Financial Accounts of the United States - Z.1
S.8.a State and local governments1
Billions of dollars
| Line | Description | Series | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current account | ||||||||||
| Line 1 | Gross value added | FA216902505 | 1782.5 | 1834.0 | 1889.8 | 1945.3 | 2028.2 | 2135.7 | 2270.1 | 2374.7 |
| Line 2 | Less: Consumption of fixed capital | FA216300001 | 285.2 | 299.0 | 307.2 | 331.0 | 372.0 | 395.2 | 410.4 | 431.7 |
| Line 3 | Equals: Net value added | FA216902605 | 1497.3 | 1535.1 | 1582.6 | 1614.3 | 1656.2 | 1740.5 | 1859.7 | 1943.0 |
| Line 4 | Compensation of employees (paid) | FA216025001 | 1505.2 | 1548.6 | 1590.9 | 1632.7 | 1676.4 | 1784.6 | 1905.3 | 1994.3 |
| Line 5 | Wages and salaries | FA216020001 | 1044.6 | 1084.9 | 1112.5 | 1151.5 | 1216.5 | 1299.9 | 1392.2 | |
| Line 6 | Employers' social contributions | FA216401005 | 460.6 | 463.7 | 478.4 | 481.2 | 459.8 | 484.7 | 513.1 | |
| Line 7 | Operating surplus, net | FA216402101 | -7.9 | -13.5 | -8.3 | -18.4 | -20.2 | -44.1 | -45.6 | -51.3 |
| Line 8 | Net national income/Balance of primary incomes, net | FA216140005 | 1092.4 | 1135.0 | 1159.3 | 1312.6 | 1475.7 | 1482.1 | 1568.3 | |
| Line 9 | Operating surplus, net | FA216402101 | -7.9 | -13.5 | -8.3 | -18.4 | -20.2 | -44.1 | -45.6 | -51.3 |
| Line 10 | Taxes on production and imports, receivable | FA216240001 | 1293.6 | 1358.7 | 1365.9 | 1519.5 | 1632.7 | 1684.0 | 1769.6 | 1845.3 |
| Line 11 | Subsidies (paid) | FA216402015 | -0.6 | -0.6 | -0.6 | -3.1 | -0.7 | -0.7 | -0.7 | -0.7 |
| Line 12 | Property income (received) | FA216150195 | 93.2 | 96.5 | 94.8 | 91.7 | 106.3 | 123.0 | 123.6 | |
| Line 13 | Interest | FA216130101 | 75.8 | 78.4 | 77.7 | 71.5 | 81.9 | 97.3 | 98.5 | |
| Line 14 | Distributed income of corporations (dividends) | FA216121101 | 6.0 | 6.5 | 6.2 | 6.3 | 6.6 | 6.9 | 6.8 | |
| Line 15 | Rents on land and natural resources | FA216112101 | 11.4 | 11.6 | 10.9 | 13.9 | 17.8 | 18.8 | 18.2 | |
| Line 16 | Less: Uses of property income (interest paid) | FA216130095 | 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 | 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 | 520.0 | 570.8 | 580.2 | 690.0 | 812.3 | 728.5 | 757.0 | |
| Line 19 | Plus: Social benefits (received) | FA216601001 | 20.4 | 20.7 | 20.0 | 22.3 | 23.2 | 22.0 | 26.9 | 29.3 |
| Line 20 | Less: Social contributions (paid) | FA216404001 | 731.1 | 762.7 | 815.7 | 907.7 | 1020.0 | 1065.8 | 1140.0 | 1217.4 |
| Line 21 | Plus: Other current transfers (received) | FA216403105 | 723.8 | 755.3 | 1030.4 | 1272.3 | 1135.0 | 1131.9 | 1159.4 | 1175.6 |
