As part of the annual revision of the national income and products accounts (NIPAs), the Bureau of Economic Analysis (BEA) has released preliminary estimates of fixed assets and consumer durable goods for 2003 and revised estimates for 1993-2002. (1) These estimates cover the net stock of equipment and software and of structures owned by business and government and the net stock of durable goods owned by consumers.
The estimates reflect the following improvements:
* The conversion of the industry distribution of private nonresidential equipment, software, and structures to the North American Industry Classification System (NAICS), which better reflects new and emerging industries and which provides better international comparability, (2)
* The incorporation of the 1997 capital flow table, which is integrated with the 1997 benchmark input-output accounts and shows the industries that purchase or lease new investment,
* The use of an updated depreciation schedule for consumer autos, and
* A new distribution of the estimates by legal form of organization that shows estimates of sole proprietorships and of partnerships to provide more detail within the NIPA business sector.
In addition, the estimates reflect the use of an updated depreciation schedule for computers and peripheral equipment and the use of updated depreciation rates for communication equipment, for nonresidential commercial structures, for railroad structures, and for nonresidential farm structures.
The estimates of the net stock of fixed assets and consumer durable goods are presented in two valuations--current cost and real cost. The current-cost valuation includes the effects of both price changes and changes in the physical volume of assets, but the real-cost valuation, which is measured in terms of chain-type quantity indexes, reflects only changes in the physical volume or real changes. (3)
In 1987-2003, the net stock at current cost grew at an average annual rate of 4.9 percent, and at real cost, it grew 2.6 percent (table A). Real-cost private net stock grew at an average annual rate of 2.5 percent; real-cost government net stock grew at an average annual rate of 1.8 percent; and real-cost net stock of consumer durable goods grew at an average annual rate of 4.9 percent.
During the economic expansion of 1991-2000, the real-cost net stock grew at an average annual rate of 2.6 percent, primarily reflecting 5.1-percent growth in the real-cost net stock of nonresidential equipment and software and 4.6-percent growth in the real-cost net stock of consumer durable goods. (4) In 1995-2000, nonresidential equipment and software grew at an average annual rate of 5.6 percent, peaking at 7.4 percent in 1999; most of the growth was accounted for by an increase in information and processing equipment and software. Most of the growth in consumer durable goods was accounted for by an increase in motor vehicles.
In 2001-2003, the growth in the real-cost net stock of fixed assets and consumer durable goods slowed to an average annual rate of 1.7 percent, reflecting much slower growth in most categories.
Changes in methodology and presentation NAICS
As part of the annual NIPA revision, the estimates of the net stock of private fixed assets for 1987-2003 have been converted to the 1997 North American Industry Classification System (NAICS). This change reflects the NAICS basis of BEA's capital flow table, which serves as an important source of data for the net stock estimates. (5) This change in classification affects the detailed estimates by industry but not the aggregate measures of the net stock of private fixed assets, and it follows the recent implementation of the 1997 NAICS in BEA's estimates of income and employment by industry. (6)
NAICS adds many new classifications--such as those for information, management, and services. The estimates of investment were converted to a NAICS basis for a sufficiently long period in order to use the perpetual inventory method to convert the estimates of net stock to a NAICS basis. (7)
Sole proprietorships and partnerships
As part of the annual NIPA revision, the estimates by legal form of organization now present estimates for sole proprietorships and estimates for partnerships. As a result of this change, the estimates by legal form of organization provide more detail within the NIPA business sector.
Capital flow table
The capital flow table is an important source for the derivation of the industry distribution of gross private domestic fixed investment by type of asset on a use basis. However, because net stocks are tabulated on an ownership basis, the estimates of capital flows by industry are adjusted in order to convert them from a use basis to an ownership basis. The most significant adjustment was to the capital flows for equipment that are purchased for lease to others under operating leases, such as autos, trucks and truck trailers, computers, communication equipment, construction equipment, and aircraft.
In addition, investment in mining exploration, shafts, and wells was reclassified from the construction industry to the mining industry, and force-account construction was reclassified from the construction industry to the industries that perform the construction. (8) The capital flows of nonprofit institutions that primarily serve individuals now remain in their assigned industries in order to better reflect the net stock of assets of these industries; previously, these flows were reclassified to the real estate industry.
Statistical improvements
The estimates of the net stock of fixed assets and consumer durable goods incorporate statistical improvements. As a result, the annual average growth rate of real-cost net stock of fixed assets and consumer durable goods for 1987-2002 was revised up less than 0.1 percentage point to 2.6 percent.
An updated depreciation schedule for autos. In the recent comprehensive NIPA revision, a new depreciation schedule for autos was introduced to better reflect the extended life of automobiles. (9) As part of the annual revision, this schedule was updated and combined with the old schedule to improve the tracking of depreciation for each vintage of autos. The depreciation rates that are derived from the new schedule lengthened the service life of autos from 11 years to 15 years (see the table below). These rates are average rates that are based on the average age of autos. For autos within the ending vintage, the depreciation rate was interpolated between the two schedules. A corresponding price assumption (based on the average age of autos) was used in the computation of the net stock. Using the combined depreciation schedules, the annual average growth rate of the real-cost net stock of consumer durable goods for 1987-2002 increased 0.4 percentage point to 4.8 percent.
Updated depreciation schedule and depreciation rates for selected assets. The average annual growth rate of the net stock of nonresidential assets for 1987-2002 was revised up less than 0.1 percentage point to 2.6 percent. This revision reflects the use of an updated depreciation schedule for computers and peripheral equipment and updated geometric depreciation rates for communication equipment, for nonresidential commercial structures, for railroad structures, and for nonresidential farm structures.
Presentation of the revised estimates
The revised estimates of fixed assets and consumer durable goods are presented in tables 1-15. All the odd-numbered tables except tables 11 and 15 present current-cost estimates, and all the even-numbered tables except table 12 present real-cost estimates in chain-type quantity indexes. Tables 11 and 12 present both current-cost and real-cost estimates, and table 15 presents the estimates in chained (2000) dollars.
