Financial Accounts of the United States - Z.1
R.104 Nonfinancial noncorporate business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Change in net worth1 | FC112090005 | -364.1 | 239.9 | 143.0 | 93.8 | 94.6 | -82.8 | -11.4 | 267.0 | -29.7 |
| Line 2 | Net investment | FU112090005 | 70.3 | 81.6 | -40.7 | 41.9 | 20.3 | -47.2 | -5.2 | 21.4 | -9.7 |
| Line 3 | Nonfinancial investment | FU112010005 | 140.9 | 133.3 | 106.1 | 57.3 | 39.0 | -26.9 | 53.9 | 44.6 | 34.6 |
| Line 4 | Residential real estate | FU115035023 | 44.6 | 42.4 | 27.5 | 26.8 | 3.3 | -19.9 | 26.5 | 23.3 | -2.4 |
| Line 5 | Nonresidential real estate | FU115035035 | 82.3 | 77.6 | 57.2 | 25.4 | 18.1 | 4.9 | 17.1 | 19.9 | 15.4 |
| Line 6 | Residential equipment | FU115012265 | 4.5 | 4.6 | 3.9 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | 0.9 |
| Line 7 | Nonresidential equipment | FU115013265 | -28.4 | -24.9 | -25.5 | -7.1 | 6.4 | -29.4 | 1.7 | -7.4 | 9.6 |
| Line 8 | Intellectual property products | FU115013765 | 28.0 | 25.0 | 34.4 | 7.4 | 8.4 | 7.6 | 8.0 | 8.6 | 10.2 |
| Line 9 | Inventories | FU115020005 | 9.8 | 8.6 | 8.6 | 3.6 | 1.6 | 8.8 | -0.3 | -0.8 | 0.9 |
| Line 10 | Net acquisition of financial assets | FU114090005 | 211.1 | 251.2 | 251.1 | 60.0 | 76.4 | 55.3 | 36.7 | 68.3 | 90.8 |
| Line 11 | Less: Net increase in liabilities | FU114190005 | 281.7 | 303.0 | 397.9 | 75.4 | 95.1 | 75.6 | 95.8 | 91.4 | 135.1 |
| Line 12 | Net holding gains | FR112090005 | -448.8 | 164.4 | 197.4 | 51.8 | 80.6 | -35.6 | -6.4 | 245.5 | -6.0 |
| Line 13 | Nonfinancial assets | FR112010005 | -450.9 | 165.5 | 194.1 | 47.9 | 84.0 | -37.6 | -6.6 | 244.5 | -6.1 |
| Line 14 | Residential real estate | FR115035023 | -342.8 | 73.8 | 42.9 | 60.2 | 35.3 | 34.3 | 50.5 | -55.6 | 13.6 |
| Line 15 | Nonresidential real estate | FR115035035 | -177.2 | 10.8 | 105.3 | -24.9 | 39.3 | -98.4 | -52.9 | 242.9 | 13.7 |
| Line 16 | Residential equipment2 | FR115012265 | -6.7 | -3.7 | 1.2 | -0.4 | -1.4 | -2.0 | 2.8 | 0.4 | 0.1 |
| Line 17 | Nonresidential equipment2 | FR115013265 | 70.2 | 61.4 | 26.1 | 16.7 | -1.6 | 21.3 | -1.8 | 14.4 | -7.8 |
| Line 18 | Intellectual property products2 | FR115013765 | 8.6 | 10.4 | -8.8 | 2.4 | 4.2 | -4.2 | -4.2 | -0.7 | 0.4 |
| Line 19 | Inventories2 | FR115020005 | -3.0 | 12.7 | 27.4 | -6.2 | 8.1 | 11.3 | -0.9 | 43.0 | -26.1 |
| Line 20 | Financial assets (debt securities) | FR114022005 | 2.1 | -0.9 | 3.2 | 3.9 | -3.4 | 2.1 | 0.1 | 0.9 | 0.0 |
| Line 21 | Less: liabilities3 | FR115114305 | -0.1 | 0.2 | -0.2 | -0.1 | 0.0 | 0.1 | -0.1 | -0.1 | -0.0 |
| Line 22 | Other volume changes4 | FV112090005 | 14.3 | -6.1 | -13.8 | 0.1 | -6.3 | 0.1 | 0.1 | 0.1 | -14.0 |
| Memo: | |||||||||||
| Line 23 | Net worth outstanding (assets minus liabilities)5 | LM112090005 | 15577.5 | 15817.4 | 15960.4 | 15722.8 | 15817.4 | 15734.6 | 15723.1 | 15990.1 | 15960.4 |
Notes:
- Sum of net investment (line 2), net holding gains (line 12), and other volume changes (line 22).
- Valued at current cost.
- Foreign direct investment: intercompany debt.
- Consists of statistical discontinuities and disaster-related losses to fixed assets.
- Table B.104, line 40.
Last Update: 2026-03-19