| 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 | 1625.5 | 1719.0 | 1974.3 | 2389.4 | 2426.1 | 2298.8 | 2371.7 | |
| Line 24 | Less: Final consumption expenditures | FA216901001 | 1825.3 | 1924.8 | 2021.4 | 2152.8 | 2333.0 | 2426.2 | 2550.4 | 2669.2 |
| Line 25 | Equals: Net saving | FA216006095 | -199.9 | -205.8 | -47.1 | 236.6 | 93.1 | -127.4 | -178.7 | |
| Capital account | ||||||||||
| Line 26 | Net saving less capital transfers | FA216006395 | -126.7 | -131.0 | 36.7 | 319.8 | 323.0 | -31.3 | -51.3 | |
| Line 27 | Net saving | FA216006095 | -199.9 | -205.8 | -47.1 | 236.6 | 93.1 | -127.4 | -178.7 | |
| Line 28 | Less: Capital transfers paid (net) | FA215440005 | -73.1 | -74.8 | -83.8 | -83.2 | -229.8 | -96.1 | -127.4 | -123.1 |
| Line 29 | Capital formation, net | FA215050905 | 150.1 | 159.1 | 162.2 | 136.7 | 130.6 | 173.7 | 208.9 | 229.2 |
| Line 30 | Gross fixed capital formation (acquisition of produced nonfinancial assets) | FA215019001 | 418.8 | 441.7 | 453.1 | 451.5 | 484.7 | 549.3 | 598.4 | 638.3 |
| Line 31 | Less: Consumption of fixed capital | FA216300001 | 285.2 | 299.0 | 307.2 | 331.0 | 372.0 | 395.2 | 410.4 | 431.7 |
| Line 32 | Acquisition of nonproduced nonfinancial assets | FA215420003 | 16.5 | 16.3 | 16.3 | 16.2 | 17.9 | 19.6 | 20.9 | 22.5 |
| Line 33 | Net lending (+) or borrowing (-), capital account (lines 26-29) | FA215000995 | -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 | -276.8 | -290.0 | -125.5 | 183.1 | 192.4 | -205.0 | -260.1 | |
| Line 35 | Net acquisition of financial assets | FA214090005 | 97.2 | 7.0 | 303.3 | 582.1 | 436.2 | 108.8 | 155.3 | 147.6 |
| Line 36 | Currency and deposits | FA214000005 | 0.3 | 25.9 | 81.3 | 85.1 | 2.4 | 19.0 | 14.8 | 21.2 |
| Line 37 | Currency and transferable deposits | FA213020005 | -7.6 | 6.2 | 90.8 | 115.9 | 14.8 | 15.2 | 15.0 | 41.5 |
| Line 38 | Time and savings deposits | FA213030000 | 7.9 | 19.8 | -9.5 | -30.8 | -12.4 | 3.8 | -0.2 | -20.3 |
| Line 39 | Debt securities | FA214022005 | 47.4 | -41.0 | 142.1 | 489.0 | 345.6 | 76.6 | 106.3 | 75.9 |
| Line 40 | Open market paper | FA213069103 | 17.9 | 17.5 | -24.5 | 27.4 | 33.0 | 3.4 | -0.2 | 32.4 |
| Line 41 | Treasury securities | FA213061103 | 18.0 | -4.1 | 241.3 | 447.6 | 231.3 | 66.3 | 85.4 | 24.4 |
| Line 42 | Agency- and GSE-backed securities2 | FA213061703 | -23.8 | -34.8 | -52.5 | 12.1 | 30.6 | 7.0 | 11.7 | 11.9 |
| Line 43 | Municipal securities | FA213062003 | 3.7 | 0.1 | 2.3 | -1.0 | 5.1 | 1.7 | 2.4 | 2.0 |
| Line 44 | Corporate and foreign bonds | FA213063003 | 31.6 | -19.6 | -24.5 | 2.9 | 45.6 | -1.8 | 6.9 | 5.2 |
| Line 45 | Loans | FA214035005 | -20.7 | 22.6 | 96.4 | 6.5 | -11.1 | -28.2 | 21.3 | 10.0 |