Tables 1 and 2 present estimates of the net stock of fixed assets and consumer durable goods. Tables 3 and 4 present the net stock of private fixed assets by type of asset. Tables 5 and 6 present the net stock of private fixed assets by industry; these tables have been redesigned to reflect the use of the 1997 NAICS. Tables 7 and 8 present the net stock of private nonresidential fixed assets by selected industry group and by legal form of organization. Tables 9 and 10 present the net stock of residential fixed assets by type of owner, by legal form of organization, and by tenure group. Table 11 presents the net stock of government fixed assets by type, and table 12 presents the net stock of government fixed assets by function. Tables 13 and 14 present the net stock of consumer durable goods. Table 15 presents the estimates of the net stock of fixed assets and consumer durable goods.
Data Availability
Continued from page 1.
The estimates of the net stock of fixed assets and consumer durable goods for 1987-2003 are available for free on BEA's Web site at <www.bea.gov>. The net stock of fixed assets and consumer durable goods in chained (2000) dollars for 1990-2003 are also available. The estimates of investment by industry and by type of asset and of depreciation by industry and by type of asset for 1987-2003 will be available on BEA's Web site in early November. The revised estimates of net stocks, depreciation, and investment by industry on the 1987 Standard Industrial Classification system for 1925-86 will be available on BEA's Web site in the fall of 2005.
Continued from page 2.
Table A. Net Stocks of Fixed Assets and Consumer Durable Goods
Average Annual Rates of Change In Selected Periods
[Percent]
1987-2003 1987-91 1991-2000
Current cost
Fixed assets and consumer
durable goods 4.9 3.9 4.9
Private 5.1 3.8 5.1
Nonresidential 4.6 4.0 4.7
Equipment and Software 4.7 4.3 4.9
Structures 4.6 3.8 4.7
Residential 5.5 3.5 5.5
Government 4.5 3.8 4.4
Federal 2.9 4.0 2.4
State and local 5.0 3.7 5.1
Consumer durable goods 4.7 5.0 4.3
Real cost
Fixed assets and consumer
durable goods 2.6 2.1 2.6
Private 2.5 1.9 2.6
Nonresidential 2.6 1.9 2.9
Equipment and Software 4.2 2.2 5.1
Structures 1.6 1.7 1.5
Residential 2.4 1.9 2.3
Government 1.8 1.8 1.5
Federal 0.4 1.5 0.0
State and local 2.4 2.0 2.2
Consumer durable goods 4.9 3.6 4.6
1995-2000 2001-2003
Current cost
Fixed assets and consumer
durable goods 4.8 3.2
Private 5.1 3.4
Nonresidential 4.8 2.1
Equipment and Software 5.0 2.1
Structures 4.7 2.1
Residential 5.3 4.6
Government 4.0 2.8
Federal 1.7 1.2
State and local 4.9 3.3
Consumer durable goods 4.1 2.4
Real cost
Fixed assets and consumer
durable goods 2.7 1.7
Private 2.7 1.5
Nonresidential 3.2 1.0
Equipment and Software 5.6 1.7
Structures 1.7 0.6
Residential 2.3 1.9
Government 1.4 1.4
Federal -0.2 0.0
State and local 2.2 1.9
Consumer durable goods 5.2 4.3
Depreciation Schedule for Automobiles
Age in Depreciation Age in Depreciation Age in Depreciation
years rate (1) years rate (1) years rate (1)
1959-91 1992-93 1994-2003
1 0.8208 1 0.8889 1 0.8889
2 0.5890 2 0.7402 2 0.7402
3 0.4862 3 0.6024 3 0.6024
4 0.4063 4 0.4654 4 0.4654
5 0.3258 5 0.3699 5 0.3699
6 0.2414 6 0.2930 6 0.2930
7 0.1811 7 0.2102 7 0.2102
8 0.1280 8 0.1632 8 0.1632
9 0.0749 9 0.1279 9 0.1279
10 0.0363 10 0.1056 10 0.1056
11 0.0184 11 0.0835 11 0.0835
11+ 0.0092 12 0.0776 12 0.0776
13 0.0702 13 0.0702
14+ 0.0490 14 0.0647
15+ 0.0467
(1.) The depreciation rate for the year the asset was initially
installed.
NOTE. For 1982-91, these schedules were combined. The last vintage
was interpolated between the schedules.
Table 1. Current-Cost Net Stock of Fixed Assets and Consumer
Durable Goods, 1993-2003
[Billions of dollars; yearend estimates]
Line 1993 1994 1995
Fixed assets and consumer
durable goods 1 20,387.1 21,628.5 22,669.5
Fixed assets 2 18,238.1 19,358.9 20,298.8
Private 3 14,173.9 15,063.7 15,794.2
Nonresidential 4 7,169.0 7,558.3 7,954.3
Equipment and
software 5 2,754.1 2,906.1 3,086.1
Structures 6 4,414.9 4,652.2 4,868.2
Residential 7 7,004.9 7,505.4 7,839.8
Government 8 4,064.3 4,295.2 4,504.7
Nonresidential 9 3,894.0 4,113.6 4,316.5
Equipment and
software 10 637.0 665.8 674.8
Structures 11 3,257.0 3,447.7 3,641.7
Residential 12 170.3 181.7 188.2
Consumer durable goods 13 2,148.9 2,269.6 2,370.7
Addenda:
Private and government
fixed assets 14 18,238.1 19,358.9 20,298.8
Nonresidential 15 11,063.0 11,671.8 12,270.8
Equipment and
software 16 3,391.1 3,571.9 3,760.9
Structures 17 7,671.9 8,099.9 8,509.9
Residential 18 7,175.1 7,687.1 8,028.0
Government fixed assets 19 4,064.3 4,295.2 4,504.7
Federal 20 1,209.0 1,260.7 1,291.3
State and local 21 2,855.2 3,034.5 3,213.4
1996 1997 1998 1999
Fixed assets and consumer
durable goods 23,765.5 25,013.5 26,415.3 28,108.2
Fixed assets 21,297.2 22,451.8 23,732.3 25,273.2
Private 16,615.4 17,550.6 18,631.2 19,874.3
