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 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| State and local governments; current receipts, NIPA basis | FA216010105 | 3689.3 | 3645.3 | 3790.9 | 3743.1 | 3818.8 | 3858.9 | 3871.8 | 3923.6 | 3969.0 | 1 |
| State and local governments; personal current taxes | FA216210001 | 637.9 | 557.2 | 585.0 | 573.8 | 595.7 | 610.2 | 615.7 | 629.0 | 638.7 | 2 |
| State and local governments; taxes on production and imports, receivable (IMA) | FA216240001 | 1632.7 | 1684.0 | 1769.6 | 1763.2 | 1776.8 | 1798.1 | 1815.8 | 1832.5 | 1855.4 | 3 |
| State and local governments; taxes on corporate income (accrual basis) | FA216231001 | 174.4 | 171.3 | 172.0 | 170.6 | 170.1 | 174.2 | 184.4 | 183.0 | 166.7 | 4 |
| State and local governments; contributions for government social insurance received | FA216601001 | 23.2 | 22.0 | 26.9 | 26.6 | 27.6 | 28.3 | 28.6 | 29.0 | 29.5 | 5 |
| State and local governments; property income (received) | FA216150105 | 106.3 | 123.0 | 123.6 | 123.0 | 123.2 | 124.5 | 127.2 | 128.2 | 130.9 | 6 |
| State and local governments; other current transfer received | FA216403105 | 1135.0 | 1131.9 | 1159.4 | 1131.0 | 1170.9 | 1170.4 | 1147.5 | 1172.7 | 1200.1 | 7 |
| State and local governments; operating surplus, net | FA216402101 | -20.2 | -44.1 | -45.6 | -45.1 | -45.4 | -46.7 | -47.3 | -50.8 | -52.2 | 8 |
| State and local governments; current expenditures | FA216900005 | 3596.2 | 3772.7 | 3969.6 | 3951.2 | 3999.3 | 4026.1 | 4056.3 | 4112.1 | 4210.1 | 9 |
| State and local governments; consumption expenditures | FA216901001 | 2333.0 | 2426.2 | 2550.4 | 2537.1 | 2565.0 | 2585.6 | 2623.0 | 2644.3 | 2691.4 | 10 |
| State and local governments; social contributions paid | FA216404001 | 1020.0 | 1065.8 | 1140.0 | 1133.9 | 1156.9 | 1165.0 | 1158.5 | 1195.0 | 1248.8 | 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 | 242.5 | 280.1 | 278.5 | 279.5 | 276.6 | 274.7 | 274.1 | 272.1 | 269.2 | 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 | 93.1 | -127.4 | -178.7 | -208.1 | -180.4 | -167.2 | -184.6 | -188.6 | -241.1 | 15 |
| State and local governments; consumption of fixed capital, equipment, software, and structures, current cost basis (NIPA basis) | FA216300001 | 372.0 | 395.2 | 410.4 | 407.8 | 413.0 | 417.3 | 422.4 | 427.9 | 434.8 | 16 |
| State and local governments; net capital transfers paid (1) | FA215440005 | -229.8 | -96.1 | -127.4 | -105.7 | -109.0 | -194.1 | -121.3 | -113.4 | -115.7 | 17 |
| State and local governments; gross saving less net capital transfers paid | FA216000105 | 695.0 | 363.9 | 359.2 | 305.4 | 341.5 | 444.3 | 359.2 | 352.7 | 309.4 | 18 |
| State and local governments; gross investment | FA215090005 | 665.3 | 335.6 | 346.3 | 348.8 | 366.6 | 339.3 | 296.8 | 381.5 | 277.8 | 19 |
| State and local governments; gross fixed investment (NIPA basis) | FA215019001 | 484.7 | 549.3 | 598.4 | 590.5 | 604.0 | 615.1 | 622.8 | 636.2 | 643.0 | 20 |
| State and local governments; acquisition of nonproduced nonfinancial assets (net) | FA215420003 | 17.9 | 19.6 | 20.9 | 20.7 | 21.1 | 21.5 | 21.9 | 22.3 | 22.7 | 21 |
| State and local governments; net lending (+) or borrowing (-) (financial account) | FA215000005 | 162.7 | -233.2 | -273.0 | -262.5 | -258.5 | -297.3 | -347.9 | -277.0 | -388.0 | 22 |
| State and local governments; total financial assets | FA214090005 | 436.5 | 108.6 | 155.7 | 268.8 | 206.0 | 12.4 | 155.0 | 357.1 | 146.1 | 23 |
| State and local governments; checkable deposits and currency; asset | FA213020005 | 14.8 | 15.2 | 15.0 | -28.6 | 10.8 | 59.1 | 30.2 | -4.0 | 8.9 | 24 |
| State and local governments; total time and savings deposits; asset | FA213030000 | -12.4 | 3.8 | -0.2 | 4.5 | -22.7 | -19.9 | 10.7 | -5.0 | -47.4 | 25 |
