102 Z.1, June 9, 2005

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003 2004 2005

 Q1 Q2 Q3 Q4 Q1

 1 Assets 49150.1 49358.2 49092.6 48089.8 53948.5 54892.9 55886.5 56803.6 59185.7 59669.1 1

 2 Tangible assets 14478.8 15778.6 17009.7 18396.7 20025.1 20444.3 21068.2 21978.1 22566.2 23158.5 2

 3 Real estate 11509.7 12618.8 13710.8 14964.8 16474.2 16817.1 17367.7 18229.8 18738.0 19244.6 3

 4 Households (2,3) 10395.1 11401.0 12492.2 13682.9 15099.2 15421.8 15941.7 16778.9 17242.3 17713.6 4

 5 Nonprofit organizations 1114.6 1217.7 1218.6 1282.0 1374.9 1395.3 1426.0 1450.9 1495.7 1531.0 5

 Equipment and software owned by

 6 nonprofit organizations (4) 134.0 145.0 154.7 163.3 174.6 178.2 182.5 184.6 189.3 194.8 6

 7 Consumer durable goods (4) 2835.0 3014.9 3144.2 3268.5 3376.3 3449.1 3518.0 3563.7 3638.9 3719.0 7

 8 Financial assets 34671.3 33579.5 32082.9 29693.1 33923.4 34448.6 34818.3 34825.5 36619.5 36510.7 8

 9 Deposits 4019.4 4328.5 4784.7 5056.7 5229.0 5439.0 5431.8 5473.1 5557.5 5715.9 9

10 Foreign deposits 43.5 63.5 58.5 74.2 65.2 84.9 85.0 85.2 101.4 103.3 10

11 Checkable deposits and currency 361.0 229.0 331.8 359.6 308.9 321.9 296.4 302.5 319.2 324.2 11

12 Time and savings deposits 2799.1 3076.3 3281.2 3552.9 3895.2 4077.5 4140.2 4224.9 4233.3 4403.7 12

13 Money market fund shares 815.7 959.8 1113.3 1070.0 959.7 954.7 910.1 860.5 903.5 884.6 13

14 Credit market instruments 2277.0 2198.7 2024.9 1898.4 2075.6 1935.8 1987.4 2026.9 2172.1 2124.8 14

15 Open market paper 67.7 82.6 85.7 98.9 94.9 105.3 107.8 111.8 126.8 128.5 15

16 Treasury securities 833.0 619.2 486.2 342.9 483.3 443.5 471.3 446.5 518.4 515.2 16

17 Savings bonds 186.4 184.8 190.3 194.9 203.8 204.4 204.6 204.1 204.4 204.2 17

18 Other Treasury 646.5 434.5 295.8 148.0 279.5 239.1 266.7 242.4 314.0 311.0 18

19 Agency- and GSE-backed securities 354.4 430.9 348.1 206.4 419.6 327.6 383.9 500.9 479.1 506.4 19

20 Municipal securities 435.6 438.0 489.3 585.6 621.4 632.7 647.6 648.9 665.6 701.6 20

21 Corporate and foreign bonds 479.9 508.8 488.6 527.0 307.4 274.8 221.7 160.5 220.8 108.6 21

22 Mortgages 106.5 119.1 127.0 137.6 149.0 151.9 155.2 158.3 161.4 164.5 22

23 Corporate equities (2) 9170.3 7806.2 6604.2 5049.0 6377.5 6311.8 6343.4 6093.5 6575.7 6347.4 23

24 Mutual fund shares (5) 2987.4 2832.8 2663.6 2328.3 3005.1 3205.8 3239.8 3271.0 3558.3 3632.8 24

25 Security credit 323.9 412.4 454.3 412.7 475.4 512.9 533.9 524.3 578.3 561.0 25

26 Life insurance reserves 783.9 819.1 880.0 920.9 1013.2 1034.3 1052.7 1069.6 1099.3 1113.6 26

27 Pension fund reserves 9113.4 8831.3 8330.2 7611.7 8836.7 9007.6 9100.9 9087.9 9612.9 9414.0 27