Nonresidential 8,344.8 8,820.0 9,331.1 9,887.6
Equipment and
software 3,249.6 3,413.6 3,611.2 3,864.1
Structures 5,095.2 5,406.5 5,720.0 6,023.5
Residential 8,270.6 8,730.6 9,300.1 9,986.7
Government 4,681.8 4,901.2 5,101.1 5,398.9
Nonresidential 4,485.4 4,704.3 4,894.2 5,178.9
Equipment and
software 674.8 671.4 677.1 698.2
Structures 3,810.5 4,032.9 4,217.1 4,480.7
Residential 196.5 196.8 206.9 219.9
Consumer durable goods 2,468.3 2,561.7 2,682.9 2,835.0
Addenda:
Private and government
fixed assets 21,297.2 22,451.8 23,732.3 25,273.2
Nonresidential 12,830.2 13,524.3 14,225.3 15,066.5
Equipment and
software 3,924.5 4,085.0 4,288.3 4,562.3
Structures 8,905.7 9,439.4 9,937.1 10,504.2
Residential 8,467.1 8,927.5 5,907.0 10,206.7
Government fixed assets 4,681.8 4,901.2 5,101.1 5,398.9
Federal 1,315.5 1,334.7 1,355.8 1,398.9
State and local 3,366.3 3,566.5 3,754.3 4,000.0
2000 2001 2002 2003
Fixed assets and consumer
durable goods 29,955.9 31,643.2 33,098.4 34,771.7
Fixed assets 26,941.0 28,499.0 29,829.8 31,395.4
Private 21,228.3 22,519.1 23,581.9 24,902.2
Nonresidential 10,552.6 11,054.3 11,386.0 11,776.8
Equipment and
software 4,130.3 4,251.9 4,350.8 4,528.3
Structures 6,422.3 6,802.4 7,035.1 7,248.6
Residential 10,675.7 11,464.8 12,195.9 13,125.4
Government 5,712.7 5,979.9 6,247.9 6,493.2
Nonresidential 5,481.0 5,733.2 5,988.9 6,219.5
Equipment and
software 703.0 711.3 725.2 742.1
Structures 4,778.0 5,021.9 5,263.8 5,477.4
Residential 231.7 246.7 259.0 273.7
Consumer durable goods 3,014.9 3,144.2 3,268.5 3,376.3
Addenda:
Private and government
fixed assets 26,941.0 28,499.0 29,829.8 31,395.4
Nonresidential 16,033.6 16,787.5 17,374.9 17,996.3
Equipment and
software 4,833.3 4,963.2 5,076.0 5,270.4
Structures 11,200.3 11,824.4 12,298.9 12,726.0
Residential 10,907.4 11,711.5 12,454.9 13,399.1
Government fixed assets 5,712.7 5,979.9 6,247.9 6,493.2
Federal 1,424.6 1,446.8 1,468.8 1,498.4
State and local 4,288.1 4,533.1 4,779.1 4,994.8
Table 2. Chain-Type Quantity Indexes for Net Stock of Fixed Assets
and Consumer Durable Goods, 1993-2003
[Index numbers, 2000=100]
Line 1993 1994 1995
Fixed assets and consumer
durable goods 1 80.998 82.948 85.087
Fixed assets 2 82.618 84.432 86.449
Private 3 81.007 82.958 85.131
Nonresidential 4 78.769 80.554 82.857
Equipment and
software 5 66.046 68.837 72.311
Structures 6 88.096 89.028 90.368
Residential 7 83.315 85.442 87.474
Government 8 89.098 90.396 91.824
Nonresidential 9 88.704 89.991 91.400
Equipment and
software 10 96.568 96.908 97.107
Structures 11 87.291 88.754 90.385
Residential 12 90.280 91.547 93.081
Consumer durable goods 13 68.112 70.996 73.985
Addenda:
Private and government
fixed assets 14 82.618 84.432 86.449
Nonresidential 15 82.053 83.678 85.691
Equipment and
software 16 70.355 72.812 75.831
Structures 17 87.751 88.909 90.374
Residential 18 83.466 85.574 87.595
Government fixed assets 19 89.098 90.396 91.824
Federal 20 101.671 101.458 101.315
State and local 21 84.219 86.041 88.013
1996 1997 1998 1999
Fixed assets and consumer
durable goods 87.553 90.243 93.263 96.583
Fixed assets 88.774 91.274 94.024 96.970
Private 87.633 90.377 93.432 96.671
Nonresidential 85.570 88.743 92.292 96.051
Equipment and
software 76.404 81.335 87.008 93.419
Structures 91.980 93.819 95.840 97.782
Residential 89.750 92.039 94.579 97.288
Government 93.489 95.081 96.537 98.231
Nonresidential 93.049 94.639 96.230 98.077
Equipment and
software 97.405 97.233 97.749 98.936
Structures 92.278 94.173 95.951 97.922
Residential 94.657 95.820 97.321 98.811
Consumer durable goods 77.473 81.589 86.764 93.202
Addenda:
Private and government
fixed assets 88.774 91.274 94.024 96.970
Nonresidential 88.058 90.711 93.611 96.733
Equipment and
software 79.397 83.614 88.560 94.221
Structures 92.106 93.969 95.887 97.842
Residential 89.855 92.119 94.637 97.320
Government fixed assets 93.489 95.081 96.537 98.231
Federal 101.776 101.348 10.845 100.543
State and local 90.086 92.634 94.680 97.261
2000 2001 2002 2003
Fixed assets and consumer
durable goods 100.000 102.938 105.640 108.265
Fixed assets 100.000 102.547 104.814 107.201
Private 100.000 102.687 104.947 107.351
Nonresidential 100.000 102.691 104.328 105.879
Equipment and
software 100.000 103.910 106.498 109.298
Structures 100.000 101.925 102.984 103.789
Residential 100.000 102.682 105.537 108.737
Government 100.000 101.897 104.083 106.311
Nonresidential 100.000 102.028 104.332 106.668
Equipment and
software 100.000 101.169 102.972 105.088
Structures 100.000 102.180 104.583 106.980
Residential 100.000 101.431 102.933 104.339
Consumer durable goods 100.000 106.517 113.404 120.725
Addenda:
Private and government
fixed assets 100.000 102.547 104.814 107.201
Nonresidential 100.000 102.472 104.347 106.177
Equipment and
software 100.000 103.510 105.984 108.684
Structures 100.000 102.033 103.663 105.142
Residential 100.000 102.656 105.482 108.643