| State and local governments; money market fund shares; asset | FA213034003 | 9.8 | 6.8 | 9.9 | 4.1 | 14.2 | 19.2 | 6.0 | 2.3 | 14.2 | 26 |
| State and local governments; security repurchase agreements; asset | FA212051003 | -0.4 | 12.2 | 8.9 | 15.6 | 39.2 | -22.7 | 12.6 | 26.0 | 25.1 | 27 |
| State and local governments; debt securities; asset | FA214022005 | 341.3 | 87.9 | 106.2 | 168.2 | 52.8 | 66.0 | 38.6 | 292.8 | 118.5 | 28 |
| State and local governments; commercial paper; asset | FA213069103 | 33.0 | 3.4 | -0.2 | -14.0 | 21.4 | -20.3 | 92.9 | 56.4 | -44.7 | 29 |
| State and local governments; Treasury securities, excluding SLGS; asset | FA213061103 | 228.2 | 73.5 | 85.2 | 119.6 | 4.7 | 81.1 | -61.1 | 161.2 | 109.6 | 30 |
| State and local governments; agency- and GSE-backed securities; asset | FA213061703 | 30.2 | 9.3 | 11.7 | 26.7 | 25.4 | -10.7 | 1.6 | 43.3 | 38.7 | 31 |
| State and local governments; municipal securities; asset | FA213062003 | 5.0 | 1.9 | 2.4 | 3.9 | 4.4 | -1.4 | 4.9 | 7.0 | 0.9 | 32 |
| State and local governments; corporate and foreign bonds; asset | FA213063003 | 45.0 | -0.2 | 7.0 | 31.9 | -3.0 | 17.3 | 0.2 | 24.8 | 14.1 | 33 |
| State and local governments; loans; asset | FA214023005 | -10.7 | -39.3 | 12.4 | 68.7 | 50.4 | -79.7 | -42.4 | 48.8 | -11.7 | 34 |
| State and local governments; total mortgages; asset | FA213065005 | -0.9 | -30.9 | 5.4 | 5.3 | 5.4 | 5.4 | 0.1 | 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 | 63.3 | 45.0 | -85.1 | -42.5 | 48.7 | -11.8 | 36 |
| State and local governments; corporate equities; asset | FA213064103 | 24.8 | -18.5 | -21.9 | -5.5 | -6.9 | -27.3 | 36.0 | -43.2 | -29.4 | 37 |
| State and local governments; mutual fund shares; asset | FA213064203 | 10.7 | -4.0 | -4.4 | 1.7 | -1.9 | -3.0 | 8.3 | -13.0 | -6.6 | 38 |
| State and local governments; trade receivables; asset | FA213070003 | 34.4 | 19.6 | 9.1 | 23.7 | 23.0 | 21.5 | 40.1 | 29.6 | 36.8 | 39 |
| State and local governments; taxes receivable; asset | FA213078005 | 43.1 | 9.6 | 10.0 | 3.9 | 15.3 | 17.6 | 4.6 | 1.7 | 17.4 | 40 |
| State and local governments; unidentified miscellaneous assets | FA213093003 | -18.8 | 15.3 | 10.6 | 12.7 | 31.8 | -18.4 | 10.2 | 21.1 | 20.3 | 41 |
| State and local governments; total liabilities | FA214190005 | 273.8 | 341.8 | 428.7 | 531.3 | 464.5 | 309.7 | 502.8 | 634.1 | 534.1 | 42 |
| State and local governments; municipal securities; liability | FA213162005 | -50.3 | 23.3 | 98.2 | 198.8 | 138.4 | -46.3 | 145.5 | 284.0 | 191.4 | 43 |
| State and local governments; short-term municipal securities; liability (3) | FA213162400 | -7.5 | 1.4 | 7.5 | 4.7 | 24.2 | -4.4 | -7.1 | 5.7 | 24.8 | 44 |
| State and local governments; long-term municipal securities; liability | FA213162200 | -42.8 | 21.9 | 90.7 | 194.1 | 114.3 | -41.9 | 152.6 | 278.3 | 166.6 | 45 |
| State and local governments; short-term loans; liability | FA214141005 | 9.7 | -6.6 | -4.6 | 1.1 | -6.1 | 10.2 | 1.4 | 15.7 | 6.8 | 46 |
| State and local governments; depository institution loans n.e.c.; liability | FA213168003 | 9.0 | -7.5 | -5.8 | -0.0 | -6.7 | 8.3 | 0.1 | 14.9 | 6.0 | 47 |
| State and local governments; U.S. government loans; liability | FA213169203 | 0.7 | 1.0 | 1.2 | 1.1 | 0.6 | 1.9 | 1.3 | 0.8 | 0.8 | 48 |
| State and local governments; trade payables; liability | FA213170003 | 66.4 | 69.4 | 72.9 | 72.4 | 73.3 | 73.8 | 75.0 | 75.5 | 77.1 | 49 |
| State and local government employee defined benefit retirement funds; claims of pension fund on sponsor; asset (4) | FA223073045 | 248.0 | 255.7 | 262.2 | 259.0 | 258.9 | 272.0 | 281.0 | 258.9 | 258.9 | 50 |
| State and local governments; sector discrepancy | FA217005005 | 29.7 | 28.3 | 12.8 | -43.4 | -25.1 | 105.1 | 62.4 | -28.8 | 31.7 | 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: January 9, 2026