Financial Accounts of the United States - Z.1
F.4.f Net Fixed Investment
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2019 | 2020 | 2021 | 2022 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1048.9 | 911.5 | 1108.0 | 1045.9 | 1129.3 | 1061.4 | 1018.9 | 974.2 | 968.7 | 1 |
| All domestic sectors; gross fixed investment, structures, current cost basis | FA885019665 | 598.4 | 595.6 | 671.2 | 598.6 | 683.8 | 626.9 | 560.8 | 522.8 | 517.6 | 2 |
| All domestic sectors; gross fixed investment, equipment, current cost basis | FA885019265 | 212.1 | 62.9 | 141.8 | 133.2 | 140.4 | 122.7 | 140.1 | 129.5 | 106.2 | 3 |
| All domestic sectors; nonresidential intellectual property products, current cost basis | FA885013765 | 196.3 | 209.7 | 262.3 | 281.4 | 272.4 | 279.0 | 285.1 | 289.0 | 312.0 | 4 |
| All domestic sectors; nonresidential software, current cost basis | FA885013365 | 63.6 | 67.5 | 86.2 | 89.3 | 86.4 | 85.4 | 93.3 | 91.9 | 105.1 | 5 |
| All domestic sectors; nonresidential research and development, current cost basis | FA885013465 | 121.6 | 137.6 | 172.5 | 179.4 | 178.8 | 181.3 | 176.2 | 181.3 | 188.7 | 6 |
| Private domestic sectors; nonresidential entertainment, literary, and artistic originals, current cost basis | FA835013565 | 11.2 | 4.5 | 3.7 | 12.7 | 7.2 | 12.3 | 15.6 | 15.8 | 18.2 | 7 |
| Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (1) | FA105013893 | 42.1 | 43.0 | 31.3 | 31.3 | 31.3 | 31.3 | 31.3 | 31.3 | 31.3 | 8 |
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1048.9 | 911.5 | 1108.0 | 1045.9 | 1129.3 | 1061.4 | 1018.9 | 974.2 | 968.7 | 9 |
| Households and nonprofit organizations; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA155015005 | 286.0 | 324.8 | 441.9 | 371.2 | 465.6 | 409.8 | 335.2 | 274.1 | 271.5 | 10 |
| Nonfinancial corporate business; structures, equipment, and intellectual property products, current cost basis (includes used car premium and REITs residential structures) (2) | FA105015085 | 457.8 | 291.8 | 370.0 | 430.6 | 402.0 | 418.4 | 444.2 | 457.9 | 444.3 | 11 |
| Nonfinancial noncorporate business; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA115015005 | 82.3 | 80.0 | 99.1 | 79.4 | 96.0 | 84.8 | 73.7 | 63.2 | 62.3 | 12 |
| Federal government; nonfinancial assets (does not include land) | FA315015005 | 26.7 | 46.2 | 39.7 | 30.1 | 31.3 | 28.8 | 27.8 | 32.5 | 35.2 | 13 |
| State and local governments; net fixed investment (NIPA basis) | FA215015005 | 137.9 | 138.4 | 120.2 | 110.5 | 106.8 | 98.9 | 114.7 | 121.7 | 130.1 | 14 |
| Domestic financial sectors; capital formation, net (IMA) (3) | FA795015085 | 58.2 | 30.3 | 37.1 | 24.1 | 27.6 | 20.6 | 23.4 | 24.9 | 25.3 | 15 |
| Monetary authority; nonresidential structures, equipment, and intellectual property products, current cost basis | FA715013865 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 16 |
| Private depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA705013865 | 28.8 | 14.3 | 15.3 | 1.8 | 4.7 | -0.1 | 0.6 | 2.1 | 4.2 | 17 |
| U.S.-chartered depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA765013865 | 21.7 | 10.7 | 11.4 | -2.3 | 0.6 | -4.1 | -3.6 | -2.1 | -0.1 | 18 |
| Foreign banking offices in the U.S.; nonresidential structures, equipment, and intellectual property products, current cost basis | FA755013865 | 3.3 | 1.7 | 1.9 | 2.0 | 2.0 | 1.9 | 2.0 | 2.1 | 2.1 | 19 |
| Banks in U.S.-affiliated areas; nonresidential structures, equipment, and intellectual property products, current cost basis | FA745013865 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 20 |
| Credit unions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA475013865 | 3.6 | 1.8 | 1.9 | 2.1 | 2.0 | 2.0 | 2.1 | 2.2 | 2.2 | 21 |
| Property-casualty insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA515013865 | 4.1 | 6.9 | 7.5 | 8.1 | 7.9 | 7.8 | 8.3 | 8.3 | 8.5 | 22 |
| Life insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA545013865 | 4.0 | 6.4 | 7.2 | 7.7 | 7.6 | 7.6 | 7.8 | 7.9 | 8.0 | 23 |
| Private pension funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA575013865 | -0.1 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 24 |
| State and local government employee retirement funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA225013865 | -0.1 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | 25 |
| Government-sponsored enterprises; nonresidential structures, equipment, and intellectual property products, current cost basis | FA405013865 | 0.0 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | 26 |
| Issuers of asset-backed securities; consumer leases | FA675013263 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 27 |
| Finance companies; nonresidential structures, equipment, and intellectual property products excluding securitized equipment, current cost basis | FA615013865 | 3.2 | -17.9 | -13.8 | -15.8 | -14.6 | -15.9 | -15.9 | -16.7 | -19.1 | 28 |
| Real estate investment trusts; nonresidential structures, equipment, and intellectual property products, current cost basis (2) | FA125013865 | 4.7 | 7.0 | 6.9 | 7.4 | 7.2 | 7.0 | 7.4 | 7.9 | 8.2 | 29 |
| Security brokers and dealers; nonresidential structures, equipment, and intellectual property products, current cost basis | FA665013865 | 13.3 | 16.1 | 14.7 | 15.9 | 15.5 | 15.5 | 16.2 | 16.5 | 16.8 | 30 |
| Holding companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA735013865 | 0.4 | -2.3 | -0.6 | -0.9 | -0.7 | -1.1 | -0.9 | -1.0 | -1.2 | 31 |
| Eqtuity real estate investment trusts; residential structures, current cost basis (2) | FA125012665 | 3.9 | -0.4 | 5.2 | -1.6 | -2.6 | 2.0 | -2.3 | -3.6 | -2.0 | 32 |
| Households and nonprofit organizations; consumer durable goods, current cost basis (4) | FA155111005 | 256.0 | 337.5 | 554.8 | 495.7 | 553.0 | 500.7 | 486.8 | 442.3 | 507.8 | 33 |
NOTES
- Included in nonfinancial corporate business sector gross fixed investment, line 11.
- Equity REIT net 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, consumer durables are included in household sector capital expenditures.
Last Update: June 8, 2023