Financial Accounts of the United States - Z.1
S13M.i.a State and local governments 🕮 PDF
| Line | Description | Series | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current account | |||||||||||
| Line 1 | Gross value added | FA216902505 | 1708.3 | 1782.5 | 1834.0 | 1889.8 | 1945.3 | 2028.2 | 2135.7 | 2270.1 | |
| Line 2 | Less: Consumption of fixed capital | FA216300001 | 269.7 | 285.2 | 299.0 | 307.2 | 331.0 | 372.0 | 395.2 | 410.4 | |
| Line 3 | Equals: Net value added | FA216902605 | 1438.6 | 1497.3 | 1535.1 | 1582.6 | 1614.3 | 1656.2 | 1740.5 | 1859.7 | |
| Line 4 | Compensation of employees (paid) | FA216025001 | 1445.9 | 1505.2 | 1548.6 | 1590.9 | 1632.7 | 1676.4 | 1784.6 | 1905.3 | |
| Line 5 | Wages and salaries | FA216020001 | 1004.1 | 1044.6 | 1084.9 | 1112.5 | 1151.5 | 1216.5 | 1299.9 | 1392.2 | |
| Line 6 | Employers' social contributions | FA216401005 | 441.8 | 460.6 | 463.7 | 478.4 | 481.2 | 459.8 | 484.7 | 513.1 | |
| Line 7 | Operating surplus, net | FA216402101 | -7.3 | -7.9 | -13.5 | -8.3 | -18.4 | -20.2 | -44.1 | -45.6 | |
| Line 8 | Net national income/Balance of primary incomes, net | FA216140005 | 1020.8 | 1092.4 | 1135.0 | 1159.3 | 1312.6 | 1475.7 | 1482.1 | 1568.3 | |
| Line 9 | Operating surplus, net | FA216402101 | -7.3 | -7.9 | -13.5 | -8.3 | -18.4 | -20.2 | -44.1 | -45.6 | |
| Line 10 | Taxes on production and imports, receivable | FA216240001 | 1232.5 | 1293.6 | 1358.7 | 1365.9 | 1519.5 | 1632.7 | 1684.0 | 1769.6 | |
| Line 11 | Subsidies (paid) | FA216402015 | -0.6 | -0.6 | -0.6 | -0.6 | -3.1 | -0.7 | -0.7 | -0.7 | |
| Line 12 | Property income (received) | FA216150195 | 87.1 | 93.2 | 96.5 | 94.8 | 91.7 | 106.3 | 123.0 | 123.6 | |
| Line 13 | Interest | FA216130101 | 70.6 | 75.8 | 78.4 | 77.7 | 71.5 | 81.9 | 97.3 | 98.5 | |
| Line 14 | Distributed income of corporations (dividends) | FA216121101 | 5.8 | 6.0 | 6.5 | 6.2 | 6.3 | 6.6 | 6.9 | 6.8 | |
| Line 15 | Rents on land and natural resources | FA216112101 | 10.7 | 11.4 | 11.6 | 10.9 | 13.9 | 17.8 | 18.8 | 18.2 | |
| Line 16 | Less: Uses of property income (interest paid) | FA216130095 | 290.9 | 286.0 | 306.1 | 292.4 | 277.2 | 242.5 | 280.1 | 278.5 | |
| Line 17 | Net national income/Balance of primary incomes, net | FA216140005 | 1020.8 | 1092.4 | 1135.0 | 1159.3 | 1312.6 | 1475.7 | 1482.1 | 1568.3 | |
| Line 18 | Plus: Current taxes on income, wealth, etc. (received) | FA216220005 | 490.2 | 520.0 | 570.8 | 580.2 | 690.0 | 812.3 | 728.5 | 757.0 | |
| Line 19 | Plus: Social benefits (received) | FA216601001 | 19.8 | 20.4 | 20.7 | 20.0 | 22.3 | 23.2 | 22.0 | 26.9 | |
| Line 20 | Less: Social contributions (paid) | FA216404001 | 709.7 | 731.1 | 762.7 | 815.7 | 907.7 | 1020.0 | 1065.8 | 1140.0 | |
| Line 21 | Plus: Other current transfers (received) | FA216403105 | 691.2 | 723.8 | 755.3 | 1030.4 | 1272.3 | 1135.0 | 1131.9 | 1159.4 | |
