R.I. ranked No. 39 in Conning’s May 2018 State of the States report

RHODE ISLAND RANKED No. 39 in the May 2018 State of the States credit report from Conning Inc. / COURTESY CONNING
RHODE ISLAND RANKED No. 39 in the May 2018 State of the States credit report from Conning Inc. / COURTESY CONNING

PROVIDENCE – Rhode Island ranked No. 39 in the nation in the May 2018 State of the States report issued by Conning Inc. on Tuesday, with a score of 31.28.

The State of the States report is an ongoing ranking of states by credit outlook, including an overall assessment of their municipal bond credit quality. The report considered 13 metrics and weighted each metric’s U.S. ranking for a “raw score.”

Conning is an investment-management firm that serves the insurance industry.

Rhode Island ranked highest for its one-year home-price change, which ranked No. 13 in the nation. The state’s second-highest ranking was for its personal income per capita, which ranked No. 14 in the nation.

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The Ocean State ranked lowest for its gross domestic product growth, which ranked No. 45 in the nation. The next-lowest ranking was a tie between the state’s tax-revenue growth and its net pension liability per capita, which both ranked No. 41 in the U.S.

Utah ranked No. 1 overall in the report with a raw score of 10.28, followed by Colorado and Idaho.

New Hampshire had the highest rating of any New England state, ranking No. 13 in the country with a raw score of 20.76. Massachusetts and Maine also ranked higher than Rhode Island at No. 27 and No. 37, respectively. Vermont ranked No. 41 in the nation and Connecticut ranked No. 46.

Kentucky had the lowest overall ranking from Conning, with a raw score of 36.96.

The report noted that it sees economic growth concentrated in the western and southeastern states in the U.S. and that the elimination of state and local tax deductions is adding challenges for high-tax states.

Chris Bergenheim is the PBN web editor.