S.8.a State and Local Governments (1)
Billions of dollars
Description Series code 2016 2017 2018 2019 2020 2021 2022 2023 Line
State and local governments; gross value added (IMA) FA216902505 1663.7 1708.3 1782.5 1834.5 1891 1950.8 2045.1 2148.9 1
State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) FA216300001 258.8 269.7 285.2 298.9 308.4 333 371.5 393.2 2
State and local governments; net value added (IMA) FA216902605 1404.8 1438.6 1497.3 1535.6 1582.6 1617.8 1673.6 1755.7 3
State and local governments; compensation of employees paid (IMA) FA216025001 1407.7 1445.9 1505.2 1548.9 1589.7 1631.2 1676.7 1773.2 4
State and local governments; wages and salaries paid (IMA) FA216020001 971.7 1004.1 1044.6 1085.1 1112.5 1153.3 1218 ND 5
State and local governments; employers' social contributions paid (IMA) FA216401005 436 441.8 460.6 463.8 477.2 477.9 458.7 ND 6
State and local governments; operating surplus, net FA216402101 -2.8 -7.3 -7.9 -13.3 -7.1 -13.3 -3.2 -17.5 7
State and local governments; net national income/balance of primary incomes, net (IMA) FA216140005 968 1020.8 1092.4 1134.6 1158.3 1289.8 1461.8 1449.8 8
State and local governments; operating surplus, net FA216402101 -2.8 -7.3 -7.9 -13.3 -7.1 -13.3 -3.2 -17.5 9
State and local governments; taxes on production and imports, receivable (IMA) FA216240001 1171.9 1232.5 1293.6 1358.2 1365.2 1493.3 1616 1659.3 10
State and local governments; subsidies paid (with negative sign) (IMA) FA216402015 -0.5 -0.6 -0.6 -0.6 -0.6 -3.1 -0.7 -0.7 11
State and local governments; property income (received) FA216150195 82.3 87.1 93.2 96.5 94.8 93.8 97.6 100.3 12
State and local governments; interest received (IMA) FA216130101 65.8 70.6 75.8 78.4 77.7 75.8 78.7 80.7 13
State and local governments; dividends received (IMA) FA216121101 5.7 5.8 6 6.5 6.2 6.3 6.6 6.8 14
State and local governments; rents on land and natural resources received (IMA) FA216112101 10.8 10.7 11.4 11.6 10.9 11.7 12.4 12.7 15
State and local governments; interest paid (IMA) FA216130095 282.8 290.9 286 306.2 293.9 280.9 248 291.5 16
State and local governments; net national income/balance of primary incomes, net (IMA) FA216140005 968 1020.8 1092.4 1134.6 1158.3 1289.8 1461.8 1449.8 17
State and local governments; current taxes on income, wealth, etc. received (IMA) FA216220005 464 490.2 520 571.4 575.9 704.9 791.5 729.6 18
State and local governments; contributions for government social insurance received FA216601001 20 19.8 20.4 20.7 20 22.2 22.5 21.9 19
State and local governments; social contributions paid FA216404001 693.1 709.7 731.1 762.7 815.7 900.7 1012.3 1061.5 20
State and local governments; other current transfer received FA216403105 690 691.2 723.8 755.4 1029.3 1277 1138 1133.6 21
State and local governments; other current transfer payments to the rest of the world FA216403001 0 0 0 0 0 0 0 0 22
State and local governments; disposable income, net (IMA) FA216012005 1448.9 1512.4 1625.4 1719.3 1967.8 2393.3 2401.4 2273.4 23
State and local governments; consumption expenditures FA216901001 1691.1 1737.2 1825.3 1925.2 2019.7 2149.9 2341.1 2423.5 24
State and local governments; net saving including net capital transfers paid FA216006095 -242.2 -224.8 -199.9 -205.9 -51.9 243.4 60.4 -150.1 25
State and local governments; net saving less net capital transfers paid FA216006395 -169.7 -152.4 -126.7 -131.1 31.9 326.3 290.1 -54.6 26
State and local governments; net saving including net capital transfers paid FA216006095 -242.2 -224.8 -199.9 -205.9 -51.9 243.4 60.4 -150.1 27
State and local governments; net capital transfers paid FA215440005 -72.5 -72.4 -73.1 -74.8 -83.8 -82.9 -229.8 -95.5 28