| Line 22 | Less: Other current transfers (paid) | FA216403001 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Line 23 | Equals: Disposable income, net | FA216012005 | 1512.4 | 1625.5 | 1719.0 | 1974.3 | 2389.4 | 2426.1 | 2298.8 | 2371.7 | |
| Line 24 | Less: Final consumption expenditures | FA216901001 | 1737.2 | 1825.3 | 1924.8 | 2021.4 | 2152.8 | 2333.0 | 2426.2 | 2550.4 | |
| Line 25 | Equals: Net saving | FA216006095 | -224.8 | -199.9 | -205.8 | -47.1 | 236.6 | 93.1 | -127.4 | -178.7 | |
| Capital account | |||||||||||
| Line 26 | Net saving less capital transfers | FA216006395 | -152.4 | -126.7 | -131.0 | 36.7 | 319.8 | 323.0 | -31.3 | -51.3 | |
| Line 27 | Net saving | FA216006095 | -224.8 | -199.9 | -205.8 | -47.1 | 236.6 | 93.1 | -127.4 | -178.7 | |
| Line 28 | Less: Capital transfers paid (net) | FA215440005 | -72.4 | -73.1 | -74.8 | -83.8 | -83.2 | -229.8 | -96.1 | -127.4 | |
| Line 29 | Capital formation, net | FA215050905 | 138.5 | 150.1 | 159.1 | 162.2 | 136.7 | 130.6 | 173.7 | 208.9 | |
| Line 30 | Gross fixed capital formation (acquisition of produced nonfinancial assets) | FA215019001 | 393.9 | 418.8 | 441.7 | 453.1 | 451.5 | 484.7 | 549.3 | 598.4 | |
| Line 31 | Less: Consumption of fixed capital | FA216300001 | 269.7 | 285.2 | 299.0 | 307.2 | 331.0 | 372.0 | 395.2 | 410.4 | |
| Line 32 | Acquisition of nonproduced nonfinancial assets | FA215420003 | 14.3 | 16.5 | 16.3 | 16.3 | 16.2 | 17.9 | 19.6 | 20.9 | |
| Line 33 | Net lending (+) or borrowing (-), capital account (lines 26-29) | FA215000995 | -290.9 | -276.8 | -290.0 | -125.5 | 183.1 | 192.4 | -205.0 | -260.1 | |
| Financial account | |||||||||||
| Line 34 | Net lending (+) or borrowing (-) (line 33) | FA215000995 | -290.9 | -276.8 | -290.0 | -125.5 | 183.1 | 192.4 | -205.0 | -260.1 | |
| Line 35 | Net acquisition of financial assets | FA214090005 | 126.4 | 99.3 | 13.2 | 297.8 | 586.8 | 468.8 | 117.9 | 153.4 | |
| Line 36 | Currency and deposits | FA214000005 | 11.7 | 0.3 | 25.9 | 81.3 | 85.1 | 2.4 | 19.1 | 14.7 | |
| Line 37 | Currency and transferable deposits | FA213020005 | -2.5 | -7.6 | 6.2 | 90.8 | 115.9 | 14.8 | 15.3 | 14.9 | |
| Line 38 | Time and savings deposits | FA213030000 | 14.1 | 7.9 | 19.8 | -9.5 | -30.8 | -12.4 | 3.8 | -0.2 | |
| Line 39 | Debt securities | FA214022005 | 102.1 | 48.0 | -30.0 | 144.2 | 499.4 | 367.4 | 92.6 | 116.8 | |
| Line 40 | Open market paper | FA213069103 | 25.9 | 17.9 | 17.5 | -24.5 | 27.4 | 33.0 | 3.4 | -1.8 | |
| Line 41 | Treasury securities | FA213061103 | 43.6 | 18.2 | 0.4 | 242.4 | 454.4 | 245.6 | 77.0 | 93.7 | |
| Line 42 | Agency- and GSE-backed securities(2) | FA213061703 | 4.1 | -23.3 | -31.2 | -52.0 | 14.2 | 34.6 | 9.9 | 13.8 | |
| Line 43 | Municipal securities | FA213062003 | 3.9 | 3.7 | 0.4 | 2.4 | -0.8 | 5.5 | 2.0 | 2.7 | |
| Line 44 | Corporate and foreign bonds | FA213063003 | 24.6 | 31.5 | -17.2 | -24.1 | 4.3 | 48.7 | 0.1 | 8.4 | |