28 Investment in bank personal trusts 1130.4 1095.8 960.7 840.9 932.4 936.9 935.4 919.2 957.6 940.1 28

29 Equity in noncorporate business (6) 4501.3 4883.8 4990.9 5154.6 5516.5 5593.0 5714.0 5864.9 6004.4 6148.4 29

30 Miscellaneous assets 364.3 370.9 389.4 420.0 462.0 471.5 479.0 495.0 503.5 512.7 30

31 Liabilities 6818.2 7398.6 7977.8 8672.8 9582.8 9791.1 10070.1 10387.5 10719.1 10874.6 31

32 Credit market instruments 6439.9 7009.2 7629.5 8364.8 9231.7 9419.5 9679.8 10001.3 10276.2 10427.5 32

33 Home mortgages (7) 4452.0 4820.1 5284.4 5912.8 6649.1 6847.3 7069.1 7359.7 7568.2 7734.1 33

34 Consumer credit 1553.1 1731.3 1870.7 1954.4 2047.0 2030.0 2041.5 2085.8 2140.7 2117.1 34

35 Municipal securities (8) 137.3 143.0 156.9 169.8 183.9 186.7 190.8 191.3 193.6 197.6 35

36 Bank loans n.e.c. 71.5 74.2 57.7 54.3 67.9 66.1 84.9 64.9 71.8 72.7 36

37 Other loans and advances 117.8 119.8 120.4 120.7 119.3 119.1 119.2 119.6 119.9 120.2 37

38 Commercial mortgages (8) 108.2 120.7 139.4 152.8 164.4 170.4 174.3 179.9 182.0 185.8 38

39 Security credit 227.9 235.1 196.4 148.2 182.5 200.8 216.5 209.9 264.0 265.6 39

40 Trade payables (8) 130.9 134.7 132.9 139.8 147.7 149.9 152.1 154.4 156.7 159.1 40

 Deferred and unpaid

41 life insurance premiums 19.4 19.6 19.1 20.0 20.9 21.0 21.7 22.0 22.2 22.4 41

42 Net worth 42331.9 41959.6 41114.8 39417.0 44365.7 45101.8 45816.4 46416.1 48466.5 48794.5 42

 Memo:

 Replacement-cost value of structures:

43 Residential 7886.7 8468.4 9141.9 9768.2 10565.8 10808.0 11155.8 11446.6 11668.3 11882.6 43

44 Households 7541.6 8105.6 8760.7 9371.8 10150.3 10386.5 10724.4 11007.7 11224.7 11434.7 44

45 Farm households 210.8 223.1 235.3 245.1 257.5 261.4 267.6 272.4 275.4 278.3 45

46 Nonprofit organizations 134.4 139.7 145.9 151.3 157.9 160.1 163.8 166.5 168.2 169.7 46

47 Nonresidential (nonprofits) 760.4 813.2 866.6 909.2 954.5 973.6 999.7 1030.7 1066.5 1102.5 47

48 Disposable personal income 6694.9 7194.0 7486.8 7827.7 8160.0 8438.4 8562.1 8651.5 8935.8 8954.3 48

 Household net worth as percentage of

49 disposable personal income 632.3 583.3 549.2 503.6 543.7 534.5 535.1 536.5 542.4 544.9 49

 Owners’ equity in household real

50 estate (9) 5943.1 6580.9 7207.8 7770.1 8450.1 8574.5 8872.6 9419.1 9674.1 9979.5 50

 Owners’ equity as percentage of

51 household real estate (10) 57.2 57.7 57.7 56.8 56.0 55.6 55.7 56.1 56.1 56.3 51

(1) Sector includes farm households.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(6) Net worth of noncorporate business (table B.103, line 31) and owners’ equity in farm business and unincorporated security brokers and dealers.

(7) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 24.

(8) Liabilities of nonprofit organizations.

(9) Line 4 less line 33.