Government fixed assets 100.000 101.897 104.083 106.311
Federal 100.000 99.460 99.361 99.540
State and local 100.000 102.877 105.959 108.984
Table 3. Current-Cost Net Stock of Private Fixed Assets, Equipment
and Software, and Structures by Type, 1993-2003
[Billions of dollars; yearend estimates]
Line 1993 1994 1995
Private fixed assets 1 14,173.9 15,063.7 15,794.2
Equipment and software 2 2,787.9 2,941.1 3,121.8
Nonresidential
equipment and
software 3 2,754.1 2,906.1 3,086.1
Information processing
equipment and
software 4 690.5 725.0 762.6
Computers and
peripheral
equipment 5 85.9 90.9 97.2
Software (1) 6 117.3 127.9 140.7
Communication
equipment 7 287.4 293.6 305.4
Medical equipment
and instruments 8 49.9 52.3 55.1
Nonmedical
instruments 9 78.2 83.0 89.1
Photocopy and
related equipment 10 56.2 61.6 59.4
Office and
accounting
equipment 11 15.6 15.6 15.6
Industrial equipment 12 955.9 1,002.8 1,067.4
Fabricated metal
products 13 82.7 85.1 89.7
Engines and turbines 14 51.9 54.4 54.7
Metalworking
machinery 15 178.3 184.9 196.7
Special industry
machinery, n.e.c. 16 210.6 220.3 234.6
General industrial,
including
materials
handling,
equipment 17 210.1 226.9 247.6
Electrical
transmission,
distribution, and
industrial
apparatus 18 222.4 231.1 244.1
Transportation
equipment 19 582.0 631.5 680.3
Trucks, buses, and
truck trailers 20 188.9 215.3 242.1
Light trucks
(including
utility
vehicles) 21 123.3 135.9 149.9
Other trucks,
buses, and truck
trailers 22 65.5 79.4 92.2
Autos 23 115.7 132.3 141.1
Aircraft 24 161.5 165.5 173.7
Ships and boats 25 46.7 46.3 46.0
Railroad equipment 26 69.2 72.1 77.3
Other equipment 27 525.7 546.8 575.9
Furniture and
fixtures 28 149.0 155.4 164.8
Agricultural
machinery 29 92.8 84.7 97.3
Construction
machinery 30 75.2 77.9 81.7
Mining and oilfield
machinery 31 15.9 16.1 16.5
Service industry
machinery 32 55.6 59.5 64.6
Electrical
equipment, n.e.c. 33 27.6 25.4 24.0
Other nonresidential
equipment 34 109.5 117.8 126.9
Residential equipment 35 33.8 35.0 35.6
Structures 36 11,386.0 12,122.6 12,672.4
Nonresidential
structures 37 4,414.9 4,652.2 4,868.2
Commercial and health
care 38 1,624.4 1,726.6 1,806.9
Commercial,
including office 39 1,347.4 1,428.5 1,494.8
Office, including
medical
buildings (2) 40 646.9 682.8 711.5
Commercial (3) 41 700.5 745.7 783.3
Hospitals and
special care 42 277.0 298.1 312.0
Manufacturing 43 651.7 688.9 718.3
Power and
communication 44 841.4 879.2 920.8
Power 45 638.1 662.8 685.5
Electric 46 445.4 459.6 477.9
Other power 47 192.7 203.1 207.5
Communication 48 203.4 216.4 235.3
Mining exploration,
shafts, and wells 49 245.8 253.4 273.3
Petroleum and
natural gas 50 215.6 221.4 240.7
Mining 51 30.2 32.0 32.5
Other structures 52 1,051.6 1,104.0 1,149.0
Religious 53 128.0 135.2 140.0
Educational 54 113.9 122.5 129.3
Other buildings (4) 55 289.5 306.2 319.9
Railroads 56 195.5 198.6 203.4
Farm 57 202.6 210.3 214.1
Other (5) 58 122.1 131.0 142.3
Residential structures 59 6,971.0 7,470.5 7,804.2
Housing units 60 5,677.1 6,100.1 6,354.0
Permanent site 61 5,567.0 5,976.7 6,220.1
1-to-4-unit 62 4,843.4 5,237.9 5,463.3
5-or-more-unit 63 723.6 738.8 756.8
Manufactured homes 64 110.1 123.5 133.9
Improvements 65 1,266.6 1,341.9 1,421.4
Other residential (6) 66 27.3 28.5 28.8
1996 1997 1998 1999
Private fixed assets 16,615.4 17,550.6 18,631.2 19,874.3
Equipment and software 3,286.2 3,450.0 3,648.0 3,901.5
Nonresidential
equipment and
software 3,249.6 3,413.6 3,611.2 3,864.1
Information processing
equipment and
software 813.4 874.6 942.3 1,047.2
Computers and
peripheral
equipment 105.8 114.2 123.2 148.0
Software (1) 154.7 180.3 212.8 260.2
Communication
equipment 328.7 355.3 375.7 405.8
Medical equipment
and instruments 57.7 61.2 66.2 70.5
Nonmedical
instruments 95.5 99.6 102.9 105.3
Photocopy and
related equipment 55.5 48.4 46.6 43.6
Office and
accounting
equipment 15.5 15.6 14.9 13.7
Industrial equipment 1,112.0 1,150.0 1,192.1 1,230.0
Fabricated metal
products 92.0 91.4 91.6 92.0
Engines and turbines 55.8 56.7 57.7 59.7
Metalworking
machinery 203.7 210.7 217.7 222.5
Special industry
machinery, n.e.c. 246.0 253.3 262.0 267.8
General industrial,
including
materials
handling,
equipment 265.6 282.1 300.9 315.1
Electrical
transmission,
distribution, and
industrial
apparatus 249.0 255.7 262.2 272.8
Transportation
equipment 722.5 757.1 811.1 889.2
Trucks, buses, and
truck trailers 270.1 298.7 341.5 393.1
Light trucks
(including
utility
vehicles) 172.5 197.2 229.2 268.0
Other trucks,
buses, and truck
trailers 97.6 101.5 112.3 125.1
Autos 150.1 153.2 154.0 156.9
Aircraft 177.9 180.1 188.4 208.6
Ships and boats 46.8 47.2 47.5 48.2
Railroad equipment 77.6 77.9 79.7 82.4
Other equipment 601.7 631.9 665.7 697.7
Furniture and
fixtures 171.9 181.5 190.7 202.2
Agricultural
machinery 98.5 101.4 104.6 103.0
Construction
machinery 86.9 92.3 99.5 105.9
Mining and oilfield
machinery 16.8 18.7 19.5 21.5
