S.8.a State and Local Governments (1)
Billions of dollars
Description Series code 2014 2015 2016 2017 2018 2019 2020 2021 Line
State and local governments; gross value added (IMA) FA216902505 1573.5 1626.7 1661.1 1704.3 1777.4 1831.6 1860.5 1930.7 1
State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) FA216300001 246.3 251.4 256.4 266.2 280.5 293.7 302.8 325.2 2
State and local governments; net value added (IMA) FA216902605 1327.1 1375.3 1404.7 1438.1 1496.9 1537.9 1557.6 1605.4 3
State and local governments; compensation of employees paid (IMA) FA216025001 1331.0 1377.3 1407.7 1445.7 1504.9 1548.6 1574.5 1617.1 4
State and local governments; wages and salaries paid (IMA) FA216020001 912.9 945.3 971.7 1003.9 1044.2 1084.7 1112.7 ND 5
State and local governments; employers' social contributions paid (IMA) FA216401005 418.1 432.0 436.0 441.9 460.7 464.0 461.8 ND 6
State and local governments; operating surplus, net FA216402101 -3.9 -2.0 -3.0 -7.6 -8.0 -10.7 -16.8 -11.7 7
State and local governments; net national income/balance of primary incomes, net (IMA) FA216140005 921.1 945.0 972.0 1023.9 1097.8 1136.9 1160.6 1259.3 8
State and local governments; operating surplus, net FA216402101 -3.9 -2.0 -3.0 -7.6 -8.0 -10.7 -16.8 -11.7 9
State and local governments; taxes on production and imports, receivable (IMA) FA216240001 1104.5 1134.8 1175.1 1234.7 1298.1 1357.6 1376.6 1467.4 10
State and local governments; subsidies paid (with negative sign) (IMA) FA216402015 -0.5 -0.5 -0.5 -0.6 -0.6 -0.6 -0.6 -3.1 11
State and local governments; property income (received) FA216150195 83.2 81.5 83.1 88.2 94.3 96.8 96.4 98.5 12
State and local governments; interest received (IMA) FA216130101 65.3 64.9 66.6 71.4 77.4 78.2 76.8 78.4 13
State and local governments; dividends received (IMA) FA216121101 5.3 5.4 5.7 5.9 6.1 6.6 6.3 6.5 14
State and local governments; rents on land and natural resources received (IMA) FA216112101 12.7 11.2 10.8 10.9 10.9 12.0 13.3 13.6 15
State and local governments; interest paid (IMA) FA216130095 262.3 268.7 282.8 290.8 286.1 306.2 295.0 291.8 16
State and local governments; net national income/balance of primary incomes, net (IMA) FA216140005 921.1 945.0 972.0 1023.9 1097.8 1136.9 1160.6 1259.3 17
State and local governments; current taxes on income, wealth, etc. received (IMA) FA216220005 437.4 463.6 463.6 490.0 520.3 569.4 587.0 692.2 18
State and local governments; contributions for government social insurance received FA216601001 18.7 19.2 20.0 19.8 20.4 20.4 19.9 22.1 19
State and local governments; social contributions paid FA216404001 617.5 665.3 693.1 708.8 729.7 758.7 808.3 902.0 20
State and local governments; other current transfer received FA216403105 616.5 675.5 690.2 692.4 725.4 759.6 1033.5 1250.9 21
State and local governments; other current transfer payments to the rest of the world FA216403001 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22
State and local governments; disposable income, net (IMA) FA216012005 1376.1 1438.1 1452.7 1517.4 1634.2 1727.5 1992.7 2322.5 23
State and local governments; consumption expenditures FA216901001 1614.1 1653.8 1697.4 1748.0 1830.0 1876.5 1916.5 2045.4 24
State and local governments; net saving including net capital transfers paid FA216006095 -237.9 -215.8 -244.7 -230.6 -195.8 -149.0 76.1 277.1 25
State and local governments; net saving less net capital transfers paid FA216006395 -167.3 -146.0 -172.1 -158.6 -123.6 -75.1 158.8 361.9 26
State and local governments; net saving including net capital transfers paid FA216006095 -237.9 -215.8 -244.7 -230.6 -195.8 -149.0 76.1 277.1 27
