Financial Accounts of the United States - Z.1
S.8.a State and Local Governments (1)
Billions of dollars| Description | Series code | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Line |
|---|---|---|---|---|---|---|---|---|---|---|
| State and local governments; gross value added (IMA) | FA216902505 | 1708.3 | 1782.5 | 1834.0 | 1891.6 | 1948.6 | 2041.8 | 2142.8 | 2276.6 | 1 |
| State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) | FA216300001 | 269.7 | 285.2 | 299.0 | 308.7 | 333.3 | 375.7 | 398.6 | 412.2 | 2 |
| State and local governments; net value added (IMA) | FA216902605 | 1438.6 | 1497.3 | 1535.1 | 1582.9 | 1615.3 | 1666.1 | 1744.1 | 1864.5 | 3 |
| State and local governments; compensation of employees paid (IMA) | FA216025001 | 1445.9 | 1505.2 | 1548.6 | 1591.1 | 1633.5 | 1678.8 | 1774.0 | 1896.5 | 4 |
| State and local governments; wages and salaries paid (IMA) | FA216020001 | 1004.1 | 1044.6 | 1084.9 | 1112.8 | 1152.1 | 1219.4 | 1300.4 | ND | 5 |
| State and local governments; employers' social contributions paid (IMA) | FA216401005 | 441.8 | 460.6 | 463.7 | 478.4 | 481.4 | 459.4 | 473.6 | ND | 6 |
| State and local governments; operating surplus, net | FA216402101 | -7.3 | -7.9 | -13.5 | -8.2 | -18.2 | -12.7 | -29.9 | -32.1 | 7 |
| State and local governments; net national income/balance of primary incomes, net (IMA) | FA216140005 | 1020.8 | 1092.4 | 1135.0 | 1159.5 | 1312.6 | 1489.8 | 1509.3 | ND | 8 |
| State and local governments; operating surplus, net | FA216402101 | -7.3 | -7.9 | -13.5 | -8.2 | -18.2 | -12.7 | -29.9 | -32.1 | 9 |
| State and local governments; taxes on production and imports, receivable (IMA) | FA216240001 | 1232.5 | 1293.6 | 1358.7 | 1365.9 | 1519.5 | 1648.6 | 1718.9 | 1790.6 | 10 |
| State and local governments; subsidies paid (with negative sign) (IMA) | FA216402015 | -0.6 | -0.6 | -0.6 | -0.6 | -3.1 | -0.7 | -0.7 | -0.7 | 11 |
| State and local governments; property income (received) | FA216150195 | 87.1 | 93.2 | 96.5 | 94.9 | 92.3 | 93.6 | 97.7 | ND | 12 |
| State and local governments; interest received (IMA) | FA216130101 | 70.6 | 75.8 | 78.4 | 77.7 | 71.8 | 69.4 | 72.3 | ND | 13 |
| State and local governments; dividends received (IMA) | FA216121101 | 5.8 | 6.0 | 6.5 | 6.2 | 6.3 | 6.6 | 6.9 | ND | 14 |
| State and local governments; rents on land and natural resources received (IMA) | FA216112101 | 10.7 | 11.4 | 11.6 | 10.9 | 14.2 | 17.6 | 18.5 | ND | 15 |
| State and local governments; interest paid (IMA) | FA216130095 | 290.9 | 286.0 | 306.1 | 292.4 | 277.9 | 239.1 | 276.7 | ND | 16 |
| State and local governments; net national income/balance of primary incomes, net (IMA) | FA216140005 | 1020.8 | 1092.4 | 1135.0 | 1159.5 | 1312.6 | 1489.8 | 1509.3 | ND | 17 |
| State and local governments; current taxes on income, wealth, etc. received (IMA) | FA216220005 | 490.2 | 520.0 | 570.8 | 578.1 | 696.2 | 800.9 | 757.8 | ND | 18 |
| State and local governments; contributions for government social insurance received | FA216601001 | 19.8 | 20.4 | 20.7 | 20.0 | 22.3 | 22.8 | 21.3 | 26.7 | 19 |
| State and local governments; social contributions paid | FA216404001 | 709.7 | 731.1 | 762.7 | 815.7 | 907.7 | 1028.3 | 1081.2 | 1144.9 | 20 |
| State and local governments; other current transfer received | FA216403105 | 691.2 | 723.8 | 755.3 | 1030.4 | 1274.5 | 1136.9 | 1135.0 | 1166.5 | 21 |