(10) Line 50 divided by line 4.
Z.1, June 9, 2005 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003 2004 2005

 Q1 Q2 Q3 Q4 Q1

 With tangible assets stated at either market value or replacement cost:

 1 Assets 16599.4 18937.3 19026.8 19349.8 20201.3 20483.3 20826.3 21044.7 21502.3 21845.6 1

 2 Tangible assets 8505.5 9164.8 9127.9 9407.9 9815.5 9944.5 10123.6 10243.7 10479.1 10694.0 2

 3 Real estate (1) 4389.1 4764.5 4695.0 4885.0 5166.0 5233.8 5332.5 5395.4 5551.5 5668.7 3

 4 Equipment and software (2) 2864.3 3066.7 3167.3 3220.0 3319.1 3351.6 3397.3 3426.5 3474.9 3537.7 4

 5 Inventories (2) 1252.1 1333.6 1265.6 1302.9 1330.4 1359.1 1393.9 1421.8 1452.7 1487.6 5

 6 Financial assets 8093.8 9772.5 9898.9 9941.8 10385.9 10538.8 10702.6 10801.0 11023.2 11151.7 6

 7 Foreign deposits 31.5 24.0 15.5 19.9 37.2 41.2 40.9 44.7 59.2 56.0 7

 8 Checkable deposits and currency 331.0 381.4 331.9 314.5 416.2 422.1 456.6 482.1 470.5 474.6 8

 9 Time and savings deposits 136.9 137.3 131.1 126.3 150.8 154.7 157.9 177.6 183.4 187.4 9

10 Money market fund shares 154.9 191.4 301.9 328.0 290.0 289.8 292.7 286.4 278.0 264.4 10

11 Security RPs 5.8 4.2 4.0 6.2 6.0 6.4 6.1 6.9 6.8 8.0 11

12 Commercial paper 47.6 57.8 60.2 64.8 75.5 74.5 74.8 82.4 86.4 81.9 12

13 Treasury securities 19.4 18.1 16.9 31.4 32.7 34.9 33.9 31.9 35.2 34.9 13

14 Agency- and GSE-backed securities 12.4 15.4 17.5 16.9 12.1 14.5 14.1 13.4 14.6 14.5 14

15 Municipal securities 25.0 31.9 29.3 32.1 34.8 36.3 38.7 38.1 37.8 39.4 15

16 Mortgages 41.2 43.5 46.6 49.6 51.6 52.1 52.6 53.1 53.6 54.1 16

17 Consumer credit 78.5 82.3 80.9 79.0 67.2 61.9 62.2 60.3 65.9 62.1 17

18 Trade receivables 1655.2 1938.5 1810.1 1715.3 1742.2 1804.3 1899.3 1941.0 1923.4 1983.0 18

19 Mutual fund shares (1) 127.0 124.0 113.0 95.0 125.0 129.9 131.7 131.6 143.0 141.7 19

20 Miscellaneous assets 5427.5 6722.6 6940.0 7062.9 7344.7 7416.2 7441.1 7451.4 7665.5 7749.6 20

21 Liabilities 8407.3 9611.4 9809.5 9922.8 10001.7 10088.1 10139.7 10184.7 10254.1 10357.7 21

22 Credit market instruments 4185.7 4536.2 4758.1 4785.7 4941.2 4981.4 5009.2 5065.0 5172.0 5257.5 22

23 Commercial paper 230.3 278.4 190.1 126.0 85.9 95.5 102.5 109.3 101.7 115.6 23

24 Municipal securities (3) 152.8 154.2 157.7 160.8 164.2 164.8 166.0 167.3 169.4 170.4 24

25 Corporate bonds (4) 2067.7 2230.3 2578.8 2711.0 2869.3 2897.9 2899.6 2912.8 2947.4 2954.0 25

26 Bank loans n.e.c. 808.8 852.7 743.7 635.5 583.1 570.1 564.3 571.7 593.2 607.1 26

27 Other loans and advances 585.4 651.3 659.1 675.1 680.7 679.7 685.2 684.3 705.3 731.2 27

28 Mortgages 340.6 369.3 428.6 477.3 557.9 573.3 591.7 619.7 655.0 679.3 28

29 Trade payables 1228.2 1541.4 1437.7 1457.4 1437.1 1457.2 1506.8 1550.1 1589.5 1601.4 29

30 Taxes payable 71.0 78.0 81.0 93.0 81.2 90.2 91.7 99.1 88.5 97.9 30

31 Miscellaneous liabilities 2922.3 3455.7 3532.7 3586.7 3542.2 3559.2 3532.0 3470.6 3404.1 3400.9 31

32 Net worth (market value) 8192.1 9325.9 9217.3 9426.9 10199.7 10395.2 10686.5 10860.0 11248.1 11487.9 32

 Memo:

 Replacement-cost value of structures:

33 Residential 94.9 100.0 105.5 109.9 116.9 118.1 121.2 123.6 125.2 126.8 33

34 Nonresidential 3710.8 3969.3 4216.9 4364.5 4495.9 4564.1 4664.9 4790.8 4935.1 5079.3 34

 Market value of equities outstanding

35 (includes corporate farm equities) 15159.5 12685.0 10804.8 7839.3 10043.6 10111.1 10299.2 9906.0 10846.7 10658.4 35

36 Debt/net worth (percent) (5) 51.1 48.6 51.6 50.8 48.4 47.9 46.9 46.6 46.0 45.8 36

37 Debt/equities (percent) (6) 27.6 35.8 44.0 61.0 49.2 49.3 48.6 51.1 47.7 49.3 37

38 Equities/net worth (percent) (7) 185.1 136.0 117.2 83.2 98.5 97.3 96.4 91.2 96.4 92.8 38

 With tangible assets stated at historical cost:

39 Assets (8) 14296.4 16397.1 16727.7 16962.0 17621.2 17887.0 18139.7 18325.9 18625.9 18891.2 39

40 Tangible assets 6202.6 6624.6 6828.8 7020.2 7235.3 7348.3 7437.1 7524.9 7602.7 7739.5 40

41 Real estate 2371.1 2504.6 2644.2 2751.6 2849.2 2874.4 2900.0 2923.0 2949.7 2978.8 41

42 Equipment and software 2632.7 2849.8 2975.0 3037.0 3112.9 3143.9 3178.5 3210.4 3256.1 3304.3 42

43 Inventories 1198.8 1270.2 1209.5 1231.6 1273.2 1329.9 1358.6 1391.5 1396.9 1456.5 43

44 Net worth (historical cost) (9) 5889.1 6785.7 6918.2 7039.1 7619.5 7798.9 8000.0 8141.2 8371.7 8533.5 44

 Memo:

 Historical-cost value of structures:

45 Residential 39.6 41.9 44.3 46.7 49.4 50.2 51.0 51.9 52.7 53.6 45

46 Nonresidential 2131.9 2271.6 2408.8 2513.6 2608.2 2632.5 2658.1 2683.4 2711.1 2739.6 46

47 Debt/net worth (percent) (10) 71.1 66.8 68.8 68.0 64.8 63.9 62.6 62.2 61.8 61.6 47

 (1) At market value.

 (2) At replacement (current) cost.

 (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.

 (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

 (5) Line 22 divided by line 32.

 (6) Line 22 divided by line 35.

 (7) Line 35 divided by line 32.

 (8) Sum of lines 6 and 40.

 (9) Line 39 less line 21.

 (10) Line 22 divided by line 44.
104 Z.1, June 9, 2005

B.103 Balance Sheet of Nonfarm Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1999 2000 2001 2002 2003 2004 2005

