Financial Accounts of the United States - Z.1
F.4.g Gross fixed investment1
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 | Gross fixed investment (by type) | FA885019005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 2 | Structures | FA885019065 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 3 | Equipment | FA885019025 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 4 | Intellectual Property Products | FA885013075 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 5 | Software | FA885013035 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 6 | Research and development | FA885013045 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 7 | Entertainment, literary, and artistic originals | FA835013051 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 8 | Miscellaneous adjustments2 | FA105013893 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 9 | Gross fixed investment (by sector) | FA885019005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 10 | Households and nonprofit organizations | FA155019005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 11 | Nonfinancial corporate business | FA105019085 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 12 | Nonfinancial noncorporate business | FA115019085 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 13 | Federal government | FA315019001 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 14 | State and local governments | FA215019001 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 15 | Domestic financial sectors3 | FA795013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 16 | Monetary authority | FA715013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 17 | Private depository institutions | FA705013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 18 | U.S.-chartered depository institutions | FA765013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 19 | Foreign banking offices in U.S. | FA755013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 20 | Banks in U.S.-affiliated areas | FA745013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 21 | Credit unions | FA475013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 22 | Property-casualty insurance companies | FA515013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 23 | Life insurance companies | FA545013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 24 | Private pension funds | FA575013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 25 | State and local government employee pension funds | FA225013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 26 | Government-sponsored enterprises | FA405013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 27 | ABS issuers | FA675013025 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 28 | Finance companies | FA615013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 29 | Security brokers and dealers | FA665013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 30 | Holding companies | FA735013005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Memo: | |||||||||||
| Line 31 | Consumer durable goods4 | FA155111003 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Line 32 | Inventories5 | FA145020005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Notes:
- Private gross fixed investment is from BEA, NIPA table 5.2.5. Structures is from BEA, NIPA table 5.4.5. Equipment is from BEA, NIPA table 5.5.5. Intellectual Property Products is from BEA, NIPA table 5.6.5. Government gross fixed investment is from BEA, NIPA table 3.9.5.
- Calculated as the difference between gross fixed investment in BEA's NIPA and gross fixed investment in BEA's fixed assets accounts (FAA); the latter are used to estimate stocks of fixed assets for balance sheets. For the minor definitional differences between the two estimates of gross fixed investment, see the BEA FAA web page https://apps.bea.gov/iTable/index_FA.cfm.
- 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, however, consumer durables are included in household sector fixed investment (table F.101, line 14).
- Inventories are not included above but are part of nonfinancial business gross investment (table F.4, lines 25 and 26).
Last Update: March 9, 2026