| Line 46 | Short term | FA212051003 | 0.1 | 1.8 | 13.9 | 30.6 | -0.5 | 11.1 | 8.9 | 11.8 |
| Line 47 | Long term (mortgages) | FA214023005 | -20.8 | 20.8 | 82.5 | -24.1 | -10.7 | -39.3 | 12.4 | -1.7 |
| Line 48 | Equity and investment fund shares | FA213081005 | 13.1 | -34.2 | -9.4 | -47.9 | 45.9 | -17.0 | -16.5 | -9.3 |
| Line 49 | Money market fund shares | FA213034003 | -2.1 | 6.8 | 13.7 | 15.3 | 9.8 | 6.8 | 9.9 | 10.7 |
| Line 50 | Corporate equities | FA213064103 | 8.4 | -29.8 | -18.2 | -35.7 | 25.2 | -19.4 | -22.0 | -14.9 |
| Line 51 | Mutual fund shares | FA213064203 | 6.8 | -11.1 | -4.9 | -27.6 | 10.9 | -4.4 | -4.4 | -5.0 |
| Line 52 | Other accounts receivable | FA213096005 | 57.1 | 33.6 | -7.0 | 49.4 | 53.5 | 58.4 | 29.5 | 49.7 |
| Line 53 | Trade receivables | FA213070003 | 22.9 | 12.1 | -1.7 | 34.9 | 34.4 | 19.7 | 9.1 | 32.8 |
| Line 54 | Taxes receivable | FA213078005 | 18.3 | 11.2 | 5.0 | 26.5 | 38.3 | 24.2 | 9.7 | 7.4 |
| Line 55 | Other (miscellaneous assets) | FA213093003 | 15.9 | 10.2 | -10.3 | -12.0 | -19.1 | 14.5 | 10.6 | 9.5 |
| Line 56 | Net incurrence of liabilities | FA214190005 | 227.0 | 310.7 | 427.1 | 381.2 | 273.5 | 342.1 | 428.3 | 502.0 |
| Line 57 | Debt securities (municipals) | FA213162005 | -37.8 | 1.5 | 96.7 | 71.7 | -50.6 | 23.6 | 98.5 | 157.3 |
| Line 58 | Short term | FA213162400 | 2.9 | 6.8 | 1.7 | -13.7 | -7.5 | 1.4 | 7.5 | 4.1 |
| Line 59 | Other | FA213162200 | -40.6 | -5.3 | 95.0 | 85.4 | -43.1 | 22.1 | 90.9 | 153.2 |
| Line 60 | Loans | FA214141005 | -6.1 | -0.5 | 10.5 | -6.4 | 9.7 | -6.6 | -4.6 | 9.8 |
| Line 61 | Insurance, pension and standardized guarantee schemes | FA223073045 | 223.2 | 258.4 | 266.3 | 257.4 | 248.0 | 255.7 | 261.6 | 258.6 |
| Line 62 | Other accounts payable (trade payables) | FA213170003 | 47.7 | 51.4 | 53.6 | 58.4 | 66.4 | 69.4 | 72.9 | 76.4 |
| Addendum: | ||||||||||
| Line 63 | Net lending (+) or borrowing (-), financial account (lines 35-56) | FA215000005 | -129.8 | -303.6 | -123.8 | 200.8 | 162.7 | -233.2 | -273.0 | -354.5 |
| Other changes in volume account | ||||||||||
| Line 64 | Total other volume changes | FV218090185 | 81.7 | -38.8 | -58.1 | -111.4 | 1121.2 | -208.5 | -131.3 | |
| Line 65 | Disaster losses | FV212010095 | -0.2 | 0.0 | 0.0 | -4.0 | -3.0 | 0.0 | -5.0 | -11.0 |
| Line 66 | Other volume changes | FV218090085 | -65.1 | -25.2 | -59.8 | -125.2 | 1153.9 | -180.3 | -113.5 | -37.8 |
| Line 67 | Less: Statistical discrepancy (lines 33-63)3 | FU217005045 | -147.0 | 13.6 | -1.7 | -17.8 | 29.7 | 28.3 | 12.8 | |
| Revaluation account | ||||||||||
| Line 68 | Nonfinancial assets | FR212010095 | 493.2 | 310.3 | 278.4 | 1432.3 | 1457.6 | 262.0 | 370.7 | 615.2 |
