In 2008, U.S. nonfarm businesses invested $1.37 trillion in new and used structures and equipment, an amount not statistically different from the revised 2007 total of $1.35 trillion. Total spending on new structures and new equipment was $1.28 trillion. The U.S. Census Bureau issued on February 4th, its 2008 Annual Capital Expenditures Survey.
These data provide preliminary estimates of business spending for new and used structures and equipment at the sector level based on the 2002 North American Industry Classification System. These figures are critical to evaluate productivity growth, the ability of U.S. business to compete with foreign business, changes in industrial capacity and measures of overall economic performance.
Expenditures in 2008 for new and used structures totaled $562.5 billion, an increase of $37.2 billion (7.1 percent) from 2007. (See Figure 1.) Of this amount, $523.1 billion (93.0 percent) was spent for new structures, an increase of $42.2 billion (8.8 percent) from 2007. Expenditures for used structures totaled $39.4 billion, not statistically different from 2007.
Spending on new and used equipment totaled $809.0 billion in 2008, down $20.4 billion (2.5 percent) from 2007. Of this amount, $760.6 billion (94.0 percent) was for new equipment, a decrease of $29.8 billion (3.8 percent) from 2007. Expenditures for used equipment totaled $48.4 billion, an increase of $9.4 billion (24.0 percent) from 2007.
The Annual Capital Expenditures Survey collects data from companies with and without employees. Companies with employees accounted for $1.30 trillion (94.5 percent) of total capital spending in 2008. These companies invested $531.2 billion in structures, an increase of 8.2 percent from 2007, and $764.6 billion in equipment, not statistically different from 2007. (See Figure 2.)
Companies without employees accounted for $75.7 billion of capital spending in 2008, with $31.3 billion spent on structures and $44.4 billion spent on equipment.
Highlights by business sector and industry for companies with employees. (See Tables 2, 3, and 4)
(Data in this section are based on the 2002 North American Industry Classification System. Data are only for companies with employees because companies without employees are not asked to report capital expenditures by sector or industry.)
Of the 19 sectors covered in this report, 4 had a statistically significant increase in spending in 2008 compared with 2007, 5 had a statistically significant decrease, and 10 showed no statistically significant change. The values of structures and equipment may not sum to the values of total capital expenditures due to rounding. (See Table A, below and Figure 3.)
Of the 135 industries covered in this report, 41 had a statistically significant increase in spending, 17 had a statistically significant decrease, and 77 showed no statistically significant change from the prior year.
Manufacturing. The manufacturing sector spent $211.6 billion on capital goods in 2008, not statistically different from 2007. Of the total spending by this sector, $49.3 billion was for structures, and $162.3 billion was for equipment. (See Figure 4.)
Investment spending by durable goods manufacturers totaled $103.3 billion in 2008, a decrease of 4.0 percent from 2007. Of this amount, $19.1 billion was for structures, while $84.2 billion was for equipment.
Nondurable goods manufacturers spent $108.2 billion on capital goods in 2008, an increase of 20.8 percent from 2007. Spending for structures was $30.2 billion, and spending for equipment was $78.1 billion.
Mining. The mining sector spent $150.0 billion on capital goods in 2008, an increase of 24.3 percent from 2007. Spending for structures totaled $108.3 billion, and spending for equipment totaled $41.7 billion.
Finance and insurance. The finance and insurance sector spent $145.4 billion on capital goods in 2008, a decrease of 15.9 percent from 2007. Of this amount, $35.8 billion was for structures, and $109.6 billion was for equipment.
Information. The information sector spent $103.4 billion on capital goods in 2008, a decrease of 2.5 percent from 2007. Of this spending, $28.9 billion was for structures, and $74.5 billion was for equipment.
Utilities. The utilities sector spent $98.3 billion on capital goods in 2008, an increase of 15.1 percent from 2007. Spending for structures totaled $43.5 billion, and spending for equipment totaled $54.8 billion.
Real estate and rental and leasing. This sector spent $96.0 billion on capital goods in 2008, a decrease of 18.6 percent from 2007. Spending for structures was $37.2 billion, and spending for equipment was $58.9 billion.
Health care and social assistance. The health care and social assistance sector spent $90.0 billion for structures and equipment in 2008, up 6.9 percent from 2007. Of this amount, $49.9 billion was for structures, and $40.1 billion was for equipment.
Transportation and warehousing. Total spending by this sector was $79.6 billion in 2008, an increase of 18.2 percent from 2007. Of this spending, $29.9 billion was for structures, and $49.7 billion was for equipment.
Retail trade. In 2008, capital spending by the retail trade sector was $73.3 billion, a decrease of 11.2 percent from 2007. Spending for structures was $36.1 billion, and spending for equipment was $37.2 billion.
Construction. The construction sector spent $41.7 billion for capital goods in 2008, not statistically different from 2007. Of this amount, $11.2 billion was for structures, and $30.6 billion was for equipment.
Accommodation and food services. This sector's capital spending totaled $40.5 billion in 2008, not statistically different from 2007. Spending for structures was $24.9 billion, and spending for equipment was $15.6 billion.
Wholesale trade. The wholesale trade sector spent $33.1 billion on capital goods in 2008, not statistically different from 2007. Of this spending, $8.7 billion was for structures, and $24.4 billion was for equipment.
Professional, scientific, and technical services. . This sector spent $32.7 billion for capital goods in 2008, not statistically different from 2007. Spending for structures totaled $8.7 billion, and spending for equipment totaled $24.1 billion.
Other services (except public administration). This sector spent $28.6 billion on capital goods in 2008, not statistically different from 2007. Spending for structures was $18.9 billion, and spending for equipment was $9.7 billion.
Internet address: <www.census.gov/econ/aces/xls/2008/Full Report.htm>.
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