State and local governments; capital formation, net (IMA) FA215050905 128.7 138.5 150.1 160.6 160.7 134.1 117.8 176.4 29
State and local governments; gross fixed investment (NIPA basis) FA215019001 374.6 393.9 418.8 442.5 451.7 448.8 470.2 549.9 30
State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) FA216300001 258.8 269.7 285.2 298.9 308.4 333 371.5 393.2 31
State and local governments; acquisition of nonproduced nonfinancial assets (net) FA215420003 12.9 14.3 16.5 17 17.4 18.3 19.1 19.8 32
State and local governments; net lending (+) or borrowing (-) (capital account) FA215000995 -298.3 -290.9 -276.8 -291.7 -128.8 192.2 172.3 -231 33
State and local governments; net lending (+) or borrowing (-) (capital account) FA215000995 -298.3 -290.9 -276.8 -291.7 -128.8 192.2 172.3 -231 34
State and local governments; total financial assets FA214090005 171 85.6 68.6 24.9 347.9 588.7 407.3 118.4 35
State and local governments; total currency and deposits; asset FA214000005 14.1 11.7 0.3 25.9 81.3 85.1 2.3 19 36
State and local governments; checkable deposits and currency; asset FA213020005 5.9 -2.5 -7.6 6.2 90.8 115.9 14.7 15.1 37
State and local governments; total time and savings deposits; asset FA213030000 8.2 14.1 7.9 19.8 -9.5 -30.8 -12.4 3.8 38
State and local governments; debt securities; asset FA214022005 71 73.5 35.2 24.1 181.7 338.4 346.1 99 39
State and local governments; commercial paper; asset FA213069103 0.5 4.2 0.5 -0.6 -0.4 4 4 4 40
State and local governments; Treasury securities, excluding SLGS; asset FA213061103 37.7 35 13.8 39.8 253.3 390 309.9 94.3 41
State and local governments; agency- and GSE-backed securities; asset (2) FA213061703 25.8 26 5.6 2.4 -71.4 -39.8 36.3 3 42
State and local governments; municipal securities; asset FA213062003 1 0.5 0.5 -0.9 1.5 3.8 6.4 -0.4 43
State and local governments; corporate and foreign bonds; asset FA213063003 6.1 7.7 14.6 -16.6 -1.2 -19.5 -10.5 -2 44
State and local governments; total loans including security repurchase agreements; asset FA214035005 53.9 5.9 -23 8.3 58.7 11.6 7.9 9.7 45
State and local governments; security repurchase agreements; asset FA212051003 7.4 8.9 1.1 -1.3 15.7 10 10 10 46
State and local governments; loans; asset FA214023005 46.5 -3 -24.2 9.6 43 1.6 -2.1 -0.4 47
State and local governments; equity and investment fund shares; asset (IMA) FA213081005 3.2 -1.9 -4.3 4.6 11.5 13.1 7.6 4.6 48
State and local governments; money market fund shares; asset FA213034003 5.4 0.3 -2.1 6.8 13.7 15.3 9.8 6.8 49
State and local governments; corporate equities; asset FA213064103 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 50
State and local governments; mutual fund shares; asset FA213064203 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 51
State and local governments; other accounts receivable; asset (IMA) FA213096005 28.7 -3.6 60.5 -38 14.7 140.4 43.4 -13.7 52
State and local governments; trade receivables; asset FA213070003 17.5 6.2 22.9 12.1 -12.8 46 31.1 -2.2 53
State and local governments; taxes receivable; asset FA213078005 10.7 5.1 19.4 8.5 9.4 29.4 11.5 6 54
State and local governments; unidentified miscellaneous assets FA213093003 0.6 -15 18.3 -58.7 18.1 65.1 0.9 -17.5 55
State and local governments; total liabilities FA214190005 320.6 250.6 232.4 310.2 408.9 374.6 247.3 323.3 56
State and local governments; municipal securities; liability FA213162005 32.6 -0.4 -39.6 -1.3 92.9 68.5 -51.4 20.7 57
State and local governments; short-term municipal securities; liability FA213162400 -2.7 4.8 2.9 6.8 1.7 -13.7 -7.5 1.4 58
State and local governments; long-term municipal securities; liability FA213162200 35.3 -5.2 -42.5 -8 91.1 82.1 -44 19.2 59
