Financial Accounts of the United States - Z.1
F.4.f Net Fixed Investment
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1250.4 | 1374.6 | 1458.4 | 1466.0 | 1477.9 | 1427.5 | 1491.5 | 1514.6 | 1487.9 | 1 |
| All domestic sectors; gross fixed investment, structures, current cost basis | FA885019665 | 716.5 | 811.8 | 887.2 | 894.0 | 874.6 | 870.1 | 860.5 | 822.7 | 773.6 | 2 |
| All domestic sectors; gross fixed investment, equipment, current cost basis | FA885019265 | 104.4 | 135.4 | 161.0 | 163.2 | 187.6 | 151.4 | 219.1 | 248.7 | 260.9 | 3 |
| All domestic sectors; nonresidential intellectual property products, current cost basis | FA885013765 | 372.6 | 359.8 | 334.1 | 332.8 | 339.7 | 330.1 | 335.8 | 366.9 | 376.8 | 4 |
| All domestic sectors; nonresidential software, current cost basis | FA885013365 | 131.3 | 115.1 | 107.5 | 106.5 | 113.3 | 111.9 | 123.6 | 139.8 | 145.3 | 5 |
| All domestic sectors; nonresidential research and development, current cost basis | FA885013465 | 232.1 | 234.4 | 218.3 | 217.6 | 218.8 | 211.5 | 206.3 | 222.0 | 229.1 | 6 |
| Private domestic sectors; nonresidential entertainment, literary, and artistic originals, current cost basis | FA835013565 | 9.1 | 10.3 | 8.3 | 8.7 | 7.5 | 6.7 | 5.9 | 5.1 | 2.4 | 7 |
| Nonfinancial corporate business; miscellaneous adjustments, adjustment to gross investment in nonresidential structures, equipment, and intellectual property products (1) | FA105013893 | 57.1 | 67.6 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 | 63.1 | 8 |
| General government; net fixed investment, structures, equipment, and intellectual property products (residual difference between NIPA and fixed asset accounts) (2) | FA365015095 | -0.2 | -0.0 | 12.9 | 12.9 | 12.9 | 12.9 | 13.1 | 13.2 | 13.4 | 9 |
| All domestic sectors; structures, equipment, and intellectual property products, current cost basis | FA885015005 | 1250.4 | 1374.6 | 1458.4 | 1466.0 | 1477.9 | 1427.5 | 1491.5 | 1514.6 | 1487.9 | 10 |
| Households and nonprofit organizations; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA155015005 | 415.8 | 347.4 | 399.0 | 397.1 | 385.5 | 406.5 | 411.3 | 402.4 | 392.0 | 11 |
| Nonfinancial corporate business; structures, equipment, and intellectual property products, current cost basis (includes used car premium and REITs residential structures) | FA105015085 | 538.3 | 655.9 | 639.9 | 653.2 | 662.6 | 595.9 | 630.8 | 656.0 | 647.3 | 12 |
| Nonfinancial noncorporate business; structures, equipment, and intellectual property products, current cost basis (NIPA basis) | FA115015005 | 114.6 | 131.1 | 124.8 | 127.7 | 121.6 | 115.6 | 123.7 | 116.7 | 108.6 | 13 |
| Federal government; nonfinancial assets (does not include land) | FA315015005 | 53.0 | 50.8 | 57.6 | 55.0 | 65.1 | 61.9 | 59.5 | 56.0 | 53.3 | 14 |
| State and local governments; net fixed investment (NIPA basis) | FA215015005 | 112.7 | 154.1 | 187.9 | 182.8 | 191.1 | 197.8 | 200.4 | 208.3 | 208.2 | 15 |
| Domestic financial sectors; capital formation, net (IMA) (3) | FA795015085 | 16.1 | 35.2 | 49.2 | 50.3 | 52.0 | 49.9 | 65.8 | 75.2 | 78.4 | 16 |
| Monetary authority; nonresidential structures, equipment, and intellectual property products, current cost basis | FA715013865 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 17 |
| Private depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA705013865 | 18.4 | 15.4 | 18.1 | 18.1 | 19.4 | 21.6 | 30.4 | 34.4 | 39.1 | 18 |
| U.S.-chartered depository institutions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA765013865 | 13.9 | 11.5 | 13.6 | 13.5 | 14.8 | 17.4 | 25.5 | 29.1 | 34.0 | 19 |
| Foreign banking offices in the U.S.; nonresidential structures, equipment, and intellectual property products, current cost basis | FA755013865 | 2.2 | 2.0 | 2.1 | 2.2 | 2.2 | 2.0 | 2.3 | 2.5 | 2.4 | 20 |
| Banks in U.S.-affiliated areas; nonresidential structures, equipment, and intellectual property products, current cost basis | FA745013865 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.1 | 0.1 | 0.1 | 21 |
| Credit unions; nonresidential structures, equipment, and intellectual property products, current cost basis | FA475013865 | 2.3 | 1.9 | 2.3 | 2.4 | 2.4 | 2.2 | 2.5 | 2.7 | 2.6 | 22 |
| Property-casualty insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA515013865 | 0.8 | 2.0 | 3.2 | 3.3 | 3.4 | 2.9 | 3.8 | 4.6 | 4.4 | 23 |
| Life insurance companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA545013865 | 2.7 | 5.5 | 6.4 | 6.5 | 6.5 | 6.1 | 6.8 | 7.6 | 7.5 | 24 |
| Private pension funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA575013865 | 1.6 | 1.8 | 1.7 | 1.7 | 1.7 | 1.6 | 1.7 | 1.7 | 1.7 | 25 |
| State and local government employee retirement funds; nonresidential structures, equipment, and intellectual property products, current cost basis | FA225013865 | 5.3 | 5.0 | 4.7 | 4.7 | 4.7 | 4.6 | 4.6 | 4.6 | 4.5 | 26 |
| Government-sponsored enterprises; nonresidential structures, equipment, and intellectual property products, current cost basis | FA405013865 | -0.3 | -0.1 | -0.0 | -0.0 | -0.0 | -0.0 | -0.0 | 0.0 | -0.0 | 27 |
| 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 | 28 |
| Finance companies; nonresidential structures, equipment, and intellectual property products excluding securitized equipment, current cost basis | FA615013865 | -30.8 | -10.6 | -1.1 | -0.7 | -0.5 | -2.3 | 0.7 | 2.3 | 1.8 | 29 |
| Security brokers and dealers; nonresidential structures, equipment, and intellectual property products, current cost basis | FA665013865 | 19.5 | 16.8 | 16.1 | 16.2 | 16.5 | 15.7 | 17.3 | 18.7 | 18.5 | 30 |
| Holding companies; nonresidential structures, equipment, and intellectual property products, current cost basis | FA735013865 | -1.2 | -0.6 | 0.1 | 0.3 | 0.2 | -0.5 | 0.5 | 1.1 | 0.6 | 31 |
| Households and nonprofit organizations; consumer durable goods, current cost basis (4) | FA155111005 | 366.7 | 328.4 | 344.6 | 323.2 | 343.4 | 392.9 | 419.2 | 420.4 | 395.4 | 32 |
NOTES
- Included in nonfinancial corporate business sector gross fixed investment, line 11.
- Calculated as the difference between net fixed investment in BEA's NIPA and net fixed investment in BEA's fixed assets accounts (FAA); the latter are used to estimate.
- Domestic financial subsector detail are based on FRB staff estimates.
- 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: January 9, 2026