Data in this report are from the Census Bureau's 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 North American Industry Classification System (NAICS) industry sector in a ten-year moving window ending with the most recent ACES reference year— 2020 in the current report. However, linked background tables provide comparable NAICS industry data beginning in 1999. Estimates for the most recent years in each report are subject to revision. Information on companies without employees was not collected for the 2018 survey.

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. Over the 10-year period from 2011 to 2020, these businesses accounted for over ninety percent of total annual structures and equipment spending by U.S. nonfarm businesses.

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Summary Highlights of Total Capital Spending

Between 2011 and 2020, the period covered by this report, total spending by U.S. nonfarm businesses increased $463.5 billion (37.3 percent) from $1,243.0 billion in 2011 to $1,706.4 billion in 2020.

At the end of the 10-year period from 2011 to 2020, capital expenditures for structures totaled $675.4 billion, an increase of $203.6 billion (43.2 percent) from 2011 spending.
At the end of the 10-year period from 2011 to 2020, equipment expenditures totaled $1,031.0 billion, an increase of $259.8 billion (33.7 percent) from 2011 spending.

Sector Highlights:

The utilities sector’s share of capital expenditures increased from 8.4 percent to 11.4 percent from 2011 to 2020.
The retail trade sector’s share of capital expenditures increased from 5.8 percent to 6.6 percent from 2011 to 2020.
The information sector’s share of capital expenditures increased from 8.6 percent to 10.6 percent from 2011 to 2020.
The finance and insurance sector’s share of capital expenditures increased from 9.3 percent to 10.9 percent from 2011 to 2020.
The real estate and rental and leasing sector’s share of capital expenditures increased from 7.8 percent to 8.4 percent from 2011 to 2020.
The mining sector’s share of capital expenditures decreased from 14.2 percent to 6.1 percent from 2011 to 2020.
The health care and social assistance sector’s share of capital expenditures decreased from 7.1 percent to 6.6 percent from 2011 to 2020.

General Highlights

In 2011, capital spending by all U.S. nonfarm businesses totaled $1,243.0 billion. Capital investments increased for the next four years, 14.5 percent in 2012, 4.8 percent in 2013, 7.1 percent in 2014, and 2.8 percent in 2015. In 2016, capital spending decreased 4.1 percent but then increased 6.6 percent in 2017. Companies with no employees were excluded from the 2018 sample, therefore, the change in total capital spending cannot be determined between 2018 and 2019. Capital investment decreased 11.0 percent from 2019 to 2020. At the end of the 10-year period from 2011 to 2020, total capital expenditures totaled $1,706.4 billion, an increase of $463.5 billion, (37.3 percent) from 2011 spending.
In 2011, expenditures for structures totaled $471.8 billion. Of this amount, $442.7 billion (93.8 percent) was spending for new structures. Capital investment in structures increased 20.9 percent in 2012, showed no significant change in 2013, then increased 10.6 percent in 2014. Spending for structures showed no significant change in 2015 but decreased 6.7 percent in 2016, then increased by 11.0 percent in 2017. Companies with no employees were excluded from the 2018 sample, therefore, the change in total capital spending cannot be determined between 2018 and 2019. Expenditures for structures decreased 12.3 percent from 2019 to 2020. At the end of the 10-year period from 2011 to 2020, structure expenditures totaled $675.4 billion, an increase of $203.6 billion (43.2 percent) from 2011 spending.
In 2011, equipment expenditures totaled $771.2 billion. Of this amount, $730.0 billion (94.6 percent) was spending for new equipment. Spending for equipment increased for the next four years, 10.6 percent in 2012, 6.6 percent in 2013, 4.9 percent in 2014, and 4.7 percent in 2015. Capital expenditures for equipment decreased 2.4 percent in 2016 but then increased 3.9 percent in 2017. Companies with no employees were excluded from the 2018 sample, therefore, the change in total capital spending cannot be determined between 2018 and 2019 Capital expenditures in equipment decreased 10.1 percent from 2019 to 2020. At the end of the 10-year period from 2011 to 2020, equipment expenditures totaled $1,031.0 billion, an increase of $259.8 billion (33.7 percent) from 2011 spending.

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

Sector Highlights for Companies with Employees

Sectors showing the largest absolute increases in their capital investments from 2011 to 2020 included utilities (up $84.2 billion or 85.8 percent), manufacturing (up $65.6 billion or 34.1 percent), retail trade (up $37.4 billion or 54.9 percent), transportation and warehousing (up $25.5 billion or 35.1 percent), information (up $69.6 billion or 69.6 percent), finance and insurance (up $64.4 billion or 58.9 percent), real estate and rental and leasing (up $43.1 billion or 47.3 percent), and health care and social assistance (up $21.6 billion or 26.0 percent).
The mining sector showed the largest absolute decrease in capital investments from 2011 to 2020 (down $68.6 billion or 41.4 percent).