State and local governments; U.S. government loans; liability FA213169203 0.3 0.5 1.1 1 1 0.5 0.7 1 60
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FA223073045 244.8 205.8 223.2 259.1 261.6 248.2 233.2 233.1 61
State and local governments; trade payables; liability FA213170003 43 44.7 47.7 51.4 53.4 57.5 64.9 68.5 62
State and local governments; net lending (+) or borrowing (-) (financial account) FA215000005 -149.6 -165 -163.8 -285.3 -61 214 160 -204.9 63
State and local governments; total other volume changes (IMA) FV218090185 43.1 38.1 22.9 54.9 43.2 -94.2 826.3 0.3 64
State and local governments; nonfinancial assets (does not include land) FV212010095 0 -2.1 -0.2 0 0 -4 -3 0 65
State and local governments; other volume changes (IMA) FV218090085 -105.7 -85.6 -90.1 48.5 -24.7 -112.1 841.6 -25.8 66
State and local governments; statistical discrepancy (IMA) (3) FU217005045 -148.7 -125.9 -113.1 -6.4 -67.8 -21.9 12.3 -26.1 67
State and local governments; nonfinancial assets (does not include land) FR212010095 209.6 350.5 493.2 301 347.4 1404.4 1268 312.4 68
State and local governments; total residential and nonresidential structures FR215015605 207.2 346.4 486.2 300.5 342.5 1383.2 1239.6 304.9 69
State and local governments; nonresidential equipment, current cost basis FR215013265 0.7 2 4.5 0.4 2.6 18.2 20.9 2.8 70
State and local governments; nonresidential intellectual property products, current cost basis FR215013765 1.7 2.1 2.5 0.1 2.3 3.1 7.5 4.8 71
State and local governments; equity and investment fund shares; asset (IMA) FR213081005 18.8 40.7 -19.3 63.5 52 73.8 -87.3 73.1 72
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FR223073045 -182.5 -488.8 201.9 -588.8 -539.8 -657.1 554 -468.1 73
State and local governments; changes in net worth due to nominal holding gains/losses (IMA) FR218200005 410.9 879.9 272 953.3 939.2 2135.3 626.8 853.5 74
State and local governments; net worth (IMA) FC212090095 284.3 765.6 168.1 877.2 1014.3 2367.4 1743.2 799.3 75
State and local governments; total assets (does not include land) FL212000095 13625.5 14229.8 14880.6 15481.2 16411.5 18511.7 19938.8 20648 76
State and local governments; nonfinancial assets (does not include land) (4) LM212010095 10512.1 10984.6 11611.3 12055.9 12546.6 14063.2 15427.1 15896.3 77
State and local governments; total residential and nonresidential structures LM215015605 10136.9 10595.4 11205.2 11641.8 12118.7 13605.1 14934.9 15384.5 78
State and local governments; nonresidential equipment, current cost basis LM215013265 244.1 248.2 255 257.1 263.3 283.9 303.7 309.9 79
State and local governments; nonresidential intellectual property products, current cost basis LM215013765 131.1 140.9 151.1 157 164.6 174.2 188.5 201.9 80
State and local governments; total financial assets FL214090005 3113.4 3245.2 3269.4 3425.3 3864.9 4448.5 4511.7 4751.7 81
State and local governments; total currency and deposits; asset FL214000005 524.4 536 536.3 562.2 643.5 728.6 730.9 749.9 82
State and local governments; checkable deposits and currency; asset FL213020005 143 140.6 132.9 139.1 229.9 345.7 360.4 375.6 83
State and local governments; total time and savings deposits; asset FL213030000 381.3 395.5 403.4 423.2 413.6 382.9 370.5 374.3 84
State and local governments; debt securities; asset FL214022005 1379.4 1458.8 1469 1560.9 1782.3 2042.1 2131.4 2279.1 85
State and local governments; commercial paper; asset FL213069103 73.4 77.7 78.2 77.6 77.1 81.1 85.2 89.2 86
State and local governments; Treasury securities, excluding SLGS; asset FL213061103 607.6 642.5 647 715.4 996.1 1331 1463.4 1588.8 87
