The Piper Sandler Q1 2026 State of the States Scorecard provides a comprehensive ranking of U.S. states based on fiscal metrics, credit ratings, and economic indicators like unemployment and home prices. It notes key rating upgrades for Oklahoma and significant liquidity in North Dakota while highlighting fiscal pressures in Washington and Illinois.
Key Takeaways
- 1.Oklahoma (OK) received a rating upgrade from Fitch in Q1 2026, moving from AA to AA+ with a Stable outlook.
- 2.North Dakota and Wyoming maintain the highest fiscal liquidity, with General Fund balances exceeding 87% of expenditures.
- 3.Economic momentum as measured by the Phil. Fed State Coincident Index showed the sharpest decline in West Virginia (-3.42%) and Montana (-1.51%) year-over-year.
Table of Contents
- State Scorecard Summary
- Highest Ranking States
- Lowest Ranking States
- Detailed State Statistics
- Appendix A
- Disclaimer
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Authors
Wei Min LiElla Li, CFA
Securities
OklahomaMississippiWashington
Themes
State Fiscal LiquidityRegional Economic DivergenceMunicipal Credit Trends
Regions
North AmericaUnited States