F.4.g Gross Fixed Investment (1)
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Description Series code 2018 2019 2020 2021 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 Line
All domestic sectors; gross fixed investment FA885019005 4281.7 4492.6 4478.9 4942.1 4813.1 4891.9 4967.9 5095.7 5278.7 1
All domestic sectors; gross fixed investment, structures FA885019065 1751.0 1826.9 1853.5 2015.6 1980.2 1987.1 2017.3 2077.7 2145.4 2
All domestic sectors; gross fixed investment, equipment FA885019025 1314.7 1364.4 1261.3 1424.4 1390.4 1417.5 1429.1 1460.5 1528.9 3
All domestic sectors; gross fixed investment, nonresidential intellectual property products FA885013075 1175.5 1258.7 1318.9 1457.0 1397.2 1442.1 1476.4 1512.3 1559.2 4
All domestic sectors; gross fixed investment, nonresidential software FA885013035 461.3 490.3 518.4 574.9 552.5 572.0 583.8 591.2 616.1 5
All domestic sectors; gross fixed investment, nonresidential research and development FA885013045 624.4 675.8 713.1 788.4 758.0 779.9 796.6 819.0 837.5 6
Private domestic sectors; gross fixed investment, nonresidential entertainment, literary, and artistic originals FA835013051 89.8 92.7 87.4 93.7 86.7 90.2 95.9 102.1 105.6 7
Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (2) FA105013893 40.3 42.4 45.0 45.0 45.0 45.0 45.0 45.0 45.0 8
All domestic sectors; gross fixed investment FA885019005 4281.7 4492.6 4478.9 4942.1 4813.1 4891.9 4967.9 5095.7 5278.7 9
Households and nonprofit organizations; gross fixed investment excluding consumer durables FA155019005 867.7 887.1 955.6 1117.7 1103.9 1094.9 1114.1 1157.9 1196.8 10
Nonfinancial corporate business; gross fixed capital formation with equity REIT residential structures (IMA) (3) FA105019085 2015.3 2118.5 2012.3 2218.9 2127.4 2202.3 2243.5 2302.3 2409.2 11
Nonfinancial noncorporate business; gross fixed investment (IMA) FA115019085 416.2 435.7 434.9 484.1 473.1 479.3 485.0 498.8 516.8 12
Federal government; gross fixed investment (NIPA basis) FA315019001 299.6 317.5 340.3 360.0 348.7 355.1 365.9 370.5 374.9 13
State and local governments; gross fixed investment (NIPA basis) FA215019001 403.0 422.5 441.2 442.3 442.2 437.3 442.3 447.4 450.3 14
Domestic financial sectors; gross fixed investment, nonresidential structures, equipment, and intellectual property products (4) FA795013005 279.8 311.4 294.6 319.2 317.8 322.8 317.2 318.9 330.6 15
Monetary authority; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA715013005 0.6 0.7 0.7 0.8 0.7 0.8 0.8 0.8 0.8 16
Private depository institutions; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA705013005 56.8 79.9 82.7 85.4 91.5 90.4 81.5 78.4 79.5 17
U.S.-chartered depository institutions; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA765013005 42.5 61.1 62.3 63.2 70.0 68.2 59.0 55.4 55.6 18
Foreign banking offices in the U.S.; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA755013005 5.8 8.9 9.8 10.7 10.3 10.6 10.8 11.0 11.5 19
Banks in U.S.-affiliated areas; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA745013005 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 20
Credit unions; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA475013005 8.4 9.7 10.4 11.3 10.9 11.2 11.4 11.6 12.1 21
Property-casualty insurance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA515013005 27.2 30.6 32.1 35.5 34.3 35.3 36.0 36.6 38.1 22
Life insurance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA545013005 20.6 23.5 24.8 27.5 26.5 27.3 27.8 28.3 29.5 23
Private pension funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA575013005 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 24
State and local government employee retirement funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA225013005 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 25
Government-sponsored enterprises; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA405013005 0.9 0.8 0.4 0.5 0.4 0.4 0.5 0.5 0.5 26
Issuers of asset-backed securities; gross fixed investment, nonresidential equipment FA675013025 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27
Finance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products excluding securitized equipment FA615013005 86.2 82.0 58.4 65.9 64.2 65.7 66.2 67.7 71.0 28
Real estate investment trusts; gross fixed investment, nonresidential structures, equipment, and intellectual property products (3) FA125013005 13.3 12.2 12.2 12.5 12.1 12.3 12.5 12.9 13.4 29
Security brokers and dealers; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA665013005 34.5 40.0 40.9 44.4 42.9 44.1 44.8 45.7 47.6 30
Holding companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA735013005 39.1 41.3 41.7 46.2 44.6 45.9 46.7 47.5 49.6 31
Real estate investment trusts; gross fixed investment, multifamily residential structures (3) FA125012063 3.5 7.1 2.8 7.6 1.9 11.1 6.5 10.8 2.6 32
Households and nonprofit organizations; gross fixed investment, consumer durable goods (5) FA155111003 1369.3 1413.4 1512.5 1895.9 1831.9 1957.6 1866.8 1927.3 1990.7 33
Nonfinancial business; inventories (6) FA145020005 58.7 73.6 -59.6 -19.9 -94.2 -174.3 -60.2 249.3 193.3 34

NOTES

  1. 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.
  2. 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 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.
  3. Equity REIT gross investment in residential structures is included with the nonfinancial corporate business sector, consistent with their treatment in the NIPAs. In the Financial Accounts, equity REIT investment in residential structures is included with the financial business sector.
  4. Domestic financial subsector detail, including REITs, are based on FRB staff estimates.
  5. 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).
  6. Inventories are not included above but are part of nonfinancial business gross investment (table F.4, lines 25 and 26).
Last Update: June 9, 2022