Financial Accounts of the United States - Z.1
F.4.g Gross Fixed Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2019 | 2020 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2021 Q1 | 2021 Q2 | 2021 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All domestic sectors; gross fixed investment | FA885019005 | 4492.6 | 4478.9 | 4545.6 | 4231.6 | 4476.1 | 4662.4 | 4813.1 | 4891.9 | 4963.5 | 1 |
| All domestic sectors; gross fixed investment, structures | FA885019065 | 1826.9 | 1853.5 | 1922.3 | 1744.4 | 1833.0 | 1914.3 | 1980.2 | 1987.1 | 2012.1 | 2 |
| All domestic sectors; gross fixed investment, equipment | FA885019025 | 1364.4 | 1261.3 | 1274.3 | 1156.4 | 1273.7 | 1340.9 | 1390.4 | 1417.5 | 1429.0 | 3 |
| All domestic sectors; gross fixed investment, nonresidential intellectual property products | FA885013075 | 1258.7 | 1318.9 | 1303.9 | 1285.6 | 1324.2 | 1362.0 | 1397.2 | 1442.1 | 1477.3 | 4 |
| All domestic sectors; gross fixed investment, nonresidential software | FA885013035 | 490.3 | 518.4 | 514.3 | 508.9 | 518.3 | 532.1 | 552.5 | 572.0 | 585.9 | 5 |
| All domestic sectors; gross fixed investment, nonresidential research and development | FA885013045 | 675.8 | 713.1 | 697.4 | 688.8 | 721.8 | 744.3 | 758.0 | 779.9 | 796.5 | 6 |
| Private domestic sectors; gross fixed investment, nonresidential entertainment, literary, and artistic originals | FA835013051 | 92.7 | 87.4 | 92.2 | 87.9 | 84.1 | 85.6 | 86.7 | 90.2 | 94.9 | 7 |
| Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (2) | FA105013893 | 42.4 | 45.0 | 45.0 | 45.0 | 45.0 | 45.0 | 45.0 | 45.0 | 45.0 | 8 |
| All domestic sectors; gross fixed investment | FA885019005 | 4492.6 | 4478.9 | 4545.6 | 4231.6 | 4476.1 | 4662.4 | 4813.1 | 4891.9 | 4963.5 | 9 |
| Households and nonprofit organizations; gross fixed investment excluding consumer durables | FA155019005 | 887.1 | 955.6 | 936.2 | 839.4 | 985.6 | 1061.3 | 1103.9 | 1094.9 | 1113.1 | 10 |
| Nonfinancial corporate business; gross fixed capital formation with equity REIT residential structures (IMA) (3) | FA105019085 | 2118.5 | 2012.3 | 2090.8 | 1950.6 | 1970.8 | 2037.0 | 2127.4 | 2202.3 | 2240.4 | 11 |
| Nonfinancial noncorporate business; gross fixed investment (IMA) | FA115019085 | 435.7 | 434.9 | 440.8 | 401.7 | 438.9 | 458.2 | 473.1 | 479.3 | 484.1 | 12 |
| Federal government; gross fixed investment (NIPA basis) | FA315019001 | 317.5 | 340.3 | 330.0 | 337.4 | 345.7 | 348.2 | 348.7 | 355.1 | 365.6 | 13 |
| State and local governments; gross fixed investment (NIPA basis) | FA215019001 | 422.5 | 441.2 | 442.7 | 437.3 | 436.6 | 448.3 | 442.2 | 437.3 | 442.0 | 14 |
| Domestic financial sectors; gross fixed investment, nonresidential structures, equipment, and intellectual property products (4) | FA795013005 | 311.4 | 294.6 | 305.1 | 265.2 | 298.5 | 309.4 | 317.8 | 322.8 | 318.4 | 15 |
| Monetary authority; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA715013005 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 | 16 |
| Private depository institutions; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA705013005 | 79.9 | 82.7 | 89.2 | 63.3 | 87.2 | 91.1 | 91.5 | 90.4 | 82.3 | 17 |
| U.S.-chartered depository institutions; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA765013005 | 61.1 | 62.3 | 68.2 | 43.8 | 66.9 | 70.3 | 70.0 | 68.2 | 59.8 | 18 |
| Foreign banking offices in the U.S.; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA755013005 | 8.9 | 9.8 | 10.1 | 9.4 | 9.7 | 10.0 | 10.3 | 10.6 | 10.8 | 19 |
| Banks in U.S.-affiliated areas; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA745013005 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 20 |