State and local governments; agency- and GSE-backed securities; asset (2) FL213061703 486.7 514.7 518.4 539.3 466.5 415.3 410.1 422.9 88
State and local governments; municipal securities; asset FL213062003 15.8 16.7 16.8 16.7 18.6 22.2 25.9 26.3 89
State and local governments; corporate and foreign bonds; asset FL213063003 195.9 207.2 208.6 211.9 223.9 192.4 146.9 152 90
State and local governments; total loans including security repurchase agreements; asset FL214035005 507.4 513 489.7 497.8 556.5 567.9 575.7 585.3 91
State and local governments; security repurchase agreements; asset FL212051003 154.8 163.7 164.9 163.6 179.2 189.2 199.3 209.3 92
State and local governments; loans; asset FL214023005 352.6 349.3 324.8 334.3 377.2 378.7 376.5 376 93
State and local governments; equity and investment fund shares; asset (IMA) FL213081005 256.3 295.1 271.5 339.6 403 489.9 410.2 487.8 94
State and local governments; money market fund shares; asset FL213034003 21.6 21.9 19.8 26.5 40.2 55.5 65.3 72 95
State and local governments; corporate equities; asset LM213064103 159.4 185.8 169.6 214.1 250 306.4 239.3 293.2 96
State and local governments; mutual fund shares; asset LM213064203 75.3 87.4 82.2 98.9 112.8 128 105.6 122.6 97
State and local governments; other accounts receivable; asset (IMA) FL213096005 445.9 442.3 502.8 464.8 479.6 620 663.4 649.7 98
State and local governments; trade receivables; asset FL213070003 201.2 207.4 230.3 242.4 229.6 275.5 306.6 304.3 99
State and local governments; taxes receivable; asset FL213078005 145.6 150.7 170.1 178.6 188.1 217.4 228.9 234.9 100
State and local governments; unidentified miscellaneous assets FL213093003 99.2 84.2 102.5 43.8 61.9 127 127.9 110.5 101
State and local governments; total liabilities and net worth (IMA) FL212100005 13625.5 14229.8 14880.6 15481.2 16411.5 18511.7 19938.8 20648 102
State and local governments; total liabilities FL214190005 8292.5 8131.1 8613.8 8337.3 8253.2 7986.1 7669.9 7579.9 103
State and local governments; municipal securities; liability FL213162005 3145.6 3145.2 3105.6 3104.4 3197.2 3265.7 3214.3 3235 104
State and local governments; short-term municipal securities; liability FL213162400 30.4 35.2 38.1 44.9 46.6 32.9 25.5 26.9 105
State and local governments; long-term municipal securities; liability FL213162200 3115.2 3110 3067.6 3059.5 3150.7 3232.8 3188.8 3208.1 106
State and local governments; U.S. government loans; liability FL213169203 18.5 18.9 20.1 21.1 22.1 22.6 23.3 24.3 107
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FL223073045 4220.5 4014.4 4487.9 4160.2 3928.9 3535.3 3205 3024.8 108
State and local governments; trade payables; liability FL213170003 907.9 952.6 1000.3 1051.6 1105 1162.5 1227.3 1295.9 109
State and local governments; net worth (IMA) FL212090095 5333 6098.7 6266.8 7144 8158.3 10525.6 12268.9 13068.2 110

NOTES

  1. The state and local government sector excludes state and local government employee retirement funds.
  2. Government-sponsored enterprises (GSEs) consist of Federal Home Loan Banks, Fannie Mae, Freddie Mac, Federal Agricultural Mortgage Corporation, Farm Credit System, the Financing Corporation, and the Resolution Funding Corporation, and they included the Student Loan Marketing Association until it was fully privatized in 2004:Q4.
  3. The statistical discrepancy is the difference between net lending or net borrowing derived in the capital account and the same concept derived in the financial account. The discrepancy reflects differences in source data, timing of recorded transactions, and other statistical differences between the capital and financial accounts.
  4. Excludes land and nonproduced nonfinancial assets.
Last Update: June 7, 2024