F.4.f Net Fixed Investment
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Description Series code 2020 2021 2022 2023 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 Line
All domestic sectors; structures, equipment, and intellectual property products, current cost basis FA885015005 976.8 1158 1176.2 1197 1136.5 1179.1 1206.2 1266.2 1318 1
All domestic sectors; gross fixed investment, structures, current cost basis FA885019665 628.6 719.1 655.1 668.7 612.1 638.2 683.9 740.6 774.1 2
All domestic sectors; gross fixed investment, equipment, current cost basis FA885019265 58.4 101.4 116.6 93.1 96.4 109.4 89.3 77.2 72.3 3
All domestic sectors; nonresidential intellectual property products, current cost basis FA885013765 230.1 292.8 344 374.7 367.5 371 372.5 387.8 411.1 4
All domestic sectors; nonresidential software, current cost basis FA885013365 81.7 108 126.7 138 139.1 133.6 134.8 144.5 150 5
All domestic sectors; nonresidential research and development, current cost basis FA885013465 142.5 181.3 206.9 225.1 216.7 224.4 226.5 232.9 248.8 6
Private domestic sectors; nonresidential entertainment, literary, and artistic originals, current cost basis FA835013565 5.8 3.4 10.4 11.5 11.6 12.9 11.1 10.5 12.3 7
Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (1) FA105013893 59.9 45.3 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 -0.1 -0.6 -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 976.8 1158 1176.2 1197 1136.5 1179.1 1206.2 1266.2 1318 10
Households and nonprofit organizations; structures, equipment, and intellectual property products, current cost basis (NIPA basis) FA155015005 357.2 470.4 424.8 329.1 329 322.5 329.2 335.6 378.6 11
Nonfinancial corporate business; structures, equipment, and intellectual property products, current cost basis (includes used car premium and REITs residential structures) FA105015085 317.4 396.8 478.5 523.9 511.6 520.8 522.6 540.6 535 12
Nonfinancial noncorporate business; structures, equipment, and intellectual property products, current cost basis (NIPA basis) FA115015005 76.1 91.6 87.9 78.3 75 79.9 79.7 78.7 88.4 13
Federal government; nonfinancial assets (does not include land) FA315015005 55.4 51.9 55.7 72.1 63.3 69.1 73.1 82.8 79.5 14
State and local governments; net fixed investment (NIPA basis) FA215015005 143.3 115.9 98.7 156.7 124.4 145.5 164.6 192.2 198.3 15
Domestic financial sectors; capital formation, net (IMA) (3) FA795015085 27.5 31.4 30.5 36.9 33.2 41.2 37 36.3 38.3 16
Monetary authority; nonresidential structures, equipment, and intellectual property products, current cost basis FA715013865 0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 17
Private depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis FA705013865 16.1 11.5 13.2 21.2 17 24.7 22.1 20.8 22.3 18
U.S.-chartered depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis FA765013865 12.4 9.3 10.5 18.3 14.2 21.8 19.2 17.9 19.4 19
Foreign banking offices in the U.S.; nonresidential structures, equipment, and intellectual property products, current cost basis FA755013865 1.8 1.1 1.3 1.4 1.4 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 1.9 1.1 1.4 1.5 1.4 1.5 1.4 1.5 1.5 22
Property-casualty insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis FA515013865 8.2 7.4 7.6 7.9 7.9 7.9 7.8 8.1 8.3 23
Life insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis FA545013865 7.9 8.6 9.1 9.4 9.3 9.4 9.3 9.6 9.9 24
Private pension funds; nonresidential structures, equipment, and intellectual property products, current cost basis FA575013865 -0.1 1.4 1.2 1.2 1.2 1.2 1.2 1.3 1.3 25
State and local government employee retirement funds; nonresidential structures, equipment, and intellectual property products, current cost basis FA225013865 -0.1 1.7 1.4 1.6 1.5 1.6 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 -14.3 -11.3 -14 -17.1 -16.4 -16.2 -17.4 -18.2 -18.4 29
Security brokers and dealers; nonresidential structures, equipment, and intellectual property products, current cost basis FA665013865 12.8 13.1 12.8 13.4 13.3 13.4 13.3 13.8 14.1 30
Holding companies; nonresidential structures, equipment, and intellectual property products, current cost basis FA735013865 -2.9 -1.1 -0.7 -0.8 -0.8 -0.7 -0.9 -0.7 -0.7 31
Households and nonprofit organizations; consumer durable goods, current cost basis (4) FA155111005 291.2 479 398.6 377.8 400 379.8 367.9 363.4 334 32

NOTES

  1. Included in nonfinancial corporate business sector gross fixed investment, line 11.
  2. 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.
  3. Domestic financial subsector detail are based on FRB staff estimates.
  4. 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 7, 2024