| Credit unions; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA475013005 | 9.7 | 10.4 | 10.7 | 9.9 | 10.3 | 10.6 | 10.9 | 11.2 | 11.4 | 21 |
| Property-casualty insurance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA515013005 | 30.6 | 32.1 | 32.4 | 31.1 | 32.1 | 33.0 | 34.3 | 35.3 | 36.0 | 22 |
| Life insurance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA545013005 | 23.5 | 24.8 | 24.9 | 24.0 | 24.8 | 25.6 | 26.5 | 27.3 | 27.9 | 23 |
| Private pension funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA575013005 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 24 |
| State and local government employee retirement funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA225013005 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 25 |
| Government-sponsored enterprises; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA405013005 | 0.8 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 26 |
| Issuers of asset-backed securities; gross fixed investment, nonresidential equipment | FA675013025 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 27 |
| Finance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products excluding securitized equipment | FA615013005 | 82.0 | 58.4 | 59.3 | 53.7 | 58.9 | 61.8 | 64.2 | 65.7 | 66.2 | 28 |
| Real estate investment trusts; gross fixed investment, nonresidential structures, equipment, and intellectual property products (3) | FA125013005 | 12.2 | 12.2 | 13.5 | 11.8 | 11.8 | 11.8 | 12.1 | 12.3 | 12.5 | 29 |
| Security brokers and dealers; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA665013005 | 40.0 | 40.9 | 42.2 | 39.5 | 40.5 | 41.4 | 42.9 | 44.1 | 44.8 | 30 |
| Holding companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products | FA735013005 | 41.3 | 41.7 | 42.0 | 40.2 | 41.7 | 42.9 | 44.6 | 45.9 | 46.8 | 31 |
| Real estate investment trusts; gross fixed investment, multifamily residential structures (3) | FA125012063 | 7.1 | 2.8 | 5.9 | -0.7 | 2.8 | 3.3 | 1.9 | 11.2 | 6.6 | 32 |
| Households and nonprofit organizations; gross fixed investment, consumer durable goods (5) | FA155111003 | 1413.4 | 1512.5 | 1389.4 | 1373.8 | 1640.5 | 1646.0 | 1831.9 | 1957.6 | 1867.6 | 33 |
| Nonfinancial business; inventories (6) | FA145020005 | 73.6 | -59.6 | -20.6 | -289.9 | 15.0 | 57.3 | -94.2 | -174.3 | -65.3 | 34 |
NOTES
- Private gross fixed investment is from BEA, NIPA table 5.2.5. Structures is from BEA, NIPA table 5.4.5. Equipment is from BEA, NIPA table 5.5.5. Intellectual Property Products is from BEA, NIPA table 5.6.5. Government gross fixed investment is from BEA, NIPA table 3.9.5.
- Calculated as the difference between gross fixed investment in BEA's NIPA and gross fixed investment in BEA's fixed assets accounts (FAA); the latter are used to to estimate stocks of fixed assets for balance sheets. For the minor definitional differences between the two estimates of gross fixed investment, see the BEA FAA web page https://apps.bea.gov/iTable/index_FA.cfm.
- Equity REIT gross investment in residential structures is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT investment in residential structures is included with the financial business sector.
- Domestic financial subsector detail, including REITs, are based on FRB staff estimates.
- Consumer durable goods are not included above, consistent with their treatment in the NIPAs. In Financial Accounts, however, consumer durables are included in household sector fixed investment (table F.101, line 14).
- Inventories are not included above but are part of nonfinancial business gross investment (table F.4, lines 25 and 26).
Last Update: December 9, 2021