Service industry
machinery 69.4 73.2 77.9 82.5
Electrical
equipment, n.e.c. 22.4 21.4 21.4 21.2
Other nonresidential
equipment 135.8 143.4 152.1 161.5
Residential equipment 36.6 36.5 36.8 37.4
Structures 13,329.2 14,100.6 14,983.3 15,972.8
Nonresidential
structures 5,095.2 5,406.5 5,720.0 6,023.5
Commercial and health
care 1,901.5 2,037.1 2,198.6 2,355.7
Commercial,
including office 1,573.7 16,885.0 1,827.4 1,959.7
Office, including
medical
buildings (2) 743.8 798.8 867.2 937.2
Commercial (3) 829.9 889.7 960.2 1,022.4
Hospitals and
special care 327.8 348.5 371.2 396.1
Manufacturing 753.2 793.6 843.0 878.7
Power and
communication 946.4 975.8 992.2 1,032.2
Power 696.2 718.5 730.4 758.6
Electric 485.1 501.3 507.5 524.9
Other power 211.1 217.3 222.9 233.7
Communication 250.2 257.2 261.8 273.6
Mining exploration,
shafts, and wells 289.4 329.7 340.5 328.3
Petroleum and
natural gas 256.0 295.3 305.3 292.2
Mining 33.4 34.5 35.3 36.1
Other structures 1,204.7 1,270.3 1,345.6 1,428.5
Religious 145.6 153.7 163.3 174.3
Educational 138.1 150.5 165.1 179.4
Other buildings (4) 341.1 369.1 402.9 440.2
Railroads 211.6 213.6 219.4 222.5
Farm 219.1 226.5 235.5 245.9
Other (5) 149.3 156.9 159.7 166.1
Residential structures 8,234.0 8,694.2 9,263.3 9,949.3
Housing units 6,691.4 7,072.5 7,545.6 8,106.3
Permanent site 6,547.9 6,920.1 7,382.3 7,931.7
1-to-4-unit 5,755.8 6,067.0 6,458.0 6,968.2
5-or-more-unit 792.1 853.1 924.3 963.5
Manufactured homes 143.4 152.3 163.3 174.6
Improvements 1,513.2 1,591.3 1,686.0 1,809.3
Other residential (6) 29.5 30.4 31.7 33.8
2000 2001 2002 2003
Private fixed assets 21,228.3 22,519.1 23,581.9 24,902.2
Equipment and software 4,169.2 4,291.7 4,391.9 4,568.7
Nonresidential
equipment and
software 4,130.3 4,251.9 4,350.8 4,528.3
Information processing
equipment and
software 1,172.2 1,223.6 1,265.8 1,333.8
Computers and
peripheral
equipment 162.1 157.8 161.2 178.5
Software (1) 310.9 333.8 345.1 360.9
Communication
equipment 458.5 485.0 501.1 517.5
Medical equipment
and instruments 76.4 83.3 91.4 101.6
Nonmedical
instruments 108.8 112.2 117.3 124.6
Photocopy and
related equipment 43.0 39.7 37.5 36.7
Office and
accounting
equipment 12.7 11.8 12.2 14.1
Industrial equipment 1,277.3 1,306.3 1,321.2 1,342.7
Fabricated metal
products 94.4 99.0 101.8 99.3
Engines and turbines 62.7 68.9 72.7 715.0
Metalworking
machinery 228.5 226.9 225.0 222.5
Special industry
machinery, n.e.c. 275.0 275.6 274.4 281.6
General industrial,
including
materials
handling,
equipment 331.2 342.8 350.5 363.0
Electrical
transmission,
distribution, and
industrial
apparatus 285.5 293.2 296.7 304.8
Transportation
equipment 950.2 967.7 987.6 1,047.9
Trucks, buses, and
truck trailers 422.1 422.3 439.9 493.9
Light trucks
(including
utility
vehicles) 292.0 297.4 312.4 366.4
Other trucks,
buses, and truck
trailers 130.1 124.9 127.5 127.6
Autos 158.9 154.3 146.1 136.4
Aircraft 235.1 257.4 266.1 277.9
Ships and boats 49.8 50.5 52.5 54.5
Railroad equipment 84.3 83.2 83.1 85.1
Other equipment 730.6 754.3 776.3 803.9
Furniture and
fixtures 214.4 221.0 226.5 231.9
Agricultural
machinery 102.7 104.0 106.9 111.2
Construction
machinery 110.9 112.7 115.4 119.8
Mining and oilfield
machinery 23.5 25.9 26.4 28.8
Service industry
machinery 86.6 89.6 91.7 93.5
Electrical
equipment, n.e.c. 21.3 21.9 22.4 23.2
Other nonresidential
equipment 171.3 179.3 186.9 195.6
Residential equipment 38.8 39.8 40.3 40.4
Structures 17,059.1 18,227.4 19,190.8 20,333.5
Nonresidential
structures 6,422.3 6,802.4 7,035.1 7,248.6
Commercial and health
care 2,523.1 2,680.7 2,804.8 2,917.9
Commercial,
including office 2,100.1 2,232.9 2,336.7 2,425.6
Office, including
medical
buildings (2) 1,004.5 1,067.3 1,112.7 1,152.6
Commercial (3) 1,095.6 1,165.7 1,224.1 1,273.1
Hospitals and
special care 423.0 447.7 468.0 492.3
Manufacturing 912.2 645.5 954.3 955.0
Power and
communication 1,091.0 1,139.7 1,193.0 1,241.2
Power 797.2 827.4 864.6 895.1
Electric 555.8 583.5 609.8 629.7
Other power 241.4 243.9 254.8 265.4
Communication 293.8 312.3 328.4 346.1
Mining exploration,
shafts, and wells 373.8 432.0 422.8 411.9
Petroleum and
natural gas 336.4 393.8 364.5 373.1
Mining 37.3 38.2 38.2 38.8
Other structures 1,522.1 1,604.6 1,660.3 1,722.6
Religious 186.5 197.9 206.3 216.1
Educational 195.6 214.0 230.3 245.7
Other buildings (4) 479.3 511.3 530.3 551.7
Railroads 228.1 235.2 238.9 245.0
Farm 258.0 266.6 271.9 278.4
Other (5) 174.7 179.7 182.6 185.6
Residential structures 10,636.8 11,425.0 12,155.6 13,085.0
Housing units 8,662.5 9,319.6 9,924.6 10,679.1
Permanent site 8,482.3 9,134.6 9,738.5 10,488.0
1-to-4-unit 7,472.0 8,074.8 8,624.5 9,319.6
5-or-more-unit 1,009.9 1,059.7 1,114.0 1,168.4
Manufactured homes 180.2 185.0 186.1 191.1
Improvements 1,938.6 2,067.1 2,190.7 2,362.8
Other residential (6) 35.7 38.3 40.3 43.0
(1.) Excludes software "embedded" or bundled in computers and other
equipment.
