F.4.f Net Fixed Investment
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Description Series code 2019 2020 2021 2022 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 Line
All domestic sectors; structures, equipment, and intellectual property products, current cost basis FA885015005 1048.9 911.5 1108.0 1045.9 1129.3 1061.4 1018.9 974.2 968.7 1
All domestic sectors; gross fixed investment, structures, current cost basis FA885019665 598.4 595.6 671.2 598.6 683.8 626.9 560.8 522.8 517.6 2
All domestic sectors; gross fixed investment, equipment, current cost basis FA885019265 212.1 62.9 141.8 133.2 140.4 122.7 140.1 129.5 106.2 3
All domestic sectors; nonresidential intellectual property products, current cost basis FA885013765 196.3 209.7 262.3 281.4 272.4 279.0 285.1 289.0 312.0 4
All domestic sectors; nonresidential software, current cost basis FA885013365 63.6 67.5 86.2 89.3 86.4 85.4 93.3 91.9 105.1 5
All domestic sectors; nonresidential research and development, current cost basis FA885013465 121.6 137.6 172.5 179.4 178.8 181.3 176.2 181.3 188.7 6
Private domestic sectors; nonresidential entertainment, literary, and artistic originals, current cost basis FA835013565 11.2 4.5 3.7 12.7 7.2 12.3 15.6 15.8 18.2 7
Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (1) FA105013893 42.1 43.0 31.3 31.3 31.3 31.3 31.3 31.3 31.3 8
All domestic sectors; structures, equipment, and intellectual property products, current cost basis FA885015005 1048.9 911.5 1108.0 1045.9 1129.3 1061.4 1018.9 974.2 968.7 9
Households and nonprofit organizations; structures, equipment, and intellectual property products, current cost basis (NIPA basis) FA155015005 286.0 324.8 441.9 371.2 465.6 409.8 335.2 274.1 271.5 10
Nonfinancial corporate business; structures, equipment, and intellectual property products, current cost basis (includes used car premium and REITs residential structures) (2) FA105015085 457.8 291.8 370.0 430.6 402.0 418.4 444.2 457.9 444.3 11
Nonfinancial noncorporate business; structures, equipment, and intellectual property products, current cost basis (NIPA basis) FA115015005 82.3 80.0 99.1 79.4 96.0 84.8 73.7 63.2 62.3 12
Federal government; nonfinancial assets (does not include land) FA315015005 26.7 46.2 39.7 30.1 31.3 28.8 27.8 32.5 35.2 13
State and local governments; net fixed investment (NIPA basis) FA215015005 137.9 138.4 120.2 110.5 106.8 98.9 114.7 121.7 130.1 14
Domestic financial sectors; capital formation, net (IMA) (3) FA795015085 58.2 30.3 37.1 24.1 27.6 20.6 23.4 24.9 25.3 15
Monetary authority; nonresidential structures, equipment, and intellectual property products, current cost basis FA715013865 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16
Private depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis FA705013865 28.8 14.3 15.3 1.8 4.7 -0.1 0.6 2.1 4.2 17
U.S.-chartered depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis FA765013865 21.7 10.7 11.4 -2.3 0.6 -4.1 -3.6 -2.1 -0.1 18
Foreign banking offices in the U.S.; nonresidential structures, equipment, and intellectual property products, current cost basis FA755013865 3.3 1.7 1.9 2.0 2.0 1.9 2.0 2.1 2.1 19
Banks in U.S.-affiliated areas; nonresidential structures, equipment, and intellectual property products, current cost basis FA745013865 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 20
Credit unions; nonresidential structures, equipment, and intellectual property products, current cost basis FA475013865 3.6 1.8 1.9 2.1 2.0 2.0 2.1 2.2 2.2 21
Property-casualty insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis FA515013865 4.1 6.9 7.5 8.1 7.9 7.8 8.3 8.3 8.5 22
Life insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis FA545013865 4.0 6.4 7.2 7.7 7.6 7.6 7.8 7.9 8.0 23
Private pension funds; nonresidential structures, equipment, and intellectual property products, current cost basis FA575013865 -0.1 -0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 24
State and local government employee retirement funds; nonresidential structures, equipment, and intellectual property products, current cost basis FA225013865 -0.1 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 25
Government-sponsored enterprises; nonresidential structures, equipment, and intellectual property products, current cost basis FA405013865 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26
Issuers of asset-backed securities; consumer leases FA675013263 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27
Finance companies; nonresidential structures, equipment, and intellectual property products excluding securitized equipment, current cost basis FA615013865 3.2 -17.9 -13.8 -15.8 -14.6 -15.9 -15.9 -16.7 -19.1 28
Real estate investment trusts; nonresidential structures, equipment, and intellectual property products, current cost basis (2) FA125013865 4.7 7.0 6.9 7.4 7.2 7.0 7.4 7.9 8.2 29
Security brokers and dealers; nonresidential structures, equipment, and intellectual property products, current cost basis FA665013865 13.3 16.1 14.7 15.9 15.5 15.5 16.2 16.5 16.8 30
Holding companies; nonresidential structures, equipment, and intellectual property products, current cost basis FA735013865 0.4 -2.3 -0.6 -0.9 -0.7 -1.1 -0.9 -1.0 -1.2 31
Eqtuity real estate investment trusts; residential structures, current cost basis (2) FA125012665 3.9 -0.4 5.2 -1.6 -2.6 2.0 -2.3 -3.6 -2.0 32
Households and nonprofit organizations; consumer durable goods, current cost basis (4) FA155111005 256.0 337.5 554.8 495.7 553.0 500.7 486.8 442.3 507.8 33

NOTES

  1. Included in nonfinancial corporate business sector gross fixed investment, line 11.
  2. Equity REIT net 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.
  3. Domestic financial subsector detail, including REITs, are based on FRB staff estimates.
  4. 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: June 8, 2023