| State and local governments; other current transfer payments to the rest of the world | FA216403001 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 22 |
| State and local governments; disposable income, net (IMA) | FA216012005 | 1512.4 | 1625.4 | 1719.0 | 1972.3 | 2397.9 | 2422.0 | 2342.2 | ND | 23 |
| State and local governments; consumption expenditures | FA216901001 | 1737.2 | 1825.3 | 1924.8 | 2023.6 | 2152.5 | 2333.7 | 2403.8 | 2510.9 | 24 |
| State and local governments; net saving including net capital transfers paid | FA216006095 | -224.8 | -199.9 | -205.8 | -51.2 | 245.4 | 88.3 | -61.6 | ND | 25 |
| State and local governments; net saving less net capital transfers paid | FA216006395 | -152.4 | -126.7 | -131.0 | 32.6 | 328.6 | 318.2 | 34.7 | ND | 26 |
| State and local governments; net saving including net capital transfers paid | FA216006095 | -224.8 | -199.9 | -205.8 | -51.2 | 245.4 | 88.3 | -61.6 | ND | 27 |
| State and local governments; net capital transfers paid | FA215440005 | -72.4 | -73.1 | -74.8 | -83.8 | -83.2 | -229.9 | -96.3 | -125.0 | 28 |
| State and local governments; capital formation, net (IMA) | FA215050905 | 138.5 | 150.1 | 159.1 | 160.6 | 130.1 | 118.3 | 161.1 | 213.9 | 29 |
| State and local governments; gross fixed investment (NIPA basis) | FA215019001 | 393.9 | 418.8 | 441.7 | 453.1 | 447.8 | 479.1 | 544.1 | 610.7 | 30 |
| State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) | FA216300001 | 269.7 | 285.2 | 299.0 | 308.7 | 333.3 | 375.7 | 398.6 | 412.2 | 31 |
| State and local governments; acquisition of nonproduced nonfinancial assets (net) | FA215420003 | 14.3 | 16.5 | 16.3 | 16.3 | 15.6 | 15.0 | 15.6 | 15.4 | 32 |
| State and local governments; net lending (+) or borrowing (-) (capital account) | FA215000995 | -290.9 | -276.8 | -290.0 | -128.1 | 198.4 | 199.9 | -126.4 | ND | 33 |
| State and local governments; net lending (+) or borrowing (-) (capital account) | FA215000995 | -290.9 | -276.8 | -290.0 | -128.1 | 198.4 | 199.9 | -126.4 | ND | 34 |
| State and local governments; total financial assets | FA214090005 | 147.4 | 105.1 | 11.4 | 287.4 | 595.9 | 436.0 | 196.8 | 264.7 | 35 |
| State and local governments; total currency and deposits; asset | FA214000005 | 11.7 | 0.3 | 25.9 | 81.3 | 85.1 | 2.3 | 19.0 | 14.8 | 36 |
| State and local governments; checkable deposits and currency; asset | FA213020005 | -2.5 | -7.6 | 6.2 | 90.8 | 115.9 | 14.7 | 15.1 | 15.0 | 37 |
| State and local governments; total time and savings deposits; asset | FA213030000 | 14.1 | 7.9 | 19.8 | -9.5 | -30.8 | -12.4 | 3.8 | -0.2 | 38 |
| State and local governments; debt securities; asset | FA214022005 | 108.0 | 57.3 | -34.9 | 143.3 | 456.0 | 313.5 | 160.3 | 190.9 | 39 |
| State and local governments; commercial paper; asset | FA213069103 | 20.9 | 46.9 | -20.0 | -8.0 | 25.8 | 1.4 | 18.6 | 16.1 | 40 |
| State and local governments; Treasury securities, excluding SLGS; asset | FA213061103 | 47.9 | -11.2 | 21.0 | 210.3 | 436.5 | 229.0 | 128.5 | 129.4 | 41 |
| State and local governments; agency- and GSE-backed securities; asset (2) | FA213061703 | 8.5 | -17.4 | -20.0 | -46.8 | 1.3 | 31.8 | 10.5 | 22.9 | 42 |
| State and local governments; municipal securities; asset | FA213062003 | 4.1 | 4.1 | 0.5 | 2.7 | 0.4 | 5.6 | 2.3 | 3.9 | 43 |
| State and local governments; corporate and foreign bonds; asset | FA213063003 | 26.6 | 35.0 | -16.4 | -15.0 | -8.0 | 45.7 | 0.3 | 18.7 | 44 |