| Line 45 | Loans | FA214035005 | -1.2 | -20.6 | 23.8 | 96.6 | 7.6 | -9.2 | -26.5 | 22.5 | |
| Line 46 | Short-term | FA214041005 | -8.0 | -26.1 | 14.5 | 52.1 | 25.6 | -8.4 | 4.4 | 17.1 | |
| Line 47 | Long-term (mortgages) | FA213065005 | 6.7 | 5.5 | 9.3 | 44.4 | -18.0 | -0.9 | -30.9 | 5.4 | |
| Line 48 | Equity and investment fund shares | FA213081005 | -13.8 | 8.0 | -28.7 | -11.9 | -46.1 | 47.7 | 3.6 | -14.8 | |
| Line 49 | Corporate equities | FA213064103 | -11.9 | 8.1 | -28.8 | -18.0 | -35.1 | 26.6 | -18.9 | -22.0 | |
| Line 50 | Money market fund shares | FA213034003 | 0.3 | -2.1 | 6.8 | 13.7 | 15.3 | 9.8 | 6.8 | 9.9 | |
| Line 51 | Mutual fund shares | FA213064203 | -3.0 | 6.7 | -10.5 | -4.8 | -27.3 | 11.5 | -4.0 | -4.2 | |
| Line 52 | Hedge fund shares | FA213064703 | -1.3 | -4.8 | 1.4 | -4.8 | -1.6 | -2.2 | 13.8 | -3.1 | |
| Line 53 | Private debt fund shares | FA213064500 | 2.0 | 0.1 | 2.5 | 2.0 | 2.6 | 2.1 | 5.9 | 4.6 | |
| Line 54 | Other accounts receivable | FA213096005 | 27.7 | 63.8 | 22.3 | -12.3 | 40.8 | 60.5 | 29.2 | 14.3 | |
| Line 55 | Trade receivables | FA213070003 | 6.2 | 22.9 | 12.1 | -1.7 | 34.9 | 34.4 | 17.5 | 4.9 | |
| Line 56 | Taxes receivable | FA213078005 | 4.8 | 18.3 | 11.2 | 5.0 | 26.5 | 38.3 | 25.9 | 12.9 | |
| Line 57 | Other (miscellaneous assets) | FA213093005 | 16.7 | 22.6 | -1.1 | -15.6 | -20.6 | -12.1 | -14.3 | -3.5 | |
| Line 58 | Net incurrence of liabilities | FA214190005 | 239.8 | 167.3 | 381.0 | 428.5 | 392.9 | 300.0 | 361.5 | 441.3 | |
| Line 59 | Debt securities (municipals) | FA213162005 | 2.4 | -36.9 | 2.3 | 97.3 | 72.1 | -48.7 | 23.6 | 99.7 | |
| Line 60 | Short-term | FA213162400 | 4.8 | 2.9 | 6.8 | 1.7 | -13.7 | -7.4 | 1.4 | 7.7 | |
| Line 61 | Other | FA213162200 | -2.4 | -39.8 | -4.4 | 95.6 | 85.8 | -41.3 | 22.1 | 92.0 | |
| Line 62 | Loans (short-term) | FA214141005 | 14.5 | -7.5 | -1.5 | 11.3 | -9.7 | 10.5 | -4.0 | -4.0 | |
| Line 63 | Insurance, pension and standardized guarantee schemes | FA223073045 | 178.3 | 164.0 | 328.8 | 266.3 | 272.0 | 271.8 | 272.6 | 272.7 | |
| Line 64 | Other accounts payable (trade payables) | FA213170003 | 44.7 | 47.7 | 51.4 | 53.6 | 58.4 | 66.4 | 69.4 | 72.9 | |
| Addendum: | |||||||||||
| Line 65 | Net lending (+) or borrowing (-), financial account (lines 35-58) | FA215000005 | -113.5 | -67.9 | -367.7 | -130.8 | 193.9 | 168.8 | -243.6 | -287.9 | |
| Other changes in volume account | |||||||||||
| Line 66 | Total other volume changes | FV218090185 | 83.8 | 143.6 | -103.1 | -64.0 | -117.5 | 1129.2 | -218.4 | -147.7 | |
| Line 67 | Disaster losses | FV212010095 | -2.1 | -0.2 | 0.0 | 0.0 | -4.0 | -3.0 | 0.0 | -5.0 | |
| Line 68 | Other volume changes | FV218090085 | -91.6 | -65.1 | -25.4 | -58.8 | -124.3 | 1155.8 | -179.7 | -114.9 | |
| Line 69 | Less: Statistical discrepancy (lines 33-65)(3) | FU217005045 | -177.4 | -208.9 | 77.7 | 5.2 | -10.8 | 23.6 | 38.7 | 27.7 | |
| Revaluation account | |||||||||||