(2.) Consists of office buildings, except those constructed at
manufacturing sites and those constructed by power utilities for their
own use. Also includes medical buildings.
(3.) Consists of stores, restaurants, garages, service stations,
warehouses, beauty and trade schools, mobile structures, and other
buildings used for commercial purposes.
(4.) Consists of hotels and motels, buildings used primarily for
social and recreational activities, and buildings not elsewhere
classified, such as passenger terminals, greenhouses, and animal
hospitals.
(5.) Consists primarily of streets, dams and reservoirs, sewer and
water facilities, parks, and airfields.
(6.) Consists primarily of dormitories and of fraternity and
sorority houses.
n.e.c. Not elsewhere classified
Table 4. Chain-Type Quantity Indexes for Net Stock of Private Fixed
Assets, Equipment and Software, and Structures by Type, 1993-2003
[Index numbers, 2000=100]
Line 1993 1994 1995
Private fixed assets 1 81.007 82.958 85.131
Equipment and software 2 66.244 69.024 72.481
Nonresidential
equipment and
software 3 66.046 68.837 72.311
Information processing
equipment and
software 4 42.990 46.591 51.302
Computers and
peripheral
equipment 5 11.314 13.774 18.423
Software (1) 6 37.522 41.644 45.828
Communication
equipment 7 50.332 53.340 57.526
Medical equipment
and instruments 8 62.890 65.848 68.568
Nonmedical
instruments 9 79.194 82.945 87.485
Photocopy and
related equipment 10 73.968 79.023 81.532
Office and
accounting
equipment 11 121.405 120.476 120.167
Industrial equipment 12 82.186 84.009 86.561
Fabricated metal
products 13 95.301 95.523 96.073
Engines and turbines 14 94.728 94.987 94.003
Metalworking
machinery 15 86.050 86.886 89.037
Special industry
machinery, n.e.c. 16 85.148 86.523 89.139
General industrial,
including
materials
handling,
equipment 17 69.862 73.780 78.377
Electrical
transmission,
distribution, and
industrial
apparatus 18 83.336 84.824 86.723
Transportation
equipment 19 67.173 70.692 74.084
Trucks, buses, and
truck trailers 20 46.973 51.864 57.495
Light trucks
(including
utility
vehicles) 21 43.189 46.484 50.636
Other trucks,
buses, and truck
trailers 22 55.593 64.260 73.348
Autos 23 75.417 83.743 88.070
Aircraft 24 83.122 82.457 82.836
Ships and boats 25 108.030 105.396 102.756
Railroad equipment 26 90.075 90.486 91.340
Other equipment 27 79.818 80.973 83.020
Furniture and
fixtures 28 78.013 78.658 80.737
Agricultural
machinery 29 99.575 99.382 99.403
Construction
machinery 30 77.235 77.848 79.715
Mining and oilfield
machinery 31 78.226 77.047 76.355
Service industry
machinery 32 71.359 74.726 78.907
Electrical
equipment, n.e.c. 33 123.786 113.670 106.473
Other nonresidential
equipment 34 70.334 74.065 77.987
Residential equipment 35 87.457 89.071 90.630
Structures 36 85.102 86.783 88.557
Nonresidential
structures 37 88.096 89.028 90.368
Commercial and health
care 38 83.313 84.683 86.527
Commercial,
including office 39 83.081 84.230 86.056
Office, including
medical
buildings (2) 40 83.975 84.774 86.250
Commercial (3) 41 82.278 83.744 85.887
Hospitals and
special care 42 84.480 86.942 88.879
Manufacturing 43 91.229 92.240 93.920
Power and
communication 44 91.575 92.138 93.271
Power 45 95.521 95.599 96.364
Electric 46 95.559 95.376 95.898
Other power 47 95.427 96.102 97.430
Communication 48 81.220 83.075 85.171
Mining exploration,
shafts, and wells 49 105.762 104.889 103.054
Petroleum and
natural gas 50 106.019 104.847 102.849
Mining 51 104.413 105.624 104.966
Other structures 52 87.579 88.377 89.483
Religious 53 88.573 89.439 90.478
Educational 54 74.734 76.834 79.216
Other buildings (4) 55 77.781 78.738 80.328
Railroads 56 101.691 101.067 100.498
Farm 57 101.310 100.714 99.964
Other (5) 58 88.312 91.160 94.584
Residential structures 59 83.248 85.389 87.432
Housing units 60 83.941 85.937 87.834
Permanent site 61 84.140 86.119 87.980
1-to-4-unit 62 82.788 85.048 87.066
5-or-more-unit 63 94.406 94.206 94.827
Manufactured homes 64 75.248 77.976 81.440
Improvements 65 80.215 82.981 85.665
Other residential (6) 66 97.722 96.623 96.055
1996 1997 1998 1999
Private fixed assets 87.633 90.377 93.432 96.671
Equipment and software 76.548 81.441 87.076 93.452
Nonresidential
equipment and
software 76.404 81.335 87.008 93.419
Information processing
equipment and
software 57.436 65.520 75.105 86.713
Computers and
peripheral
equipment 25.658 36.902 53.115 75.981
Software (1) 51.598 61.513 72.498 86.352
Communication
equipment 62.742 69.067 76.576 86.055
Medical equipment
and instruments 72.696 77.970 84.814 91.924
Nonmedical
instruments 91.890 94.151 96.241 97.959
Photocopy and
related equipment 84.719 88.171 94.546 97.434
Office and
accounting
equipment 120.764 120.711 116.926 106.710
Industrial equipment 89.232 91.819 94.482 96.921
Fabricated metal
products 97.336 96.945 97.277 98.402
Engines and turbines 94.066 93.545 94.039 95.911
Metalworking
machinery 91.130 93.827 96.284 98.108
Special industry
machinery, n.e.c. 91.804 94.040 95.864 97.425
General industrial,
including
materials
handling,
equipment 82.939 87.434 92.228 95.955
Electrical
transmission,
distribution, and
industrial
apparatus 88.736 91.023 93.483 96.339
Transportation
equipment 77.943 82.300 87.709 94.860
Trucks, buses, and
truck trailers 64.409 72.336 81.863 92.691
Light trucks
(including
utility
vehicles) 58.369 68.466 79.160 91.080
Other trucks,
buses, and truck
trailers 78.290 81.121 87.973 96.324
Autos 92.439 95.205 96.254 98.777
Aircraft 82.631 83.549 86.990 93.920
Ships and boats 101.263 100.578 100.107 99.604
Railroad equipment 92.071 93.499 95.582 98.221
