Financial Accounts of the United States - Z.1
F.4.f Net fixed investment
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Net fixed investment (by type) | FA885015005 | 1374.6 | 1458.4 | 1488.3 | 1477.9 | 1427.5 | 1491.5 | 1514.6 | 1482.5 | 1464.5 |
| Line 2 | Structures | FA885019665 | 811.8 | 887.2 | 803.4 | 874.6 | 870.1 | 860.5 | 822.7 | 780.1 | 750.5 |
| Line 3 | Equipment | FA885019265 | 135.4 | 161.0 | 240.6 | 187.6 | 151.4 | 219.1 | 248.7 | 249.0 | 245.7 |
| Line 4 | Intellectual Property Products | FA885013765 | 359.8 | 334.1 | 367.8 | 339.7 | 330.1 | 335.8 | 366.9 | 376.9 | 391.6 |
| Line 5 | Software | FA885013365 | 115.1 | 107.5 | 139.5 | 113.3 | 111.9 | 123.6 | 139.8 | 145.6 | 149.0 |
| Line 6 | Research and development | FA885013465 | 234.4 | 218.3 | 224.7 | 218.8 | 211.5 | 206.3 | 222.0 | 228.8 | 241.9 |
| Line 7 | Entertainment, literary, and artistic originals | FA835013565 | 10.3 | 8.3 | 3.6 | 7.5 | 6.7 | 5.9 | 5.1 | 2.5 | 0.7 |
| Line 8 | Miscellaneous adjustments1 | FA105013893 | 67.6 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 |
| Line 9 | Miscellaneous government adjustments2 | FA365015095 | -0.0 | 12.9 | 13.3 | 12.9 | 12.9 | 13.1 | 13.2 | 13.4 | 13.6 |
| Line 10 | Net fixed investment (by sector) | FA885015005 | 1374.6 | 1458.4 | 1488.3 | 1477.9 | 1427.5 | 1491.5 | 1514.6 | 1482.5 | 1464.5 |
| Line 11 | Households and nonprofit organizations | FA155015005 | 347.4 | 399.0 | 398.1 | 385.5 | 406.5 | 411.3 | 402.4 | 389.5 | 389.1 |
| Line 12 | Nonfinancial corporate business | FA105015085 | 655.9 | 639.9 | 647.1 | 662.6 | 595.9 | 630.8 | 656.0 | 650.4 | 651.2 |
| Line 13 | Nonfinancial noncorporate business | FA115015005 | 131.1 | 124.8 | 109.2 | 121.6 | 115.6 | 123.7 | 116.7 | 103.5 | 93.0 |
| Line 14 | Federal government | FA315015005 | 50.8 | 57.6 | 53.3 | 65.1 | 61.9 | 59.5 | 56.0 | 52.3 | 45.3 |
| Line 15 | State and local governments | FA215015005 | 154.1 | 187.9 | 206.7 | 191.1 | 197.8 | 200.4 | 208.3 | 208.3 | 209.7 |
| Line 16 | Domestic financial sectors3 | FA795015085 | 35.2 | 49.2 | 74.0 | 52.0 | 49.9 | 65.8 | 75.2 | 78.5 | 76.3 |
| Line 17 | Monetary authority | FA715013865 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.1 |
| Line 18 | Private depository institutions | FA705013865 | 15.4 | 18.1 | 35.8 | 19.4 | 21.6 | 30.4 | 34.4 | 39.1 | 39.5 |
| Line 19 | U.S.-chartered depository institutions | FA765013865 | 11.5 | 13.6 | 30.8 | 14.8 | 17.4 | 25.5 | 29.1 | 33.9 | 34.6 |
| Line 20 | Foreign banking offices in U.S. | FA755013865 | 2.0 | 2.1 | 2.4 | 2.2 | 2.0 | 2.3 | 2.5 | 2.4 | 2.3 |
| Line 21 | Banks in U.S.-affiliated areas | FA745013865 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 |
| Line 22 | Credit unions | FA475013865 | 1.9 | 2.3 | 2.6 | 2.4 | 2.2 | 2.5 | 2.7 | 2.6 | 2.5 |
| Line 23 | Property-casualty insurance companies | FA515013865 | 2.0 | 3.2 | 4.2 | 3.4 | 2.9 | 3.8 | 4.6 | 4.4 | 4.1 |
| Line 24 | Life insurance companies | FA545013865 | 5.5 | 6.4 | 7.3 | 6.5 | 6.1 | 6.8 | 7.6 | 7.6 | 7.4 |
| Line 25 | Private pension funds | FA575013865 | 1.8 | 1.7 | 1.7 | 1.7 | 1.6 | 1.7 | 1.7 | 1.7 | 1.7 |
| Line 26 | State and local government employee pension funds | FA225013865 | 5.0 | 4.7 | 4.5 | 4.7 | 4.6 | 4.6 | 4.6 | 4.5 | 4.5 |
| Line 27 | Government-sponsored enterprises | FA405013865 | -0.1 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | 0.0 | -0.0 | -0.0 |
| Line 28 | ABS issuers | FA675013263 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 29 | Finance companies | FA615013865 | -10.6 | -1.1 | 1.4 | -0.5 | -2.3 | 0.7 | 2.3 | 1.9 | 0.9 |
| Line 30 | Security brokers and dealers | FA665013865 | 16.8 | 16.1 | 18.2 | 16.5 | 15.7 | 17.3 | 18.7 | 18.6 | 18.2 |
| Line 31 | Holding companies | FA735013865 | -0.6 | 0.1 | 0.5 | 0.2 | -0.5 | 0.5 | 1.1 | 0.6 | -0.1 |
| Memo: | |||||||||||
| Line 32 | Consumer durable goods4 | FA155111005 | 328.4 | 344.6 | 402.5 | 343.4 | 392.9 | 419.2 | 420.4 | 395.1 | 375.2 |
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: 2026-03-19