| Line 70 | Nonfinancial assets | FR212010095 | 350.5 | 493.2 | 310.3 | 278.4 | 1432.3 | 1457.6 | 262.0 | 370.7 | |
| Line 71 | Structures | FR215015605 | 346.4 | 486.2 | 309.9 | 273.3 | 1411.1 | 1432.4 | 249.1 | 353.6 | |
| Line 72 | Equipment | FR215013265 | 2.0 | 4.5 | 0.5 | 2.7 | 18.1 | 21.4 | 9.5 | 10.3 | |
| Line 73 | Intellectual property products | FR215013765 | 2.1 | 2.5 | -0.1 | 2.4 | 3.1 | 3.8 | 3.4 | 6.7 | |
| Line 74 | Financial assets | FR214090005 | 43.2 | -43.8 | 126.7 | 91.0 | -33.2 | -338.8 | 102.8 | 30.5 | |
| Line 75 | Debt securities | FR214022005 | 7.5 | -29.7 | 73.6 | 42.7 | -76.5 | -297.2 | 54.6 | -18.7 | |
| Line 76 | Equity and investment fund shares | FR213081005 | 35.7 | -14.1 | 53.1 | 48.3 | 43.2 | -41.7 | 48.2 | 49.2 | |
| Line 77 | Liabilities (claim of pension funds on sponsor) | FR223073045 | -461.2 | 261.1 | -657.9 | -540.9 | -670.0 | 487.4 | -538.7 | -473.3 | |
| Line 78 | Changes in net worth due to nominal holding gains/losses | FR212090095 | 854.9 | 188.3 | 1094.9 | 910.4 | 2069.1 | 631.3 | 903.5 | 874.6 | |
| Changes in balance sheet account | |||||||||||
| Line 79 | Change in net worth (lines 29+33+66+78) | FC212090095 | 786.2 | 205.1 | 860.8 | 883.1 | 2271.4 | 2083.5 | 653.8 | 675.6 | |
| Balance sheet account (end of period) | |||||||||||
| Line 80 | Total assets | FL212000095 | 14304.6 | 14986.5 | 15579.3 | 16392.5 | 18495.1 | 20192.4 | 20829.1 | 21553.6 | |
| Line 81 | Nonfinancial assets(4) | LM212010095 | 10984.6 | 11611.3 | 12064.3 | 12488.7 | 14037.8 | 15605.2 | 16021.3 | 16561.9 | |
| Line 82 | Structures | LM215015605 | 10595.4 | 11205.2 | 11649.0 | 12058.0 | 13575.1 | 15104.3 | 15495.0 | 16019.8 | |
| Line 83 | Equipment | LM215013265 | 248.2 | 255.0 | 257.8 | 264.7 | 285.9 | 310.9 | 324.1 | 324.0 | |
| Line 84 | Intellectual property products | LM215013765 | 140.9 | 151.1 | 157.4 | 166.0 | 176.8 | 190.0 | 202.2 | 218.2 | |
| Line 85 | Financial assets | FL214090005 | 3320.0 | 3375.3 | 3515.1 | 3903.8 | 4457.3 | 4587.2 | 4807.8 | 4991.6 | |
| Line 86 | Currency and deposits | FL214000005 | 536.0 | 536.3 | 562.2 | 643.5 | 728.6 | 731.0 | 750.1 | 764.7 | |
| Line 87 | Currency and transferable deposits | FL213020005 | 140.6 | 132.9 | 139.1 | 229.9 | 345.7 | 360.5 | 375.8 | 390.7 | |
| Line 88 | Time and savings deposits | FL213030000 | 395.5 | 403.4 | 423.2 | 413.6 | 382.9 | 370.5 | 374.3 | 374.1 | |
| Line 89 | Debt securities | FL214022005 | 1583.9 | 1602.1 | 1645.7 | 1832.6 | 2255.5 | 2325.8 | 2473.0 | 2571.1 | |
| Line 90 | Open market paper | FL213069103 | 190.0 | 207.8 | 225.3 | 200.8 | 228.2 | 261.1 | 264.6 | 262.8 | |
| Line 91 | Treasury securities | FL213061103 | 574.6 | 584.5 | 610.3 | 876.2 | 1281.1 | 1331.5 | 1438.3 | 1514.3 | |
| Line 92 | Agency- and GSE-backed securities(2) | FL213061703 | 496.9 | 471.4 | 457.1 | 404.8 | 408.9 | 402.7 | 422.0 | 438.7 | |
| Line 93 | Municipal securities | FL213062003 | 34.0 | 36.9 | 39.0 | 42.5 | 41.3 | 41.7 | 45.1 | 47.3 | |