Other equipment 85.380 88.830 92.917 96.410
Furniture and
fixtures 82.816 86.359 90.736 95.329
Agricultural
machinery 99.288 101.328 103.496 101.013
Construction
machinery 83.013 86.867 91.861 96.175
Mining and oilfield
machinery 76.501 83.133 86.239 93.943
Service industry
machinery 83.301 86.708 91.283 95.967
Electrical
equipment, n.e.c. 100.237 97.043 97.643 98.102
Other nonresidential
equipment 82.048 86.453 91.093 95.499
Residential equipment 91.873 92.788 94.327 96.962
Structures 90.586 92.709 95.055 97.475
Nonresidential
structures 91.980 93.819 95.800 97.782
Commercial and health
care 88.694 91.277 94.049 96.880
Commercial,
including office 88.259 90.886 93.752 96.704
Office, including
medical
buildings (2) 87.928 90.325 93.238 96.365
Commercial (3) 88.567 91.401 94.225 97.015
Hospitals and
special care 90.865 93.232 95.529 97.759
Manufacturing 95.792 97.412 99.110 99.676
Power and
communication 94.306 95.076 96.232 97.875
Power 96.968 97.175 97.942 98.622
Electric 96.533 96.854 97.293 98.065
Other power 97.959 97.902 99.432 99.901
Communication 87.299 89.495 91.660 95.853
Mining exploration,
shafts, and wells 101.707 101.531 100.789 99.515
Petroleum and
natural gas 101.343 101.201 100.547 99.342
Mining 104.852 104.409 102.867 101.000
Other structures 91.100 93.122 95.405 97.665
Religious 91.566 93.288 95.328 97.598
Educational 82.306 86.462 90.954 95.077
Other buildings (4) 83.335 87.060 91.391 95.887
Railroads 100.301 100.346 100.665 100.447
Farm 99.575 99.334 99.353 99.533
Other (5) 96.793 98.193 98.695 99.106
Residential structures 89.721 92.022 94.573 97.266
Housing units 90.000 92.178 94.674 97.344
Permanent site 90.102 92.236 94.684 97.325
1-to-4-unit 89.354 91.639 94.280 97.119
5-or-more-unit 95.649 96.627 97.646 98.849
Manufactured homes 85.481 89.603 94.244 98.219
Improvements 88.487 91.328 94.121 97.025
Other residential (6) 95.744 96.072 96.840 98.405
2000 2001 2002 2003
Private fixed assets 100.000 102.687 104.947 107.351
Equipment and software 100.000 103.898 106.486 109.297
Nonresidential
equipment and
software 100.000 103.910 106.498 109.298
Information processing
equipment and
software 100.000 108.532 115.240 124.099
Computers and
peripheral
equipment 100.000 117.076 134.824 164.159
Software (1) 100.000 107.026 110.948 116.687
Communication
equipment 100.000 110.052 116.714 123.261
Medical equipment
and instruments 100.000 108.394 118.098 130.526
Nonmedical
instruments 100.000 102.245 105.636 110.909
Photocopy and
related equipment 100.000 94.174 92.220 91.691
Office and
accounting
equipment 100.000 94.126 97.736 112.579
Industrial equipment 100.000 101.755 102.722 103.337
Fabricated metal
products 100.000 101.049 102.130 98.662
Engines and turbines 100.000 109.369 116.797 116.845
Metalworking
machinery 100.000 99.774 98.673 96.546
Special industry
machinery, n.e.c. 100.000 100.202 99.454 100.061
General industrial,
including
materials
handling,
equipment 100.000 102.308 103.708 105.856
Electrical
transmission,
distribution, and
industrial
apparatus 100.000 102.749 105.061 107.633
Transportation
equipment 100.000 102.508 103.068 102.416
Trucks, buses, and
truck trailers 100.000 103.440 105.653 106.896
Light trucks
(including
utility
vehicles) 100.000 106.106 110.344 112.725
Other trucks,
buses, and truck
trailers 100.000 97.529 95.382 94.066
Autos 100.000 97.657 93.923 89.193
Aircraft 100.000 105.842 106.896 105.612
Ships and boats 100.000 99.364 99.739 100.560
Railroad equipment 100.000 99.324 98.534 97.097
Other equipment 100.000 102.225 104.033 106.397
Furniture and
fixtures 100.000 102.192 103.286 104.557
Agricultural
machinery 100.000 99.792 101.200 103.048
Construction
machinery 100.000 100.695 101.687 103.619
Mining and oilfield
machinery 100.000 107.693 108.454 115.031
Service industry
machinery 100.000 102.400 104.167 105.583
Electrical
equipment, n.e.c. 100.000 102.907 105.604 108.465
Other nonresidential
equipment 100.000 103.791 107.325 111.491
Residential equipment 100.000 102.629 105.288 109.197
Structures 100.000 102.398 104.582 106.895
Nonresidential
structures 100.000 101.925 102.984 103.789
Commercial and health
care 100.000 102.660 104.460 105.918
Commercial,
including office 100.000 102.787 104.458 105.707
Office, including
medical
buildings (2) 100.000 103.077 104.547 105.421
Commercial (3) 100.000 102.522 104.376 105.964
Hospitals and
special care 100.000 102.033 104.470 106.972
Manufacturing 100.000 99.945 98.475 96.803
Power and
communication 100.000 102.099 104.174 105.314
Power 100.000 101.437 103.014 104.064
Electric 100.000 101.989 104.073 105.374
Other power 100.000 100.156 100.550 101.021
Communication 100.000 103.895 107.329 108.715
Mining exploration,
shafts, and wells 100.000 101.813 100.310 100.261
Petroleum and
natural gas 100.006 102.138 100.684 100.753
Mining 100.000 98.733 96.742 95.586
Other structures 100.000 101.797 103.107 104.288
Religious 100.000 102.359 104.510 106.583
Educational 100.000 105.233 110.262 115.060
Other buildings (4) 100.000 102.981 104.602 105.946
Railroads 100.000 99.587 99.309 99.017
Farm 100.000 99.597 99.516 99.182
Other (5) 100.000 100.225 99.704 99.544
Residential structures 100.000 102.685 105.545 108.746
Housing units 100.000 102.622 105.404 108.567
Permanent site 100.000 102.667 105.508 108.753
1-to-4-unit 100.000 102.859 105.901 109.392
5-or-more-unit 100.000 101.238 102.576 103.962
Manufactured homes 100.000 100.444 100.373 99.480
Improvements 100.000 102.971 106.180 109.556
Other residential (6) 100.000 101.911 103.595 105.654
(1.) Excludes software "embedded" or bundled in computers and other
equipment.