State and local governments; net capital transfers paid FA215440005 -70.6 -69.8 -72.6 -72.0 -72.2 -73.9 -82.7 -84.8 28
State and local governments; capital formation, net (IMA) FA215050905 103.0 116.4 127.6 136.4 138.7 145.6 155.7 135.4 29
State and local governments; gross fixed investment (NIPA basis) FA215019001 338.8 356.0 371.1 388.3 403.0 422.5 441.2 442.3 30
State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) FA216300001 246.3 251.4 256.4 266.2 280.5 293.7 302.8 325.2 31
State and local governments; acquisition of nonproduced nonfinancial assets (net) FA215420003 10.6 11.9 12.9 14.3 16.1 16.8 17.3 18.4 32
State and local governments; net lending (+) or borrowing (-) (capital account) FA215000995 -270.3 -262.4 -299.7 -295.0 -262.2 -220.7 3.1 226.5 33
State and local governments; net lending (+) or borrowing (-) (capital account) FA215000995 -270.3 -262.4 -299.7 -295.0 -262.2 -220.7 3.1 226.5 34
State and local governments; total financial assets FA214090005 -46.3 76.7 171.2 85.7 68.9 31.3 351.6 544.9 35
State and local governments; total currency and deposits; asset FA214000005 28.4 5.5 14.1 11.7 0.3 25.9 81.3 84.5 36
State and local governments; checkable deposits and currency; asset FA213020005 16.8 -8.6 5.9 -2.5 -7.6 6.2 90.8 115.7 37
State and local governments; total time and savings deposits; asset FA213030000 11.6 14.2 8.2 14.1 7.9 19.8 -9.5 -31.2 38
State and local governments; debt securities; asset FA214022005 -73.3 26.7 105.7 56.1 8.9 35.7 219.8 332.4 39
State and local governments; commercial paper; asset FA213069103 -10.7 -3.3 0.5 4.2 0.5 -0.6 -0.4 4.0 40
State and local governments; Treasury securities, including SLGS; asset FA213061105 -4.2 16.8 72.3 17.7 -12.4 51.4 291.3 383.9 41
State and local governments; agency- and GSE-backed securities; asset (2) FA213061703 -49.2 -4.0 25.8 26.0 5.6 2.4 -71.4 -39.8 42
State and local governments; municipal securities; asset FA213062003 -1.5 0.5 1.0 0.5 0.5 -0.9 1.5 3.8 43
State and local governments; corporate and foreign bonds; asset FA213063003 -7.7 16.7 6.1 7.7 14.6 -16.6 -1.2 -19.5 44
State and local governments; total loans including security repurchase agreements; asset FA214035005 -4.5 17.4 19.3 23.3 3.2 -3.3 21.0 13.3 45
State and local governments; security repurchase agreements; asset FA212051003 -0.6 7.8 7.4 8.9 1.1 -1.3 15.7 10.0 46
State and local governments; total mortgages; asset FA213065005 -3.9 9.6 11.9 14.4 2.1 -1.9 5.3 3.3 47
State and local governments; equity and investment fund shares; asset (IMA) FA213081005 -3.9 -2.4 3.2 -1.9 -4.3 4.6 11.3 13.1 48
State and local governments; money market fund shares; asset FA213034003 -1.7 -0.2 5.4 0.3 -2.1 6.8 13.5 15.3 49
State and local governments; corporate equities; asset FA213064103 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 -3.4 50
State and local governments; mutual fund shares; asset FA213064203 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 51
State and local governments; other accounts receivable; asset (IMA) FA213096005 7.0 29.5 28.9 -3.5 60.8 -31.6 18.3 101.6 52
State and local governments; trade receivables; asset FA213070003 11.0 0.6 17.5 6.2 22.8 19.1 -12.9 31.5 53
State and local governments; taxes receivable; asset FA213078005 7.1 5.6 10.9 5.3 19.7 7.9 13.1 5.0 54
State and local governments; unidentified miscellaneous assets FA213093003 -11.2 23.3 0.6 -15.0 18.3 -58.7 18.1 65.1 55
State and local governments; total liabilities FA214190005 178.6 228.7 319.3 251.1 231.6 249.3 392.4 370.5 56
State and local governments; municipal securities; liability FA213162005 -29.0 14.7 31.2 -2.2 -40.6 -3.2 89.5 67.4 57
