Cobb County finances rated AAA by the big three credit agencies for the 25th year in a row

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Cobb County government building sign, a vertical rectangular sign with the words "Board of Commissioners," "County Clerk," "County Manager," "County Office," "Employment," and a wheelchair entrance icon

Posted By: Larry Felton Johnson September 10, 2022

For the 25th year in a row Cobb County has been granted AAA status by all three major credit reporting agencies.

The ratings from the Fitch Group, Moody’s and S&P Global Ratings indicate that the agencies have determined that the county’s finances make loans to Cobb a good credit risk.

Cobb’s Chief Financial Officer Bill Volckmann said in the news release announcing the milestone, “The AAA rating means a lower cost of borrowing, easier market access, the strong reputation of the business community, and strong county management.”

“I would like to thank the County’s current Chairwoman, Board of Commissioners, and County Manager for their direction and leadership that continues to provide the foundation for the County’s financial achievement,” he said.

According to the county, only 49 counties in the United States are AAA-rated by all three agencies, and Cobb is one of only three counties in Georgia with this distinction.

“This shows the financial strength of our county,” said Cobb Chamber President and CEO Sharon Mason. “It is also critical for economic development, for continuing to attract, recruit, and retain high-paying jobs.”

Virgil Moon was the Cobb County finance director when the streak began.

“I know all the hard work that has gone into it. It’s a team effort to get that recognition every year,” Moon said in the county’s news release. “To keep it for 25 years means we’ve kept great employees, great leadership, hard workers, and had the help of the business community to keep this rating year after year.”

About Cobb County

Cobb County is the third most populous county in Georgia, smaller only than Fulton and Gwinnett counties.

The governing authority is the five-member Cobb County Board of Commissioners, which includes a Chairperson and four district commissioners.

The current board is:

ChairwomanLisa Cupid
District 1 CommissionerKeli Gambrill
District 2 CommissionerJerica Richardson
District 3 CommissionerJoAnn Birrell
District 4 CommissionerMonique Sheffield

The U.S. Census Bureau gives the following quick facts about the county:

People Population
Population Estimates, July 1 2021, (V2021)766,802
Population estimates base, April 1, 2020, (V2021)766,149
Population, percent change – April 1, 2020 (estimates base) to July 1, 2021, (V2021)0.1%
Population, Census, April 1, 2020766149
Population, Census, April 1, 2010688078
Age and Sex
Persons under 5 years, percent5.6%
Persons under 18 years, percent22.7%
Persons 65 years and over, percent13.3%
Female persons, percent51.3%
Race and Hispanic Origin
White alone, percent61.7%
Black or African American alone, percent(a)29.2%
American Indian and Alaska Native alone, percent(a)0.5%
Asian alone, percent(a)5.7%
Native Hawaiian and Other Pacific Islander alone, percent(a)0.1%
Two or More Races, percent2.8%
Hispanic or Latino, percent(b)13.7%
White alone, not Hispanic or Latino, percent50.2%
Population Characteristics
Veterans, 2016-202040562
Foreign born persons, percent, 2016-202015.6%
Housing
Housing units, July 1, 2021, (V2021)311450
Owner-occupied housing unit rate, 2016-202065.8%
Median value of owner-occupied housing units, 2016-2020$273,900
Median selected monthly owner costs -with a mortgage, 2016-2020$1,672
Median selected monthly owner costs -without a mortgage, 2016-2020$474
Median gross rent, 2016-2020$1,264
Building permits, 20213247
Families & Living Arrangements
Households, 2016-2020283359
Persons per household, 2016-20202.63
Living in same house 1 year ago, percent of persons age 1 year+, 2016-202084.6%
Language other than English spoken at home, percent of persons age 5 years+, 2016-202020.5%
Computer and Internet Use
Households with a computer, percent, 2016-202097.2%
Households with a broadband Internet subscription, percent, 2016-202093.3%
Education
High school graduate or higher, percent of persons age 25 years+, 2016-202092.6%
Bachelor’s degree or higher, percent of persons age 25 years+, 2016-202048.4%
Health
With a disability, under age 65 years, percent, 2016-20206.2%
Persons without health insurance, under age 65 years, percent13.8%
Economy
In civilian labor force, total, percent of population age 16 years+, 2016-202069.6%
In civilian labor force, female, percent of population age 16 years+, 2016-202064.3%
Total accommodation and food services sales, 2017 ($1,000)(c)2056579
Total health care and social assistance receipts/revenue, 2017 ($1,000)(c)5569500
Total transportation and warehousing receipts/revenue, 2017 ($1,000)(c)1536858
Total retail sales, 2017 ($1,000)(c)18543691
Total retail sales per capita, 2017(c)$24,615
Transportation
Mean travel time to work (minutes), workers age 16 years+, 2016-202031.2
Income & Poverty
Median household income (in 2020 dollars), 2016-2020$80,830
Per capita income in past 12 months (in 2020 dollars), 2016-2020$41,480
Persons in poverty, percent9.2%
Businesses Businesses
Total employer establishments, 202021492
Total employment, 2020358927
Total annual payroll, 2020 ($1,000)21780372
Total employment, percent change, 2019-2020-0.3%
Total nonemployer establishments, 201986497
All employer firms, Reference year 201717066
Men-owned employer firms, Reference year 201710386
Women-owned employer firms, Reference year 20173537
Minority-owned employer firms, Reference year 20173058
Nonminority-owned employer firms, Reference year 201712177
Veteran-owned employer firms, Reference year 20171204
Nonveteran-owned employer firms, Reference year 201713909
Geography Geography
Population per square mile, 20202254.8
Population per square mile, 20102026.4
Land area in square miles, 2020339.78
Land area in square miles, 2010339.55