Financial Accounts of the United States - Z.1
F.4.f Net Fixed Investment
Billions of dollars; quarterly figures are seasonally adjusted annual rates
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| Description | Series code | 2022 | 2023 | 2024 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1245.4 | 1341.9 | 1476.5 | 1358.6 | 1411.1 | 1465.3 | 1480.9 | 1502.7 | 1457.3 | 1 |
| All domestic sectors; gross fixed investment, structures, current cost basis | FA885019665 | 713.3 | 756.4 | 840.0 | 768.8 | 822.7 | 863.5 | 847.3 | 820.2 | 828.8 | 2 |
| All domestic sectors; gross fixed investment, equipment, current cost basis | FA885019265 | 115.3 | 154.4 | 170.2 | 160.0 | 148.9 | 142.4 | 171.7 | 208.8 | 157.9 | 3 |
| All domestic sectors; nonresidential intellectual property products, current cost basis | FA885013765 | 361.8 | 364.0 | 399.3 | 362.9 | 372.4 | 392.3 | 394.9 | 406.5 | 403.5 | 4 |
| All domestic sectors; nonresidential software, current cost basis | FA885013365 | 130.8 | 114.6 | 140.6 | 112.0 | 118.5 | 127.8 | 138.1 | 147.5 | 148.8 | 5 |
| All domestic sectors; nonresidential research and development, current cost basis | FA885013465 | 221.8 | 239.1 | 250.2 | 240.7 | 244.5 | 253.6 | 247.8 | 251.4 | 248.1 | 6 |
| Private domestic sectors; nonresidential entertainment, literary, and artistic originals, current cost basis | FA835013565 | 9.1 | 10.3 | 8.5 | 10.2 | 9.4 | 10.9 | 9.0 | 7.6 | 6.5 | 7 |
| Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (1) | FA105013893 | 55.3 | 67.1 | 67.1 | 67.1 | 67.1 | 67.1 | 67.1 | 67.1 | 67.1 | 8 |
| General government; net fixed investment, structures, equipment, and intellectual property products (residual difference between NIPA and fixed asset accounts) (2) | FA365015095 | -0.2 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | 9 |
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1245.4 | 1341.9 | 1476.5 | 1358.6 | 1411.1 | 1465.3 | 1480.9 | 1502.7 | 1457.3 | 10 |
| Households and nonprofit organizations; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA155015005 | 416.7 | 338.1 | 381.7 | 340.0 | 347.2 | 394.3 | 377.6 | 367.5 | 387.6 | 11 |
| Nonfinancial corporate business; structures, equipment, and intellectual property products, current cost basis (includes used car premium and REITs residential structures) | FA105015085 | 541.6 | 644.7 | 669.2 | 648.8 | 663.9 | 660.5 | 679.4 | 696.0 | 640.9 | 12 |
| Nonfinancial noncorporate business; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA115015005 | 113.9 | 122.6 | 128.5 | 125.7 | 125.6 | 133.9 | 132.4 | 128.1 | 119.4 | 13 |
| Federal government; nonfinancial assets (does not include land) | FA315015005 | 50.3 | 64.3 | 63.9 | 63.7 | 64.1 | 53.5 | 61.0 | 70.2 | 71.1 | 14 |
| State and local governments; net fixed investment (NIPA basis) | FA215015005 | 103.3 | 145.5 | 198.5 | 153.4 | 181.5 | 191.3 | 195.9 | 202.1 | 204.8 | 15 |
| Domestic financial sectors; capital formation, net (IMA) (3) | FA795015085 | 19.6 | 26.8 | 34.7 | 27.0 | 28.8 | 31.7 | 34.8 | 38.8 | 33.5 | 16 |
| 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 | 17 |
| Private depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA705013865 | 19.0 | 13.9 | 19.1 | 13.6 | 14.4 | 16.4 | 18.4 | 21.1 | 20.7 | 18 |
| U.S.-chartered depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA765013865 | 14.3 | 10.3 | 15.1 | 10.0 | 10.6 | 12.4 | 14.3 | 16.9 | 16.9 | 19 |
| Foreign banking offices in the U.S.; nonresidential structures, equipment, and intellectual property products, current cost basis | FA755013865 | 2.2 | 1.9 | 2.0 | 1.9 | 2.0 | 2.0 | 2.1 | 2.1 | 1.9 | 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 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 21 |
| Credit unions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA475013865 | 2.3 | 1.7 | 1.9 | 1.8 | 1.8 | 1.9 | 1.9 | 2.0 | 1.8 | 22 |
| Property-casualty insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA515013865 | 1.4 | 2.0 | 2.6 | 2.0 | 2.3 | 2.5 | 2.7 | 2.9 | 2.4 | 23 |
| Life insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA545013865 | 3.2 | 2.8 | 3.3 | 2.8 | 3.0 | 3.2 | 3.3 | 3.5 | 3.0 | 24 |
| Private pension funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA575013865 | 1.6 | 1.7 | 1.9 | 1.8 | 1.8 | 1.8 | 1.9 | 1.9 | 1.9 | 25 |
| State and local government employee retirement funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA225013865 | 5.3 | 4.8 | 5.0 | 4.8 | 4.9 | 5.0 | 5.0 | 5.0 | 5.0 | 26 |
| Government-sponsored enterprises; nonresidential structures, equipment, and intellectual property products, current cost basis | FA405013865 | -0.2 | -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 | 0.0 | 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 | -29.7 | -12.0 | -12.7 | -11.8 | -12.2 | -12.4 | -12.2 | -11.8 | -14.4 | 29 |
| Security brokers and dealers; nonresidential structures, equipment, and intellectual property products, current cost basis | FA665013865 | 19.9 | 14.7 | 16.4 | 14.8 | 15.4 | 16.0 | 16.4 | 16.9 | 16.3 | 30 |
| Holding companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA735013865 | -0.9 | -1.1 | -0.7 | -1.0 | -0.8 | -0.6 | -0.6 | -0.5 | -1.2 | 31 |
| Households and nonprofit organizations; consumer durable goods, current cost basis (4) | FA155111005 | 367.5 | 330.1 | 354.4 | 314.0 | 307.6 | 340.1 | 334.4 | 348.7 | 394.2 | 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 13, 2025