F.4.g Gross Fixed Investment (1)
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; gross fixed investment FA885019005 4485.5 4489.3 4939.6 5330.7 5242.9 5303.5 5377.0 5399.3 5474.5 1
All domestic sectors; gross fixed investment, structures FA885019065 1838.9 1874.6 2060.1 2158.5 2179.8 2171.1 2148.0 2135.0 2159.1 2
All domestic sectors; gross fixed investment, equipment FA885019025 1341.7 1217.5 1349.0 1481.2 1434.7 1457.2 1511.3 1521.5 1523.8 3
All domestic sectors; gross fixed investment, nonresidential intellectual property products FA885013075 1262.6 1354.1 1499.1 1659.6 1597.0 1643.8 1686.3 1711.3 1760.2 4
All domestic sectors; gross fixed investment, nonresidential software FA885013035 491.4 527.5 584.7 646.5 621.4 637.0 660.1 667.4 691.1 5
All domestic sectors; gross fixed investment, nonresidential research and development FA885013045 679.2 738.6 823.9 903.0 875.0 898.1 911.5 927.5 948.4 6
Private domestic sectors; gross fixed investment, nonresidential entertainment, literary, and artistic originals FA835013051 92.0 88.0 90.5 110.1 100.6 108.7 114.6 116.4 120.7 7
Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (2) FA105013893 42.1 43.0 31.3 31.3 31.3 31.3 31.3 31.3 31.3 8
All domestic sectors; gross fixed investment FA885019005 4485.5 4489.3 4939.6 5330.7 5242.9 5303.5 5377.0 5399.3 5474.5 9
Households and nonprofit organizations; gross fixed investment excluding consumer durables FA155019005 886.5 955.7 1146.4 1171.5 1235.8 1204.4 1149.8 1095.9 1094.4 10
Nonfinancial corporate business; gross fixed capital formation with equity REIT residential structures (IMA) (3) FA105019085 2103.4 2001.0 2171.3 2436.2 2323.6 2400.4 2484.7 2536.0 2574.1 11
Nonfinancial noncorporate business; gross fixed investment (IMA) FA115019085 434.1 444.9 491.8 522.5 521.7 523.8 524.4 519.9 524.7 12
Federal government; gross fixed investment (NIPA basis) FA315019001 320.6 351.0 362.4 377.7 369.6 374.4 378.9 387.9 396.5 13
State and local governments; gross fixed investment (NIPA basis) FA215019001 430.5 439.6 444.6 479.4 459.7 464.5 490.0 503.4 517.9 14
Domestic financial sectors; gross fixed investment, nonresidential structures, equipment, and intellectual property products (4) FA795013005 310.4 297.1 323.1 343.4 332.5 335.9 349.2 356.2 367.1 15
Monetary authority; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA715013005 0.7 0.9 0.9 1.0 1.0 1.0 1.1 1.1 1.1 16
Private depository institutions; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA705013005 79.1 70.8 76.8 71.3 70.3 68.3 71.8 74.8 79.4 17
U.S.-chartered depository institutions; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA765013005 60.4 53.6 57.6 50.1 49.8 47.4 50.2 52.8 56.9 18
Foreign banking offices in the U.S.; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA755013005 8.8 8.2 9.3 10.3 9.9 10.1 10.5 10.6 10.9 19
Banks in U.S.-affiliated areas; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA745013005 0.3 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 20
Credit unions; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA475013005 9.6 8.7 9.7 10.7 10.3 10.5 10.9 11.1 11.4 21
Property-casualty insurance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA515013005 30.6 36.0 40.1 44.4 42.7 43.7 45.2 45.9 47.2 22
Life insurance companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA545013005 24.0 28.6 32.2 35.6 34.3 35.2 36.3 36.8 37.8 23
Private pension funds; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA575013005 0.2 0.3 0.3 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 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 25
Government-sponsored enterprises; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA405013005 0.8 0.4 0.5 0.5 0.5 0.5 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 81.2 59.1 63.8 70.7 68.3 69.5 72.2 72.8 73.1 28
Real estate investment trusts; gross fixed investment, nonresidential structures, equipment, and intellectual property products (3) FA125013005 12.0 14.7 15.4 16.9 16.2 16.4 17.0 17.7 18.3 29
Security brokers and dealers; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA665013005 40.2 46.4 49.6 54.8 52.8 53.9 55.8 56.8 58.3 30
Holding companies; gross fixed investment, nonresidential structures, equipment, and intellectual property products FA735013005 41.2 39.6 42.9 47.5 45.7 46.7 48.4 49.1 50.4 31
Real estate investment trusts; gross fixed investment, multifamily residential structures (3) FA125012063 7.1 2.8 7.6 1.9 1.9 4.9 -0.2 1.2 1.7 32
Households and nonprofit organizations; gross fixed investment, consumer durable goods (5) FA155111003 1409.6 1550.3 1918.6 2035.2 2033.7 2031.7 2044.8 2030.4 2104.2 33
Nonfinancial business; inventories (6) FA145020005 72.8 -55.8 -19.1 158.9 257.4 145.4 70.9 161.8 16.9 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 8, 2023