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 | 2021 | 2022 | 2023 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1158 | 1176.2 | 1193.1 | 1156.5 | 1106.1 | 1136.5 | 1179.1 | 1206.2 | 1250.4 | 1 |
| All domestic sectors; gross fixed investment, structures, current cost basis | FA885019665 | 719.1 | 655.1 | 666.1 | 630.4 | 580.7 | 612.1 | 638.2 | 683.9 | 730.3 | 2 |
| All domestic sectors; gross fixed investment, equipment, current cost basis | FA885019265 | 101.4 | 116.6 | 92.7 | 117.5 | 111.4 | 96.4 | 109.4 | 89.3 | 75.6 | 3 |
| All domestic sectors; nonresidential intellectual property products, current cost basis | FA885013765 | 292.8 | 344 | 373.7 | 348 | 353.5 | 367.5 | 371 | 372.5 | 384 | 4 |
| All domestic sectors; nonresidential software, current cost basis | FA885013365 | 108 | 126.7 | 138.3 | 130.4 | 130.5 | 139.1 | 133.6 | 134.8 | 145.6 | 5 |
| All domestic sectors; nonresidential research and development, current cost basis | FA885013465 | 181.3 | 206.9 | 223.7 | 205.2 | 211.8 | 216.7 | 224.4 | 226.5 | 227.2 | 6 |
| Private domestic sectors; nonresidential entertainment, literary, and artistic originals, current cost basis | FA835013565 | 3.4 | 10.4 | 11.7 | 12.5 | 11.1 | 11.6 | 12.9 | 11.1 | 11.3 | 7 |
| Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (1) | FA105013893 | 45.3 | 60.6 | 60.6 | 60.6 | 60.6 | 60.6 | 60.6 | 60.6 | 60.6 | 8 |
| General government; net fixed investment, structures, equipment, and intellectual property products (residual difference between NIPA and fixed asset accounts) (2) | FA365015095 | -0.6 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | 9 |
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1158 | 1176.2 | 1193.1 | 1156.5 | 1106.1 | 1136.5 | 1179.1 | 1206.2 | 1250.4 | 10 |
| Households and nonprofit organizations; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA155015005 | 470.4 | 424.8 | 328.3 | 392.6 | 330.3 | 329 | 322.5 | 329.2 | 332.4 | 11 |
| Nonfinancial corporate business; structures, equipment, and intellectual property products, current cost basis (includes used car premium and REITs residential structures) | FA105015085 | 396.8 | 478.5 | 522.1 | 497.7 | 495.2 | 511.6 | 520.8 | 522.6 | 533.5 | 12 |
| Nonfinancial noncorporate business; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA115015005 | 91.6 | 87.9 | 78 | 85.6 | 72.3 | 75 | 79.9 | 79.7 | 77.4 | 13 |
| Federal government; nonfinancial assets (does not include land) | FA315015005 | 51.9 | 55.7 | 72.2 | 49.6 | 64.9 | 63.3 | 69.1 | 73.1 | 83.1 | 14 |
| State and local governments; net fixed investment (NIPA basis) | FA215015005 | 115.9 | 98.7 | 155.7 | 101 | 111 | 124.4 | 145.5 | 164.6 | 188.3 | 15 |
| Domestic financial sectors; capital formation, net (IMA) (3) | FA795015085 | 31.4 | 30.5 | 36.8 | 30 | 32.4 | 33.2 | 41.2 | 37 | 35.7 | 16 |
| Monetary authority; nonresidential structures, equipment, and intellectual property products, current cost basis | FA715013865 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 17 |
| Private depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA705013865 | 11.5 | 13.2 | 21.1 | 12.3 | 15.7 | 17 | 24.7 | 22.1 | 20.5 | 18 |
| U.S.-chartered depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA765013865 | 9.3 | 10.5 | 18.2 | 9.5 | 12.9 | 14.2 | 21.8 | 19.2 | 17.6 | 19 |
| Foreign banking offices in the U.S.; nonresidential structures, equipment, and intellectual property products, current cost basis | FA755013865 | 1.1 | 1.3 | 1.4 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 1.4 | 20 |
| Banks in U.S.-affiliated areas; nonresidential structures, equipment, and intellectual property products, current cost basis | FA745013865 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21 |
| Credit unions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA475013865 | 1.1 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.5 | 1.4 | 1.5 | 22 |
| Property-casualty insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA515013865 | 7.4 | 7.6 | 7.9 | 7.8 | 7.7 | 7.9 | 7.9 | 7.8 | 8.1 | 23 |
| Life insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA545013865 | 8.6 | 9.1 | 9.4 | 9.2 | 9.2 | 9.3 | 9.4 | 9.3 | 9.5 | 24 |
| Private pension funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA575013865 | 1.4 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.3 | 25 |
| State and local government employee retirement funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA225013865 | 1.7 | 1.4 | 1.6 | 1.4 | 1.5 | 1.5 | 1.6 | 1.6 | 1.6 | 26 |
| Government-sponsored enterprises; nonresidential structures, equipment, and intellectual property products, current cost basis | FA405013865 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | 27 |
| Issuers of asset-backed securities; consumer leases | FA675013263 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28 |
| Finance companies; nonresidential structures, equipment, and intellectual property products excluding securitized equipment, current cost basis | FA615013865 | -11.3 | -14 | -17.1 | -14.2 | -15.1 | -16.4 | -16.2 | -17.4 | -18.3 | 29 |
| Security brokers and dealers; nonresidential structures, equipment, and intellectual property products, current cost basis | FA665013865 | 13.1 | 12.8 | 13.4 | 13 | 13 | 13.3 | 13.4 | 13.3 | 13.7 | 30 |
| Holding companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA735013865 | -1.1 | -0.7 | -0.8 | -0.7 | -0.8 | -0.8 | -0.7 | -0.9 | -0.7 | 31 |
| Households and nonprofit organizations; consumer durable goods, current cost basis (4) | FA155111005 | 479 | 398.6 | 377.7 | 391.6 | 344.5 | 400 | 379.8 | 367.9 | 363.2 | 32 |
NOTES
- Included in nonfinancial corporate business sector gross fixed investment, line 11.
- Calculated as the difference between net fixed investment in BEA's NIPA and net fixed investment in BEA's fixed assets accounts (FAA); the latter are used to estimate.
- Domestic financial subsector detail 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: March 7, 2024