trillion | 0.0% | |
| $3.25 trillion | −1.4% | |
| $3.24 trillion | −1.5% | |
| $3.25 trillion | −1.2% | |
| $3.27 trillion | −1.3% | |
| $3.29 trillion | +0.3% | |
| $3.29 trillion | +0.3% | |
| $3.29 trillion | +0.2% | |
| $3.31 trillion | +0.5% | |
| $3.28 trillion | −0.4% | |
| $3.28 trillion | 0.0% | |
| $3.28 trillion | +0.6% | |
| $3.30 trillion | +1.4% | |
| $3.29 trillion | +1.2% |
How does it compare with the sectors of the debt by sector page?Ranked by the change over a year
| Series | Quarter | Value | Change over a year | Rank |
|---|---|---|---|---|
| Rest of the world | $8.61 trillion | +13.7% | 1 | |
| Federal government | $34.92 trillion | +9.1% | 2 | |
| Nonfinancial corporate business | $15.70 trillion | +5.4% | 3 | |
| State and local governments (this page) | $3.82 trillion | +5.3% | 4 | |
| Nonfinancial business | $23.97 trillion | +5.1% | 5 | |
| Domestic financial sectors | $27.66 trillion | +4.5% | 6 | |
| Households and nonprofit organizations | $21.38 trillion | +3.9% | 7 |
The table scrolls sideways; the first column stays in place.
What do these figures leave out, and how are they cited?Limits, dates and how to cite
What this number cannot tell you
- Pension promises of governments to their workers are not debt in this table.
- The Board revises past quarters in later releases; this page always shows the newest release.
- The change over a year is ours, worked out from the Board's values; it is in percent.
Observed . Checked .
How to cite this
Federal Reserve Board, Financial Accounts of the United States (Z.1), State and local governments, debt securities and loans owed, end of quarter, through the second quarter of 2026. Compiled by 500metrics, "How much debt do US state and local governments owe?", https://500metrics.com/debt-by-sector/state-and-local-governments.
Can the data be downloaded?debt-by-sector-state-and-local-governments.csv
Download the full history as CSV: 305 rows, to , 6,522 bytes.
Our text and compilation: CC BY 4.0.
Recession dates from the National Bureau of Economic Research.
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