Financial Accounts of the United States - Z.1
F.107 State and Local Governments
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local governments; current receipts, NIPA basis | FA216010105 | 3690.1 | 3700.8 | 3854.8 | 3806.6 | 3806.2 | 3883.3 | 3923.1 | 3940.3 | 3993.8 | 1 |
| State and local governments; personal current taxes | FA216210001 | 638.5 | 594.3 | 641.4 | 609.5 | 630.0 | 655.5 | 670.5 | 677.6 | 691.2 | 2 |
| State and local governments; taxes on production and imports, receivable (IMA) | FA216240001 | 1648.6 | 1718.9 | 1789.8 | 1760.8 | 1782.3 | 1794.5 | 1821.7 | 1845.9 | 1871.3 | 3 |
| State and local governments; taxes on corporate income (accrual basis) | FA216231001 | 162.4 | 163.5 | 165.3 | 170.4 | 164.0 | 162.6 | 164.2 | 174.7 | 164.4 | 4 |
| State and local governments; contributions for government social insurance received | FA216601001 | 22.8 | 21.3 | 26.7 | 25.0 | 26.7 | 27.5 | 27.6 | 27.0 | 27.1 | 5 |
| State and local governments; property income (received) | FA216150105 | 93.6 | 97.7 | 97.3 | 97.8 | 97.2 | 97.0 | 97.1 | 98.0 | 98.9 | 6 |
| State and local governments; other current transfer received | FA216403105 | 1136.9 | 1135.0 | 1166.4 | 1175.3 | 1138.2 | 1178.1 | 1174.1 | 1149.7 | 1174.8 | 7 |
| State and local governments; operating surplus, net | FA216402101 | -12.7 | -29.9 | -32.1 | -32.2 | -32.2 | -32.0 | -32.0 | -32.5 | -33.9 | 8 |
| State and local governments; current expenditures | FA216900005 | 3601.8 | 3762.3 | 3917.3 | 3860.3 | 3899.8 | 3940.1 | 3969.1 | 4017.5 | 4059.6 | 9 |
| State and local governments; consumption expenditures | FA216901001 | 2333.7 | 2403.8 | 2510.8 | 2472.7 | 2495.7 | 2525.0 | 2549.9 | 2587.8 | 2604.9 | 10 |
| State and local governments; social contributions paid | FA216404001 | 1028.3 | 1081.2 | 1141.7 | 1113.5 | 1136.9 | 1154.0 | 1162.5 | 1176.2 | 1203.5 | 11 |
| 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 | 0.0 | 12 |
| State and local governments; interest paid (IMA) | FA216130001 | 239.1 | 276.7 | 264.0 | 273.5 | 266.4 | 260.4 | 255.9 | 252.7 | 250.5 | 13 |
| State and local governments; subsidies paid | FA216402001 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 14 |
| State and local governments; net saving including net capital transfers paid | FA216006005 | 88.3 | -61.6 | -62.5 | -53.8 | -93.5 | -56.7 | -45.9 | -77.1 | -65.7 | 15 |
| State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) | FA216300001 | 375.7 | 398.6 | 412.1 | 406.7 | 409.3 | 414.5 | 418.1 | 423.1 | 425.1 | 16 |
| State and local governments; net capital transfers paid (1) | FA215440005 | -229.9 | -96.3 | -125.0 | -100.0 | -102.1 | -107.1 | -190.8 | -118.1 | -110.0 | 17 |
| State and local governments; gross saving less net capital transfers paid | FA216000105 | 693.9 | 433.4 | 474.6 | 452.9 | 417.8 | 464.8 | 563.0 | 464.1 | 469.3 | 18 |
| State and local governments; gross investment | FA215090005 | 664.2 | 405.1 | 461.8 | 438.1 | 461.2 | 489.9 | 457.9 | 401.7 | 498.1 | 19 |
| State and local governments; gross fixed investment (NIPA basis) | FA215019001 | 479.1 | 544.1 | 611.2 | 598.0 | 605.1 | 616.6 | 625.1 | 633.7 | 645.8 | 20 |
| State and local governments; acquisition of nonproduced nonfinancial assets (net) | FA215420003 | 15.0 | 15.6 | 15.4 | 15.6 | 15.5 | 15.4 | 15.3 | 15.2 | 15.7 | 21 |
| State and local governments; net lending (+) or borrowing (-) (financial account) | FA215000005 | 170.1 | -154.6 | -164.8 | -175.5 | -159.4 | -142.1 | -182.5 | -247.3 | -163.3 | 22 |
| State and local governments; total financial assets | FA214090005 | 431.7 | 172.0 | 246.9 | 218.0 | 356.8 | 307.8 | 105.0 | 219.2 | 444.9 | 23 |
| State and local governments; checkable deposits and currency; asset | FA213020005 | 14.7 | 15.2 | 15.0 | 18.6 | -28.6 | 10.8 | 59.1 | 18.5 | -3.7 | 24 |
| State and local governments; total time and savings deposits; asset | FA213030000 | -12.4 | 3.8 | -0.2 | 37.2 | 4.5 | -22.7 | -19.9 | 21.0 | -5.5 | 25 |