 Q1 Q2 Q3 Q4 Q1

 1 Assets 5886.8 6561.1 6856.1 7160.2 7689.9 7783.2 7955.2 8175.0 8367.8 8561.1 1

 2 Tangible assets 4711.4 5141.0 5280.7 5505.3 5901.0 5958.7 6086.9 6262.3 6407.9 6550.0 2

 3 Real estate (1) 4297.1 4703.4 4836.7 5052.4 5434.0 5485.7 5605.9 5775.3 5912.6 6043.3 3

 4 Residential 3168.3 3464.9 3622.0 3818.6 4156.4 4202.1 4302.6 4463.8 4575.4 4681.8 4

 5 Nonresidential 1128.8 1238.4 1214.7 1233.8 1277.6 1283.6 1303.3 1311.5 1337.1 1361.5 5

 6 Equipment and software (2) 348.4 367.5 377.4 384.3 397.0 401.5 407.6 412.2 418.9 428.4 6

 7 Residential (3) 37.4 38.8 39.8 40.3 40.4 40.8 41.1 41.1 41.6 43.3 7

 8 Nonresidential 310.9 328.6 337.6 344.0 356.5 360.8 366.5 371.1 377.3 385.1 8

 9 Inventories (2) 65.9 70.2 66.6 68.6 70.0 71.5 73.4 74.8 76.5 78.3 9

10 Financial assets 1175.4 1420.1 1575.4 1655.0 1788.9 1824.5 1868.2 1912.6 1959.9 2011.0 10

11 Checkable deposits and currency 217.6 274.1 274.5 280.1 287.7 289.4 290.3 291.4 291.3 291.2 11

12 Time and savings deposits 117.5 137.6 144.7 156.2 163.6 165.2 167.8 170.2 172.5 175.0 12

13 Money market fund shares 40.7 49.4 59.0 61.3 53.1 49.2 49.0 48.3 49.9 52.2 13

14 Treasury securities 37.2 40.2 42.8 42.8 44.3 44.9 45.4 45.9 46.3 46.7 14

15 Municipal securities 2.7 2.4 3.5 3.4 3.6 3.6 3.7 3.7 3.8 3.8 15

16 Mortgages 23.3 20.6 23.3 23.1 24.7 24.8 25.0 25.1 25.0 24.8 16

17 Consumer credit 0 0 0 0 0 0 0 0 0 0 17

18 Trade receivables 272.6 342.1 343.9 362.8 418.4 433.3 449.1 465.1 482.2 499.6 18

19 Miscellaneous assets 463.8 553.7 683.6 725.2 793.6 814.1 837.9 862.9 888.9 917.5 19

20 Insurance receivables 45.9 45.8 48.3 52.5 56.9 57.9 59.1 60.5 60.8 61.8 20

21 Equity investment in GSEs (4) 1.6 1.6 1.8 1.8 2.1 2.2 2.1 2.0 1.9 2.1 21

22 Other 416.3 506.2 633.5 671.0 734.6 753.9 776.7 800.4 826.2 853.7 22

23 Liabilities 2332.4 2673.9 2890.3 3085.0 3331.2 3389.1 3455.1 3524.7 3594.5 3666.1 23

24 Credit market instruments 1599.6 1796.7 1959.3 2107.8 2264.0 2298.7 2341.1 2386.9 2431.9 2478.4 24

25 Bank loans n.e.c. 312.8 361.2 405.3 430.4 420.1 422.2 426.4 429.9 436.0 442.0 25

26 Other loans and advances 116.7 127.8 125.3 127.6 133.3 133.7 134.6 138.0 138.5 137.4 26

27 Mortgages 1170.1 1307.6 1428.8 1549.8 1710.6 1742.8 1780.1 1819.0 1857.4 1899.0 27

28 Trade payables 213.3 259.9 255.0 281.0 325.2 338.4 352.7 367.2 383.3 399.7 28

29 Taxes payable 53.0 64.6 68.7 70.2 79.5 80.9 81.9 83.1 84.0 84.9 29

30 Miscellaneous liabilities 466.5 552.6 607.3 626.1 662.5 671.0 679.3 687.5 695.3 703.0 30

31 Net worth (5) 3554.3 3887.2 3965.8 4075.2 4358.6 4394.1 4500.1 4650.3 4773.4 4895.0 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2005.5 2107.8 2217.9 2317.6 2443.4 2483.7 2547.4 2603.1 2637.2 2669.2 32

33 Nonresidential 874.0 919.7 959.8 983.6 1004.5 1017.5 1037.7 1063.7 1093.4 1122.9 33

34 Debt/net worth (percent) (6) 45.0 46.2 49.4 51.7 51.9 52.3 52.0 51.3 50.9 50.6 34

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 23. Included in table B.100, line 29.