(2.) Consists of office buildings, except those constructed at
manufacturing sites and those constructed by power utilities for their
own use. Also includes medical buildings.
(3.) Consists of stores, restaurants, garages, service stations,
warehouses, beauty and trade schools, mobile structures, and other
buildings used for commercial purposes.
(4.) Consists of hotels and motels, buildings used primarily for
social and recreational activities, and buildings not elsewhere
classified, such as passenger terminals, greenhouses, and animal
hospitals.
(5.) Consists primarily of streets, dams and reservoirs, sewer and
water facilities, parks, and airfields.
(6.) Consists primarily of dormitories and of fraternity and
sorority houses.
n.e.c. Not elsewhere classified
Table 5. Current-Cost Net Stock of Private Fixed Assets by
Industry, 1993-2003
[Billions of dollars; yearend estimates]
Line 1993 1994 1995
Private fixed assets 1 14,173.9 15,063.7 15,794.2
Agriculture, forestry,
fishing, and hunting 2 352.0 363.8 372.6
Farms (1) 3 329.2 339.3 346.9
Forestry, fishing, and
related activities 4 22.8 24.4 25.8
Mining 5 486.9 506.0 536.3
Oil and gas extraction 6 378.9 392.1 416.3
Mining, except oil and
gas 7 78.7 83.9 88.3
Support activities for
mining 8 29.3 30.0 31.7
Utilities 9 822.3 852.5 884.7
Construction 10 92.5 101.0 111.1
Manufacturing 11 1,053.3 1,111.8 1,182.9
Durable goods 12 540.9 572.6 615.0
Wood products 13 20.8 22.2 23.7
Nonmetallic mineral
products 14 45.5 46.7 47.9
Primary metals 15 119.7 122.7 125.1
Fabricated metal
products 16 82.4 86.1 91.0
Machinery 17 39.2 43.1 48.5
Computer and
electronic products 18 77.2 86.4 100.6
Electrical equipment,
appliances, and
components 19 53.0 54.4 55.9
Motor vehicles, bodies
and trailers, and
parts 20 44.1 45.9 53.3
Other transportation
equipment 21 28.1 29.7 31.5
Furniture and related
products 22 5.4 6.0 6.7
Miscellaneous
manufacturing 23 28.5 29.5 30.7
Nondurable goods 24 512.3 539.1 567.9
Food and beverage and
tobacco products 25 145.3 151.8 158.1
Textile mills and
textile product
mills 26 36.1 38.0 39.3
Apparel and leather
and allied products 27 7.9 8.6 9.3
Paper products 28 84.4 87.2 90.2
Printing and related
support activities 29 27.8 28.7 29.6
Petroleum and coal
products 30 502.0 53.0 56.5
Chemical products 31 122.6 130.7 140.1
Plastics and rubber
products 32 38.0 41.0 44.8
Wholesale trade 33 569.3 598.2 615.1
Retail trade 34 267.0 291.7 317.1
Transportation and
warehousing 35 529.6 550.3 574.3
Air transportation 36 79.8 83.9 92.5
Railroad transportation 37 213.7 217.3 222.4
Water transportation 36 51.3 50.3 48.7
Truck transportation1 39 45.3 51.4 57.1
Transit and ground
passenger
transportation 40 25.6 25.6 25.5
Pipeline transportation 41 61.0 65.0 67.2
Other transportation and
support activities (2) 42 45.5 48.4 51.8
Warehousing and storage 43 7.4 8.3 9.1
Information 44 530.1 560.6 597.2
Publishing industries
(includes software) 45 37.2 38.3 39.0
Motion picture and sound
recording industries 46 33.3 36.5 38.9
Broadcasting and
telecommunications 47 453.1 479.0 511.9
Information and data
processing services 48 6.4 6.7 7.3
Finance and insurance 49 516.3 550.3 582.1
Federal Reserve banks 50 0.8 1.1 1.8
Credit intermediation
and related activities 51 326.5 342.2 355.5
Securities, commodity
contracts, and
investments 52 34.5 36.4 38.5
Insurance carriers and
related activities 53 95.5 106.1 116.8
Funds, trusts, and other
financial vehicles 54 59.1 64.5 69.5
Real estate and rental and
leasing 55 7,559.2 8,097.7 8,468.9
Real estate (3) 56 7,429.7 7,952.9 8,305.7
Rental and leasing
services and lessors
of intangible
assets (4) 57 129.5 144.9 163.2
Professional, |