| State and local governments; total loans including security repurchase agreements; asset | FA214035005 | 3.9 | -26.7 | 17.1 | 48.8 | 18.8 | -11.5 | 16.8 | 28.8 | 45 |
| State and local governments; security repurchase agreements; asset | FA212051003 | 10.6 | 2.0 | 3.4 | 15.5 | 24.5 | 1.4 | 17.7 | 15.3 | 46 |
| State and local governments; loans; asset | FA214023005 | -6.6 | -28.7 | 13.7 | 33.2 | -5.8 | -12.8 | -0.9 | 13.5 | 47 |
| State and local governments; equity and investment fund shares; asset (IMA) | FA213081005 | -12.9 | 15.2 | -32.2 | -8.4 | -18.6 | 54.7 | -18.4 | -2.9 | 48 |
| State and local governments; money market fund shares; asset | FA213034003 | 0.3 | -2.1 | 6.8 | 13.7 | 15.3 | 9.8 | 6.8 | 11.4 | 49 |
| State and local governments; corporate equities; asset | FA213064103 | -10.8 | 9.7 | -28.5 | -17.7 | -23.5 | 29.8 | -20.4 | -10.7 | 50 |
| State and local governments; mutual fund shares; asset | FA213064203 | -2.4 | 7.6 | -10.4 | -4.4 | -10.4 | 15.1 | -4.8 | -3.5 | 51 |
| State and local governments; other accounts receivable; asset (IMA) | FA213096005 | 36.7 | 59.1 | 35.4 | 22.4 | 54.6 | 76.9 | 19.1 | 33.1 | 52 |
| State and local governments; trade receivables; asset | FA213070003 | 6.2 | 22.9 | 12.1 | -1.7 | 34.9 | 34.4 | -1.6 | 5.1 | 53 |
| State and local governments; taxes receivable; asset | FA213078005 | 4.8 | 18.3 | 11.1 | 4.8 | 53.2 | 41.2 | 9.6 | 10.0 | 54 |
| State and local governments; unidentified miscellaneous assets | FA213093003 | 25.7 | 17.9 | 12.2 | 19.3 | -33.4 | 1.3 | 11.0 | 18.0 | 55 |
| State and local governments; total liabilities | FA214190005 | 250.7 | 233.0 | 311.4 | 406.9 | 377.0 | 265.9 | 351.4 | 429.2 | 56 |
| State and local governments; municipal securities; liability | FA213162005 | -0.3 | -39.0 | -0.3 | 94.0 | 70.0 | -51.1 | 21.9 | 97.0 | 57 |
| State and local governments; short-term municipal securities; liability | FA213162400 | 4.8 | 2.9 | 6.8 | 1.7 | -13.7 | -7.5 | 1.4 | 7.4 | 58 |
| State and local governments; long-term municipal securities; liability | FA213162200 | -5.1 | -41.9 | -7.1 | 92.3 | 83.6 | -43.6 | 20.4 | 89.6 | 59 |
| State and local governments; U.S. government loans; liability | FA213169203 | 0.5 | 1.1 | 1.0 | 1.0 | 0.5 | 0.7 | 1.0 | 0.7 | 60 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FA223073045 | 205.8 | 223.2 | 259.3 | 258.3 | 248.5 | 250.5 | 260.2 | 259.5 | 61 |
| State and local governments; trade payables; liability | FA213170003 | 44.7 | 47.7 | 51.4 | 53.6 | 58.1 | 65.7 | 68.3 | 71.9 | 62 |
| State and local governments; net lending (+) or borrowing (-) (financial account) | FA215000005 | -103.3 | -127.8 | -300.0 | -119.5 | 218.9 | 170.1 | -154.6 | -164.5 | 63 |
| State and local governments; total other volume changes (IMA) | FV218090185 | 101.4 | 53.5 | 37.7 | -10.2 | -130.7 | 718.2 | -92.8 | ND | 64 |
| State and local governments; nonfinancial assets (does not include land) | FV212010095 | -2.1 | -0.2 | 0.0 | 0.0 | -4.0 | -3.0 | 0.0 | -5.0 | 65 |
| State and local governments; other volume changes (IMA) | FV218090085 | -84.2 | -95.4 | 47.7 | -18.7 | -147.1 | 751.0 | -64.5 | -30.8 | 66 |
| State and local governments; statistical discrepancy (IMA) (3) | FU217005045 | -187.7 | -149.0 | 10.0 | -8.6 | -20.5 | 29.7 | 28.3 | ND | 67 |
| State and local governments; nonfinancial assets (does not include land) | FR212010095 | 350.5 | 493.2 | 310.3 | 317.5 | 1537.5 | 1574.3 | 246.9 | 259.4 | 68 |
