Inverse Correlation Between Borrowing Costs and GDP Growth Rates

States with better economic performance, on average, pay lower bond issuance fees.

Note: Bond issuance calculated as the 10-Year Average; State GDP calculated between 2025 Q2 and 2025 Q2 as the geometric mean.
Chart: Jake SchneiderSource: Bureau of Economic Analysis (BEA), S&P Global, Atlas AnalyticsGet the dataCreated with Datawrapper