| Line 94 | Corporate and foreign bonds | FL213063003 | 288.4 | 301.6 | 314.0 | 308.3 | 296.1 | 288.7 | 303.0 | 308.0 | |
| Line 95 | Loans | FL214035005 | 466.9 | 446.0 | 469.6 | 566.1 | 573.6 | 564.3 | 537.6 | 560.0 | |
| Line 96 | Short-term | FL214041005 | 247.1 | 221.0 | 235.5 | 287.6 | 313.2 | 304.9 | 309.2 | 326.3 | |
| Line 97 | Long-term (mortgages) | FL213065005 | 219.8 | 225.0 | 234.1 | 278.5 | 260.3 | 259.4 | 228.4 | 233.7 | |
| Line 98 | Equity and investment fund shares | FL213081005 | 283.8 | 277.8 | 302.2 | 338.6 | 335.7 | 341.7 | 393.6 | 428.0 | |
| Line 99 | Corporate equities | LM213064103 | 116.8 | 117.7 | 120.4 | 131.2 | 123.0 | 124.3 | 134.4 | 140.8 | |
| Line 100 | Money market fund shares | FL213034003 | 21.9 | 19.8 | 26.5 | 40.2 | 55.5 | 65.3 | 72.0 | 81.9 | |
| Line 101 | Mutual fund shares | LM213064203 | 68.1 | 69.9 | 72.1 | 78.5 | 59.0 | 59.7 | 64.5 | 67.6 | |
| Line 102 | Hedge fund shares | LM213064703 | 70.5 | 64.0 | 74.1 | 77.5 | 83.7 | 76.9 | 100.7 | 111.3 | |
| Line 103 | Private debt fund shares | LM213064500 | 6.6 | 6.4 | 9.0 | 11.2 | 14.4 | 15.5 | 21.9 | 26.5 | |
| Line 104 | Other accounts receivable | FL213096005 | 449.4 | 513.1 | 535.4 | 523.1 | 563.9 | 624.4 | 653.6 | 667.8 | |
| Line 105 | Trade receivables | FL213070003 | 207.4 | 230.3 | 242.4 | 240.7 | 275.5 | 309.9 | 327.4 | 332.3 | |
| Line 106 | Taxes receivable | FL213078005 | 150.4 | 168.7 | 180.0 | 185.0 | 211.5 | 249.7 | 275.6 | 288.5 | |
| Line 107 | Other (miscellaneous assets) | FL213093005 | 91.6 | 114.2 | 113.1 | 97.5 | 76.9 | 64.8 | 50.6 | 47.0 | |
| Line 108 | Total liabilities and net worth | FL212100005 | 14304.6 | 14986.5 | 15579.3 | 16392.5 | 18495.1 | 20192.4 | 20829.1 | 21553.6 | |
| Line 109 | Liabilities | FL214190005 | 8280.1 | 8757.0 | 8488.9 | 8419.0 | 8250.1 | 7864.0 | 7846.8 | 7895.7 | |
| Line 110 | Debt securities (municipals) | FL213162005 | 3160.1 | 3123.2 | 3125.6 | 3222.9 | 3295.0 | 3246.3 | 3269.8 | 3369.6 | |
| Line 111 | short-term | FL213162400 | 35.2 | 38.1 | 44.8 | 46.6 | 32.9 | 25.5 | 26.9 | 34.6 | |
| Line 112 | Other | FL213162200 | 3124.9 | 3085.2 | 3080.7 | 3176.3 | 3262.1 | 3220.8 | 3243.0 | 3334.9 | |
| Line 113 | Loans (short-term) | FL214141005 | 152.7 | 145.3 | 143.8 | 155.1 | 145.5 | 156.0 | 152.0 | 147.9 | |
| Line 114 | Insurance, pension and standardized guarantee schemes | FL223073045 | 4014.7 | 4488.2 | 4168.0 | 3935.8 | 3646.0 | 3231.6 | 3125.6 | 3005.9 | |
| Line 115 | Other accounts payable (trade payables) | FL213170003 | 952.6 | 1000.3 | 1051.6 | 1105.2 | 1163.7 | 1230.1 | 1299.4 | 1372.3 | |
| Line 116 | Net worth | FL212090095 | 6024.4 | 6229.6 | 7090.4 | 7973.5 | 10244.9 | 12328.5 | 12982.3 | 13657.9 | |
Notes:
- The state and local government sector excludes state and local government employee pension 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: September 11, 2026