State and local governments; short-term municipal securities; liability FA213162400 -6.4 -5.9 -2.7 4.8 2.9 6.8 1.7 -13.7 58
State and local governments; long-term municipal securities; liability FA213162200 -22.6 20.7 33.9 -7.0 -43.5 -10.0 87.8 81.1 59
State and local governments; U.S. government loans; liability FA213169203 -43.0 0.1 0.3 0.5 1.1 1.0 1.0 0.5 60
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FA223073045 210.8 172.7 244.8 207.9 223.9 202.9 253.5 250.0 61
State and local governments; trade payables; liability FA213170003 39.8 41.2 43.1 45.0 47.3 48.6 48.4 52.6 62
State and local governments; net lending (+) or borrowing (-) (financial account) FA215000005 -224.9 -152.1 -148.1 -165.4 -162.7 -218.0 -40.8 174.4 63
State and local governments; total other volume changes (IMA) FV218090185 -68.9 3.2 75.6 69.4 25.8 72.2 -84.3 -174.1 64
State and local governments; nonfinancial assets (does not include land) FV212010095 0.0 0.0 0.0 -2.1 -0.2 0.0 0.0 -4.0 65
State and local governments; other volume changes (IMA) FV218090085 -114.3 -107.2 -75.9 -58.0 -73.6 69.5 -40.4 -117.9 66
State and local governments; statistical discrepancy (IMA) (3) FU217005045 -45.4 -110.4 -151.6 -129.6 -99.5 -2.7 43.9 52.1 67
State and local governments; nonfinancial assets (does not include land) FR212010095 159.4 89.8 212.1 338.5 477.5 307.4 268.8 1308.4 68
State and local governments; total residential and nonresidential structures FR215015605 156.1 91.1 209.1 334.1 469.3 306.5 261.0 1286.5 69
State and local governments; nonresidential equipment, current cost basis FR215013265 3.1 0.6 0.7 2.1 5.5 0.4 3.3 16.1 70
State and local governments; nonresidential intellectual property products, current cost basis FR215013765 0.3 -2.0 2.3 2.4 2.7 0.6 4.5 5.8 71
State and local governments; equity and investment fund shares; asset (IMA) FR213081005 17.3 -4.2 18.8 40.7 -19.3 63.5 52.0 73.7 72
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FR223073045 -157.7 109.9 -152.6 -463.1 217.3 -469.1 -501.3 -741.9 73
State and local governments; changes in net worth due to nominal holding gains/losses (IMA) FR218200005 334.5 -24.3 383.5 842.4 240.9 840.1 822.1 2124.0 74
State and local governments; net worth (IMA) FC212090095 98.3 -167.1 287.1 753.2 143.2 837.1 896.6 2311.9 75
State and local governments; total assets (does not include land) FL212000095 12876.0 13117.6 13625.5 14215.9 14840.2 15440.3 16290.6 18250.6 76
State and local governments; nonfinancial assets (does not include land) (4) LM212010095 9990.2 10184.5 10511.3 10969.8 11569.6 12005.7 12412.8 13834.2 77
State and local governments; total residential and nonresidential structures LM215015605 9626.6 9819.5 10137.6 10583.0 11164.9 11591.1 11980.6 13370.8 78
State and local governments; nonresidential equipment, current cost basis LM215013265 245.6 245.2 247.3 253.0 262.6 267.1 275.0 293.8 79
State and local governments; nonresidential intellectual property products, current cost basis LM215013765 118.0 119.8 126.4 133.9 142.1 147.5 157.2 169.5 80
State and local governments; total financial assets FL214090005 2885.8 2933.1 3114.2 3246.1 3270.6 3434.6 3877.8 4416.4 81
State and local governments; total currency and deposits; asset FL214000005 504.7 510.2 524.4 536.0 536.3 562.2 643.5 728.0 82
State and local governments; checkable deposits and currency; asset FL213020005 145.7 137.1 143.0 140.6 132.9 139.1 229.9 345.6 83
State and local governments; total time and savings deposits; asset FL213030000 359.0 373.2 381.3 395.5 403.4 423.2 413.6 382.4 84