| Line 69 | Structures | FR215015605 | 486.2 | 309.9 | 273.3 | 1411.1 | 1432.4 | 249.1 | 353.6 | 602.4 |
| Line 70 | Equipment | FR215013265 | 4.5 | 0.5 | 2.7 | 18.1 | 21.4 | 9.5 | 10.3 | 9.2 |
| Line 71 | Intellectual property products | FR215013765 | 2.5 | -0.1 | 2.4 | 3.1 | 3.8 | 3.4 | 6.7 | 3.6 |
| Line 72 | Financial assets | FR214090005 | -42.2 | 118.4 | 82.7 | -41.6 | -330.5 | 90.7 | 16.5 | 106.3 |
| Line 73 | Debt securities | FR214022005 | -29.7 | 74.0 | 42.8 | -76.4 | -294.7 | 53.5 | -18.3 | 75.6 |
| Line 74 | Equity and investment fund shares | FR213081005 | -12.5 | 44.4 | 40.0 | 34.8 | -35.9 | 37.1 | 34.8 | 30.7 |
| Line 75 | Liabilities (claim of pension funds on sponsor) | FR223073045 | 201.9 | -587.3 | -542.0 | -675.2 | 570.4 | -445.7 | -500.3 | -705.8 |
| Line 76 | Changes in net worth due to nominal holding gains/losses | FR212090095 | 249.1 | 1016.0 | 903.2 | 2065.9 | 556.7 | 798.4 | 887.5 | 1427.3 |
| Changes in balance sheet account | ||||||||||
| Line 77 | Change in net worth (lines 29+33+64+76) | FC212090095 | 204.1 | 846.2 | 881.7 | 2274.3 | 2000.9 | 558.5 | 705.0 | 1253.3 |
| Balance sheet account (end of period) | ||||||||||
| Line 78 | Total assets | FL212000095 | 15001.8 | 15580.1 | 16390.5 | 18480.0 | 20153.0 | 20768.5 | 21480.9 | 22532.1 |
| Line 79 | Nonfinancial assets4 | LM212010095 | 11611.3 | 12064.3 | 12488.7 | 14037.8 | 15605.2 | 16021.3 | 16561.9 | 17359.3 |
| Line 80 | Structures | LM215015605 | 11205.2 | 11649.0 | 12058.0 | 13575.1 | 15104.3 | 15495.0 | 16019.8 | 16802.0 |
| Line 81 | Equipment | LM215013265 | 255.0 | 257.8 | 264.7 | 285.9 | 310.9 | 324.1 | 324.0 | 323.7 |
| Line 82 | Intellectual property products | LM215013765 | 151.1 | 157.4 | 166.0 | 176.8 | 190.0 | 202.2 | 218.2 | 233.6 |
| Line 83 | Financial assets | FL214090005 | 3390.6 | 3515.8 | 3901.8 | 4442.2 | 4547.7 | 4747.2 | 4918.9 | 5172.8 |
| Line 84 | Currency and deposits | FL214000005 | 536.3 | 562.2 | 643.5 | 728.6 | 731.0 | 750.0 | 764.7 | 785.9 |
| Line 85 | Currency and transferable deposits | FL213020005 | 132.9 | 139.1 | 229.9 | 345.7 | 360.5 | 375.7 | 390.7 | 432.1 |
| Line 86 | Time and savings deposits | FL213030000 | 403.4 | 423.2 | 413.6 | 382.9 | 370.5 | 374.3 | 374.1 | 353.8 |
| Line 87 | Debt securities | FL214022005 | 1613.2 | 1646.2 | 1831.1 | 2243.7 | 2294.6 | 2424.8 | 2512.8 | 2664.4 |
| Line 88 | Open market paper | FL213069103 | 207.8 | 225.3 | 200.8 | 228.2 | 261.1 | 264.6 | 264.4 | 296.8 |
| Line 89 | Treasury securities | FL213061103 | 589.1 | 610.5 | 875.4 | 1273.6 | 1311.4 | 1406.9 | 1475.1 | 1553.3 |
| Line 90 | Agency- and GSE-backed securities2 | FL213061703 | 475.1 | 457.3 | 404.4 | 406.5 | 396.6 | 412.8 | 427.3 | 450.0 |