(6) Line 24 divided by line 31.
Z.1, June 9, 2005 105

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

1999 2000 2001 2002 2003 2004 2005

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 4869.4 -372.3 -844.8 -1697.8 4948.6 736.2 714.5 599.8 2050.4 328.0 1

 2 Net investment 220.6 119.4 431.0 206.7 471.2 114.7 4.1 -2.9 156.2 160.6 2

 3 Net physical investment 473.1 490.5 493.9 520.8 583.5 151.7 175.3 174.0 177.3 176.8 3

 4 Capital expenditures 1179.7 1245.4 1293.0 1353.9 1452.5 366.0 394.0 407.9 402.6 406.0 4

 5 - Consumption of fixed capital 706.6 754.9 799.1 833.1 869.0 214.3 218.7 233.9 225.3 229.2 5

 6 Net financial investment -252.5 -371.0 -62.9 -314.1 -112.2 -37.0 -171.2 -177.0 -21.1 -16.2 6

 7 Net acquisition of financial assets 322.5 198.3 516.3 380.9 777.4 171.3 107.8 125.6 310.6 139.3 7

 8 - Net increase in liabilities 575.0 569.3 579.2 695.0 889.6 208.3 279.0 302.6 331.7 155.5 8

 Holding gains on assets

 9 at market value (2) 4624.1 -403.2 -1179.2 -1765.6 4582.0 606.1 699.0 616.8 1880.3 147.2 9

10 Real estate 665.9 837.2 813.0 950.0 1150.1 257.6 437.2 750.1 396.8 395.3 10

11 Corporate equities 2130.2 -917.6 -1067.2 -1539.9 1375.5 11.8 70.3 -196.6 592.9 -122.2 11

12 Mutual fund shares 504.8 -237.9 -335.6 -417.0 425.5 94.2 2.0 -36.1 217.0 -21.0 12

13 Equity in noncorporate business 300.1 436.4 131.6 266.1 459.7 94.5 130.2 176.9 157.5 146.5 13

 Life insurance and

14 pension fund reserves 885.6 -430.1 -645.8 -907.3 1053.4 137.7 55.0 -67.1 472.8 -237.1 14

 Investment in bank personal

15 trusts and estates 137.6 -91.2 -75.2 -117.5 117.8 10.3 4.3 -10.3 43.3 -14.4 15

 Holding gains on assets

16 at current cost (2) -46.2 -26.8 -65.8 -76.2 -99.3 11.5 11.9 -15.9 13.7 21.4 16

17 Consumer durable goods -45.0 -26.1 -65.1 -76.3 -99.4 11.7 11.5 -15.5 13.8 20.9 17

18 Equipment and software -1.3 -0.7 -0.7 0.1 0.2 -0.1 0.3 -0.4 -0.1 0.5 18

19 Other volume changes (3) 70.9 -61.8 -30.8 -62.6 -5.3 3.9 -0.5 1.8 0.2 -1.2 19

 Memo:

20 Net worth outstanding (4) 42331.9 41959.6 41114.8 39417.0 44365.7 45101.8 45816.4 46416.1 48466.5 48794.5 20

21 Disposable personal income 6694.9 7194.0 7486.8 7827.7 8160.0 8438.4 8562.1 8651.5 8935.8 8954.3 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).

(2) Calculated as change in amount outstanding less net purchases during period.

(3) Consists of the difference between series for consumption of fixed capital published by BEA and statistical discontinuities.

(4) Table B.100, line 42.
106 Z.1, June 9, 2005

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

1999 2000 2001 2002 2003 2004 2005

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 837.5 1133.9 -108.6 209.6 772.7 195.5 291.4 173.4 388.2 239.8 1

 2 Net investment 222.5 240.8 192.0 126.0 275.8 67.6 103.2 46.2 117.9 35.6 2

 3 Net physical investment 350.6 387.2 157.0 122.4 121.7 55.6 69.3 63.0 77.3 86.0 3

 4 Capital expenditures 863.9 928.6 802.5 762.6 769.6 212.0 225.2 224.6 237.8 247.5 4

 5 - Consumption of fixed capital 520.1 564.0 642.8 651.5 671.9 166.7 168.9 180.3 171.5 171.8 5

 6 - Inventory valuation adjustment 0.9 -14.1 11.4 -1.2 -14.1 -7.8 -10.7 -15.7 -8.7 -8.1 6

 7 - Nonproduced nonfinancial assets -7.7 -8.5 -8.6 -10.1 -9.8 -2.5 -2.4 -3.0 -2.3 -2.2 7