State and local governments; debt securities; asset FL214022005 1389.7 1392.0 1489.2 1551.2 1535.2 1638.6 1898.1 2150.6 85
State and local governments; commercial paper; asset FL213069103 76.3 73.0 73.4 77.7 78.2 77.6 77.1 81.1 86
State and local governments; Treasury securities, including SLGS; asset FL213061105 646.5 653.8 717.3 735.0 713.2 793.1 1111.9 1437.4 87
State and local governments; agency- and GSE-backed securities; asset (2) FL213061703 473.0 463.6 486.7 514.7 518.4 539.3 466.5 417.4 88
State and local governments; municipal securities; asset FL213062003 14.5 15.0 15.8 16.7 16.8 16.7 18.6 22.2 89
State and local governments; corporate and foreign bonds; asset FL213063003 179.6 186.6 195.9 207.2 208.6 211.9 223.9 192.4 90
State and local governments; total loans including security repurchase agreements; asset FL214035005 362.2 378.8 397.7 420.5 423.5 420.1 441.0 454.2 91
State and local governments; security repurchase agreements; asset FL212051003 139.7 147.5 154.8 163.7 164.9 163.6 179.2 189.2 92
State and local governments; total mortgages; asset FL213065005 222.6 231.3 242.8 256.8 258.6 256.5 261.7 265.0 93
State and local governments; equity and investment fund shares; asset (IMA) FL213081005 240.8 234.2 256.3 295.1 271.5 339.6 402.8 489.6 94
State and local governments; money market fund shares; asset FL213034003 16.4 16.2 21.6 21.9 19.8 26.5 40.0 55.3 95
State and local governments; corporate equities; asset LM213064103 153.4 147.7 159.4 185.8 169.6 214.1 250.0 306.4 96
State and local governments; mutual fund shares; asset LM213064203 71.1 70.4 75.3 87.4 82.2 98.9 112.8 128.0 97
State and local governments; other accounts receivable; asset (IMA) FL213096005 388.3 417.8 446.7 443.2 504.0 474.1 492.4 594.0 98
State and local governments; trade receivables; asset FL213070003 183.1 183.7 201.2 207.4 230.2 249.3 236.5 268.0 99
State and local governments; taxes receivable; asset FL213078005 129.9 135.5 146.3 151.6 171.3 180.9 194.0 199.0 100
State and local governments; unidentified miscellaneous assets FL213093003 75.3 98.6 99.2 84.2 102.5 43.8 61.9 127.0 101
State and local governments; total liabilities and net worth (IMA) FL212100005 12876.0 13117.6 13625.5 14215.9 14840.2 15440.3 16290.6 18250.6 102
State and local governments; total liabilities FL214190005 7653.3 8062.0 8282.8 8120.0 8601.1 8364.0 8317.8 7965.9 103
State and local governments; municipal securities; liability FL213162005 3088.8 3103.5 3134.7 3132.5 3091.9 3088.7 3178.2 3245.6 104
State and local governments; short-term municipal securities; liability FL213162400 39.1 33.2 30.4 35.2 38.1 44.9 46.6 32.9 105
State and local governments; long-term municipal securities; liability FL213162200 3049.7 3070.4 3104.3 3097.3 3053.8 3043.8 3131.6 3212.7 106
State and local governments; U.S. government loans; liability FL213169203 18.1 18.2 18.5 18.9 20.1 21.1 22.1 22.6 107
State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset FL223073045 3722.7 4075.3 4221.6 4015.6 4488.9 4205.5 4020.3 3547.9 108
State and local governments; trade payables; liability FL213170003 823.7 864.8 907.9 952.9 1000.2 1048.8 1097.2 1149.8 109
State and local governments; net worth (IMA) FL212090095 5222.8 5055.6 5342.7 6095.9 6239.1 7076.3 7972.8 10284.7 110

NOTES

  1. The state and local government sector excludes state and local government employee retirement funds.
  2. 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.
  3. 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.
  4. Excludes land and nonproduced nonfinancial assets.
Last Update: September 9, 2022