| State and local governments; total residential and nonresidential structures | FR215015605 | 346.4 | 486.2 | 309.9 | 312.3 | 1516.3 | 1550.2 | 237.6 | 246.8 | 69 |
| State and local governments; nonresidential equipment, current cost basis | FR215013265 | 2.0 | 4.5 | 0.5 | 2.7 | 18.0 | 20.3 | 6.0 | 5.2 | 70 |
| State and local governments; nonresidential intellectual property products, current cost basis | FR215013765 | 2.1 | 2.5 | -0.1 | 2.4 | 3.2 | 3.8 | 3.3 | 7.4 | 71 |
| State and local governments; equity and investment fund shares; asset (IMA) | FR213081005 | 28.1 | -12.4 | 44.4 | 41.0 | 39.5 | -43.5 | 44.7 | 42.0 | 72 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FR223073045 | -488.8 | 201.9 | -589.3 | -533.8 | -671.7 | 557.0 | -493.6 | -487.0 | 73 |
| State and local governments; changes in net worth due to nominal holding gains/losses (IMA) | FR218200005 | 867.3 | 278.9 | 944.0 | 892.3 | 2248.7 | 973.9 | 785.2 | 788.5 | 74 |
| State and local governments; net worth (IMA) | FC212090095 | 816.3 | 205.6 | 850.7 | 914.7 | 2446.6 | 2010.3 | 727.1 | 802.1 | 75 |
| State and local governments; total assets (does not include land) | FL212000095 | 14314.3 | 15003.3 | 15585.5 | 16421.3 | 18627.6 | 20401.2 | 21090.3 | 21830.7 | 76 |
| State and local governments; nonfinancial assets (does not include land) (4) | LM212010095 | 10984.6 | 11611.3 | 12064.3 | 12526.1 | 14174.5 | 15849.3 | 16241.7 | 16694.6 | 77 |
| State and local governments; total residential and nonresidential structures | LM215015605 | 10595.4 | 11205.2 | 11649.0 | 12095.5 | 13715.3 | 15356.7 | 15726.8 | 16149.9 | 78 |
| State and local governments; nonresidential equipment, current cost basis | LM215013265 | 248.2 | 255.0 | 257.8 | 264.7 | 282.4 | 303.7 | 315.2 | 327.2 | 79 |
| State and local governments; nonresidential intellectual property products, current cost basis | LM215013765 | 140.9 | 151.1 | 157.4 | 166.0 | 176.9 | 188.9 | 199.7 | 217.5 | 80 |
| State and local governments; total financial assets | FL214090005 | 3329.7 | 3392.0 | 3521.2 | 3895.1 | 4453.1 | 4551.8 | 4848.7 | 5136.1 | 81 |
| State and local governments; total currency and deposits; asset | FL214000005 | 536.0 | 536.3 | 562.2 | 643.5 | 728.6 | 730.9 | 749.9 | 764.6 | 82 |
| State and local governments; checkable deposits and currency; asset | FL213020005 | 140.6 | 132.9 | 139.1 | 229.9 | 345.7 | 360.4 | 375.6 | 390.6 | 83 |
| State and local governments; total time and savings deposits; asset | FL213030000 | 395.5 | 403.4 | 423.2 | 413.6 | 382.9 | 370.5 | 374.3 | 374.1 | 84 |
| State and local governments; debt securities; asset | FL214022005 | 1593.0 | 1620.1 | 1658.9 | 1847.8 | 2226.5 | 2246.3 | 2462.2 | 2633.9 | 85 |
| State and local governments; commercial paper; asset | FL213069103 | 164.6 | 211.5 | 191.5 | 183.5 | 209.3 | 210.7 | 229.4 | 245.4 | 86 |
| State and local governments; Treasury securities, excluding SLGS; asset | FL213061103 | 615.4 | 595.2 | 641.4 | 877.7 | 1264.6 | 1302.4 | 1461.1 | 1572.3 | 87 |
| State and local governments; agency- and GSE-backed securities; asset (2) | FL213061703 | 492.9 | 473.4 | 470.4 | 422.9 | 413.9 | 404.4 | 424.6 | 450.4 | 88 |
| State and local governments; municipal securities; asset | FL213062003 | 33.8 | 37.1 | 39.3 | 43.2 | 43.1 | 43.4 | 47.3 | 50.6 | 89 |
