Data in this report are from the U.S. Census Bureau's 2004 to 2013 Annual Capital Expenditures Survey (ACES), which collects information on expenditures for new and used structures and equipment by all U.S. nonfarm businesses. The Capital Spending Report series covers spending by 2-digit North American Industry Classification System (NAICS) industry sector in a 10-year moving window ending with the most recent ACES reference year— 2013 in the current report. Estimates for penultimate years in each report are subject to revision.

The report looks closely at investment shares over time to see which are growing (shrinking) and, in theory, where firms and capital markets perceive the greatest economic opportunity. Annual spending estimates are not adjusted for inflation. This may affect the utility of year-to-year or longer-term comparisons of spending levels, especially when inflation rates are volatile and vary across industry groups and asset categories. However, with some exceptions (e.g., declines in information technology equipment prices, which may have a negative effect on investment totals in industries that invest heavily in IT equipment), comparisons of shares of overall investment across industry groups are less affected by inflation.

The ACES collects industry detail only for companies with employees; hence, estimates in the present report series of capital spending by industry are for employer businesses. On average, over the period 2004-2013, these firms accounted for over 90 percent of total annual structures and equipment spending by U.S. nonfarm businesses.

• Tables
• Charts

Between 2004 and 2013, the period covered by this report, total spending by U.S. nonfarm businesses increased $446.1 million (42.8 percent) from $1,042.1 billion in 2004 to $1,488.2 billion in 2013. (Table 1a), (Table 5a)

• Over the 10-year period from 2004 to 2013, the percentage of capital expenditures made up by structures increased from 35.4 percent to 38.8 percent.(Chart 2)
• The percentage of capital expenditures made up by equipment investment decreased from 64.6 percent in 2004 to 61.2 percent in 2013.(Chart2)

• The mining sector’s share of capital expenditures increased from 5.4 percent to 14.2 percent from 2004 to 2013. (Chart 5), (Table 3a)
• The manufacturing sector’s share of capital expenditures decreased from 16.4 percent to 15.7 percent over the 10-year period. (Chart 5), (Table 3a)
• The finance and insurance sector’s share of capital expenditures decreased from 16.1 percent to 10.0 percent from 2004 to 2013. (Chart 5), (Table 3a)

• Since the Great Recession ended in 2009, capital spending by all U.S. nonfarm businesses has increased annually for each consecutive year from 2011 to 2013. (Chart 1), (Table 1a)
• In 2004, capital spending by all U.S. nonfarm businesses totaled $1,042.1 billion. Total spending increased 9.9 percent in 2005 and 14.4 percent in 2006. In 2007, the first year that includes the Great Recession in its last quarter, spending increased 3.4 percent. As the recession continued in 2008 and 2009, capital spending showed no significant change in 2008. However, in 2009, capital investments fell 20.6 percent to $1,090.7 billion. There was no significant change in capital investments in 2010; however, spending increased 12.4 percent in 2011, 14.5 percent in 2012, and 4.5 percent in 2013. At the end of the 10-year period from 2004 to 2013, capital spending totaled $1,488.2 billion. (Table 1a) , (Table 5a)
• In 2004, expenditures for structures totaled $368.7 billion. Of this amount, $335.4 billion (88.1 percent) was spending for new structures. Total spending for structures increased 8.9 percent in 2005, 21.7 percent in 2006, 7.5 percent in 2007, and 7.1 percent in 2008. However, spending began a two-year decline in 2009, dropping 20.1 percent the first year and another 4.4 percent in 2010. Spending increased in 2011 by 9.8 percent and in 2012 by 20.9 percent. Spending showed no significant change in 2013. At the end of the 10-year period from 2004 to 2013, capital spending totaled $577.9 billion, an increase of $209.2 million (56.7 percent) from 2004. (Chart 1), (Table 1a), (Table 5a)
• In 2004, equipment expenditures totaled $673.4 billion. Of this amount, $628.6 billion (93.4 percent) was spending for new equipment. Total spending for equipment increased 10.4 percent in 2005 and 10.5 percent in 2006. Equipment expenditures showed no significant change in 2007 but then decreased 2.1 percent in 2008 and 21.0 percent in 2009, dropping to $641.1 billion. Spending then increased for the next four years, 5.5 percent in 2010, 14.1 percent in 2011, 10.6 percent in 2012, and 6.7 percent in 2013. At the end of the 10-year period from 2004 to 2013, equipment expenditures totaled $910.2 billion, an increase of $236.9 million (35.2 percent) from 2004 spending. (Chart 1), (Table 1a), (Table 5a)

*These data are subject to sampling/non-sampling error.

*These data are subject to sampling/non-sampling error.

*These data are subject to sampling/non-sampling error.

*These data are subject to sampling/non-sampling error.

*These data are subject to sampling/non-sampling error.

• Sectors showing the largest absolute increases in their capital investments from 2004 to 2013 included mining (up $146.8 billion or 286.4 percent), utilities (up $61.3 billion or 121.5 percent), manufacturing (up $63.1 billion or 40.3 percent), transportation and warehousing ($47.3 billion or 102.8 percent), information (up $39.6 billion or 47.4 percent), health care and social assistance (up $28.7 billion or 44.5 percent) and real estate and rental and leasing (up $22.3 billion or 24.3 percent). (Chart 4), (Table 6a)
• The finance and insurance sector showed the largest absolute decrease in capital investments over the 10-year period (down $13.7 billion or 8.9 percent). In 2004, capital spending totaled $153.6 billion. In 2007, the first year that includes the Great Recession in its last quarter, spending increased 6.3 percent. As the recession continued in 2008 and 2009, capital spending decreased 23.4 percent in 2008 and 25.2 percent in 2009 to $99.5 billion. Spending then increased for the next four years, 3.6 percent in 2010, 6.0 percent in 2011, 19.2 percent in 2012, and 7.5 percent in 2013. At the end of the 10-year period from 2004 to 2013, equipment expenditures totaled $139.9 billion, a decrease of $13.7 million (8.9 percent) from 2004 spending. (Chart 4), (Table 6a)

(Alphabetical Order)

*These data are subject to sampling/non-sampling error.

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*These date are subject to sampling/non-sampling error.

*These date are subject to sampling/non-sampling error. For more information see 2013 ACES Sampling and Estimation Methodologies.

Sectors showing the largest absolute increases in their capital investments from 2004 to 2013 included mining (up $146.8 billion or 286.4 percent), utilities (up $61.3 billion or 121.5 percent), manufacturing (up $63.1 billion or 40.3 percent), transportation and warehousing ($47.3 billion or 102.8 percent), information (up $39.6 billion or 47.4 percent), health care and social assistance (up $28.7 billion or 44.5 percent) and real estate and rental and leasing (up $22.3 billion or 24.3 percent).

The finance and insurance sector showed the largest absolute decrease in capital investments over the 10-year period (down $13.7 billion or 8.9 percent). In 2004, capital spending totaled $153.6 billion. In 2007, the first year that includes the Great Recession in its last quarter, spending increased 6.3 percent. As the recession continued in 2008 and 2009, capital spending decreased 23.4 percent in 2008 and 25.2 percent in 2009 to $99.5 billion. Spending then increased for the next four years, 3.6 percent in 2010, 6.0 percent in 2011, 19.2 percent in 2012, and 7.5 percent in 2013. At the end of the 10-year period from 2004 to 2013, equipment expenditures totaled $139.9 billion, a decrease of $13.7 million (8.9 percent) from 2004 spending.