| Line 91 | Municipal securities | FL213062003 | 37.2 | 39.0 | 42.5 | 41.1 | 41.1 | 44.1 | 46.0 | 48.5 |
| Line 92 | Corporate and foreign bonds | FL213063003 | 304.0 | 314.1 | 308.0 | 294.4 | 284.4 | 296.4 | 300.0 | 315.9 |
| Line 93 | Loans | FL214035005 | 447.2 | 469.7 | 565.9 | 572.4 | 561.2 | 532.9 | 554.1 | 564.0 |
| Line 94 | Short term | FL212051003 | 156.0 | 157.8 | 171.7 | 202.3 | 201.9 | 212.9 | 221.8 | 233.6 |
| Line 95 | Long term (mortgages) | FL214023005 | 291.2 | 311.9 | 394.2 | 370.0 | 359.3 | 319.9 | 332.3 | 330.5 |
| Line 96 | Equity and investment fund shares | FL213081005 | 208.9 | 219.1 | 249.7 | 236.5 | 246.5 | 266.6 | 284.9 | 306.3 |
| Line 97 | Money market fund shares | FL213034003 | 19.8 | 26.5 | 40.2 | 55.5 | 65.3 | 72.0 | 81.9 | 92.6 |
| Line 98 | Corporate equities | LM213064103 | 118.7 | 120.4 | 131.0 | 122.3 | 122.5 | 131.5 | 137.1 | 144.4 |
| Line 99 | Mutual fund shares | LM213064203 | 70.4 | 72.1 | 78.5 | 58.7 | 58.8 | 63.1 | 65.8 | 69.3 |
| Line 100 | Other accounts receivable | FL213096005 | 585.0 | 618.6 | 611.6 | 661.0 | 714.5 | 772.9 | 802.4 | 852.1 |
| Line 101 | Trade receivables | FL213070003 | 230.3 | 242.4 | 240.7 | 275.5 | 309.9 | 329.6 | 338.7 | 371.5 |
| Line 102 | Taxes receivable | FL213078005 | 168.7 | 180.0 | 185.0 | 211.5 | 249.7 | 274.0 | 283.7 | 291.1 |
| Line 103 | Other (miscellaneous assets) | FL213093003 | 186.0 | 196.3 | 186.0 | 174.0 | 154.9 | 169.4 | 180.0 | 189.5 |
| Line 104 | Total liabilities and net worth | FL212100005 | 15001.8 | 15580.1 | 16390.5 | 18480.0 | 20153.0 | 20768.5 | 21480.9 | 22532.1 |
| Line 105 | Liabilities | FL214190005 | 8744.4 | 8476.4 | 8405.1 | 8220.3 | 7892.4 | 7949.4 | 7956.8 | 7754.8 |
| Line 106 | Debt securities (municipals) | FL213162005 | 3120.9 | 3122.4 | 3219.1 | 3290.8 | 3240.2 | 3263.8 | 3362.3 | 3519.6 |
| Line 107 | Short term | FL213162400 | 38.1 | 44.8 | 46.6 | 32.9 | 25.4 | 26.9 | 34.4 | 38.5 |
| Line 108 | Other | FL213162200 | 3082.8 | 3077.5 | 3172.5 | 3257.9 | 3214.8 | 3236.9 | 3327.8 | 3481.0 |
| Line 109 | Loans | FL214141005 | 135.0 | 134.5 | 145.0 | 138.6 | 148.4 | 141.8 | 137.2 | 146.9 |
| Line 110 | Insurance, pension and standardized guarantee schemes | FL223073045 | 4488.2 | 4168.0 | 3935.8 | 3627.2 | 3273.8 | 3244.4 | 3085.1 | 2639.6 |
| Line 111 | Other accounts payable (trade payables) | FL213170003 | 1000.3 | 1051.6 | 1105.2 | 1163.7 | 1230.1 | 1299.4 | 1372.3 | 1448.7 |
| Line 112 | Net worth | FL212090095 | 6257.5 | 7103.6 | 7985.4 | 10259.7 | 12260.5 | 12819.1 | 13524.1 | 14777.3 |
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: 2026-03-19