| State and local governments; money market fund shares; asset | FA213034003 | 9.8 | 6.8 | 9.9 | 2.1 | 4.1 | 14.2 | 19.2 | 6.0 | 2.3 | 26 |
| State and local governments; security repurchase agreements; asset | FA212051003 | -0.7 | 17.2 | 16.1 | 9.8 | 22.4 | 48.5 | -16.2 | 21.1 | 32.8 | 27 |
| State and local governments; debt securities; asset | FA214022005 | 339.1 | 137.9 | 179.0 | 204.2 | 238.2 | 132.7 | 141.1 | 114.4 | 364.8 | 28 |
| State and local governments; commercial paper; asset | FA213069103 | 33.0 | 3.4 | -1.8 | 12.2 | -14.0 | 21.4 | -26.7 | 93.3 | 61.5 | 29 |
| State and local governments; Treasury securities, excluding SLGS; asset | FA213061103 | 226.8 | 106.1 | 134.5 | 180.4 | 165.5 | 56.4 | 135.8 | -13.1 | 205.5 | 30 |
| State and local governments; agency- and GSE-backed securities; asset | FA213061703 | 29.7 | 18.9 | 25.6 | 17.7 | 39.8 | 41.4 | 3.5 | 16.6 | 55.9 | 31 |
| State and local governments; municipal securities; asset | FA213062003 | 5.0 | 2.9 | 4.0 | 4.1 | 5.4 | 6.2 | 0.2 | 6.8 | 8.6 | 32 |
| State and local governments; corporate and foreign bonds; asset | FA213063003 | 44.7 | 6.6 | 16.7 | -10.3 | 41.5 | 7.3 | 28.4 | 10.7 | 33.3 | 33 |
| State and local governments; loans; asset | FA214023005 | -10.7 | -39.3 | 12.4 | 10.4 | 68.7 | 50.4 | -79.7 | -42.4 | 48.8 | 34 |
| State and local governments; total mortgages; asset | FA213065005 | -0.9 | -30.9 | 5.4 | 5.3 | 5.3 | 5.4 | 5.4 | 0.1 | 0.1 | 35 |
| State and local governments; State and local government series securities (MSPD); asset (2) | FA213069200 | -9.8 | -8.4 | 7.1 | 5.1 | 63.3 | 45.0 | -85.2 | -42.5 | 48.7 | 36 |
| State and local governments; corporate equities; asset | FA213064103 | 24.7 | -15.7 | -18.3 | -45.1 | -1.8 | -2.3 | -23.9 | 42.9 | -42.9 | 37 |
| State and local governments; mutual fund shares; asset | FA213064203 | 10.6 | -2.6 | -2.4 | -12.8 | 3.6 | 0.3 | -0.9 | 11.1 | -12.3 | 38 |
| State and local governments; trade receivables; asset | FA213070003 | 34.4 | 19.6 | 8.8 | -31.6 | 23.7 | 21.3 | 21.7 | 5.0 | 32.4 | 39 |
| State and local governments; taxes receivable; asset | FA213078005 | 41.2 | 9.6 | 10.0 | 3.4 | 3.9 | 15.3 | 17.6 | 4.6 | 1.7 | 40 |
| State and local governments; unidentified miscellaneous assets | FA213093003 | -19.1 | 19.3 | 16.6 | 21.8 | 18.2 | 39.4 | -13.2 | 17.1 | 26.6 | 41 |
| State and local governments; total liabilities | FA214190005 | 261.6 | 326.6 | 411.7 | 393.4 | 516.2 | 449.9 | 287.4 | 466.5 | 608.2 | 42 |
| State and local governments; municipal securities; liability | FA213162005 | -50.6 | 22.5 | 97.4 | 100.4 | 198.0 | 138.2 | -47.1 | 145.2 | 283.8 | 43 |
| State and local governments; short-term municipal securities; liability (3) | FA213162400 | -7.5 | 1.4 | 7.5 | 5.7 | 4.7 | 24.2 | -4.5 | -7.1 | 5.6 | 44 |
| State and local governments; long-term municipal securities; liability | FA213162200 | -43.1 | 21.1 | 89.9 | 94.7 | 193.3 | 114.0 | -42.6 | 152.3 | 278.2 | 45 |
| State and local governments; short-term loans; liability | FA214141005 | 9.7 | -6.6 | -4.6 | -23.7 | 1.1 | -6.1 | 10.2 | 1.4 | 4.5 | 46 |
| State and local governments; depository institution loans n.e.c.; liability | FA213168003 | 9.0 | -7.5 | -5.8 | -24.9 | -0.0 | -6.7 | 8.3 | 0.1 | 3.7 | 47 |
| State and local governments; U.S. government loans; liability | FA213169203 | 0.7 | 1.0 | 1.2 | 1.2 | 1.1 | 0.6 | 1.9 | 1.3 | 0.8 | 48 |
| State and local governments; trade payables; liability | FA213170003 | 65.7 | 68.3 | 72.0 | 71.1 | 71.5 | 72.3 | 72.9 | 74.1 | 74.6 | 49 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (4) | FA223073045 | 236.7 | 242.4 | 247.0 | 245.5 | 245.5 | 245.5 | 251.5 | 245.8 | 245.4 | 50 |
| State and local governments; sector discrepancy | FA217005005 | 29.7 | 28.3 | 12.8 | 14.8 | -43.4 | -25.1 | 105.1 | 62.4 | -28.8 | 51 |
NOTES
- Table F.5, line 65.
- State and Local Government Series (SLGS) nonmarketable Treasury securities classified as loans.
- Debt with original maturity of 13 months or less.
- Included in miscellaneous liabilities.
Last Update: September 11, 2025