| State and local governments; corporate and foreign bonds; asset | FL213063003 | 286.4 | 303.0 | 316.3 | 320.5 | 295.6 | 285.3 | 299.9 | 315.2 | 90 |
| State and local governments; total loans including security repurchase agreements; asset | FL214035005 | 469.9 | 442.9 | 459.8 | 508.5 | 527.2 | 515.6 | 532.4 | 561.1 | 91 |
| State and local governments; security repurchase agreements; asset | FL212051003 | 153.5 | 155.5 | 158.9 | 174.4 | 199.0 | 200.3 | 218.1 | 233.3 | 92 |
| State and local governments; loans; asset | FL214023005 | 316.4 | 287.4 | 300.9 | 334.1 | 328.2 | 315.3 | 314.3 | 327.7 | 93 |
| State and local governments; equity and investment fund shares; asset (IMA) | FL213081005 | 205.4 | 208.2 | 220.5 | 253.1 | 274.0 | 285.2 | 311.4 | 350.6 | 94 |
| State and local governments; money market fund shares; asset | FL213034003 | 21.9 | 19.8 | 26.5 | 40.2 | 55.5 | 65.3 | 72.0 | 83.4 | 95 |
| State and local governments; corporate equities; asset | LM213064103 | 115.9 | 118.3 | 121.3 | 133.1 | 139.7 | 140.6 | 153.1 | 174.8 | 96 |
| State and local governments; mutual fund shares; asset | LM213064203 | 67.6 | 70.2 | 72.6 | 79.7 | 78.8 | 79.3 | 86.3 | 92.4 | 97 |
| State and local governments; other accounts receivable; asset (IMA) | FL213096005 | 525.4 | 584.4 | 619.8 | 642.3 | 696.8 | 773.7 | 792.8 | 825.9 | 98 |
| State and local governments; trade receivables; asset | FL213070003 | 207.4 | 230.3 | 242.4 | 240.7 | 275.5 | 309.9 | 308.3 | 313.4 | 99 |
| State and local governments; taxes receivable; asset | FL213078005 | 150.4 | 168.7 | 179.8 | 184.6 | 237.8 | 279.0 | 288.7 | 298.7 | 100 |
| State and local governments; unidentified miscellaneous assets | FL213093003 | 167.6 | 185.5 | 197.7 | 217.0 | 183.5 | 184.8 | 195.8 | 213.8 | 101 |
| State and local governments; total liabilities and net worth (IMA) | FL212100005 | 14314.3 | 15003.3 | 15585.5 | 16421.3 | 18627.6 | 20401.2 | 21090.3 | 21830.7 | 102 |
| State and local governments; total liabilities | FL214190005 | 8134.6 | 8617.9 | 8349.4 | 8270.6 | 8030.3 | 7793.6 | 7755.7 | 7693.9 | 103 |
| State and local governments; municipal securities; liability | FL213162005 | 3148.4 | 3109.4 | 3109.1 | 3203.1 | 3273.1 | 3222.0 | 3243.9 | 3340.9 | 104 |
| State and local governments; short-term municipal securities; liability | FL213162400 | 35.2 | 38.1 | 44.8 | 46.6 | 32.9 | 25.4 | 26.9 | 34.3 | 105 |
| State and local governments; long-term municipal securities; liability | FL213162200 | 3113.2 | 3071.3 | 3064.3 | 3156.5 | 3240.2 | 3196.5 | 3217.0 | 3306.6 | 106 |
| State and local governments; U.S. government loans; liability | FL213169203 | 18.9 | 20.1 | 21.1 | 22.1 | 22.6 | 23.3 | 24.3 | 25.0 | 107 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset | FL223073045 | 4014.7 | 4488.2 | 4167.6 | 3940.1 | 3571.3 | 3319.3 | 3190.2 | 2958.8 | 108 |
| State and local governments; trade payables; liability | FL213170003 | 952.6 | 1000.3 | 1051.6 | 1105.3 | 1163.3 | 1229.0 | 1297.3 | 1369.3 | 109 |
| State and local governments; net worth (IMA) | FL212090095 | 6179.7 | 6385.3 | 7236.1 | 8150.7 | 10597.3 | 12607.6 | 13334.7 | 14136.8 | 110 |
NOTES
- The state and local government sector excludes state and local government employee retirement funds.
- 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.
- 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.
- Excludes land and nonproduced nonfinancial assets.
Last Update: March 13, 2025