 8 Net financial investment -17.7 -28.2 82.4 45.2 211.8 32.5 73.7 34.0 86.4 6.1 8

 9 Net acquisition of financial assets 969.9 1209.2 177.6 130.1 359.6 145.9 159.6 107.7 184.6 139.3 9

10 - Net increase in liabilities 987.6 1237.4 95.2 84.9 147.7 113.4 85.8 73.7 98.2 133.2 10

11 Net corporate equity issues -110.4 -118.2 -47.4 -41.6 -57.8 -20.6 -39.9 -50.8 -45.8 -56.5 11

 Holding gains on assets

12 at market value (2) 186.3 281.6 -164.8 119.3 256.7 59.7 87.6 53.3 153.8 99.8 12

13 Real estate 164.7 296.6 -149.8 137.9 237.8 56.1 87.0 54.6 143.6 102.3 13

14 Mutual fund shares 21.6 -15.0 -15.0 -18.6 19.0 3.6 0.6 -1.4 10.2 -2.5 14

 Holding gains on assets less

15 liabilities at current cost (2) 90.3 -47.6 78.5 96.2 75.6 14.2 20.7 2.2 13.4 23.7 15

16 Equipment and software -11.5 -7.3 -21.9 -10.1 23.2 1.8 11.2 -2.5 2.8 14.8 16

17 Inventories (3) 21.8 12.5 -26.5 24.0 14.7 12.5 9.5 4.7 10.5 8.9 17

18 Direct investment abroad -7.8 -33.9 14.5 1.0 40.9 0 0 0 0 -0.0 18

19 - Foreign direct investment in U.S. -87.8 19.0 -112.5 -81.2 3.2 0.0 0.0 -0.0 -0.0 -0.0 19

20 Other volume changes (4) 338.4 659.1 -214.4 -131.9 164.7 54.0 79.9 71.8 103.2 80.6 20

 Memo:

21 Net worth outstanding (5) 8192.1 9325.9 9217.3 9426.9 10199.7 10395.2 10686.5 10860.0 11248.1 11487.9 21

(1) Sum of net investment (line 2), holding gains (lines 12 and 15), and other factors (line 20).

(2) Calculated as change in amount outstanding less net purchases during period.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities.

(5) Table B.102, line 32.
Z.1, June 9, 2005 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

1999 2000 2001 2002 2003 2004 2005

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 166.2 332.9 78.6 109.4 283.5 35.5 106.0 150.2 123.1 121.6 1

 2 Net investment (2) -87.0 -47.2 -17.2 -102.3 -96.4 -21.3 -4.7 -25.7 -16.2 -6.4 2

 3 Net physical investment 40.3 49.5 44.6 12.9 15.7 1.0 17.5 -0.5 6.3 14.1 3

 4 Capital expenditures 190.0 218.2 193.9 164.2 175.4 39.5 58.3 45.2 47.3 55.3 4

 5 - Consumption of fixed capital 149.8 168.7 149.3 151.3 159.7 38.5 40.8 45.7 41.0 41.2 5

 6 Net acquisition of financial assets 184.6 244.7 155.3 79.6 133.9 35.6 43.8 44.4 47.3 51.1 6

 - Net increase in liabilities from:

 7 Credit market instruments 194.3 197.1 162.7 148.5 156.1 34.8 42.4 45.8 45.0 46.6 7

 8 Trade payables 34.7 46.6 -4.9 26.0 44.2 13.2 14.3 14.5 16.1 16.4 8

 9 Taxes payable 8.9 11.7 4.0 1.5 9.4 1.4 1.0 1.2 0.9 0.9 9

10 Miscellaneous liabilities 73.9 86.0 55.3 18.9 36.3 8.5 8.3 8.1 7.9 7.7 10

11 Holding gains on real estate (3) 224.8 341.6 86.2 193.7 343.4 43.7 104.5 146.4 127.7 110.8 11

12 Residential 183.2 265.7 129.3 160.5 285.3 30.2 83.7 134.9 92.6 86.4 12

13 Nonresidential 41.6 75.9 -43.0 33.2 58.1 13.5 20.8 11.6 35.1 24.4 13

14 Holding gains on assets at current cost (3) 5.8 12.7 3.9 15.1 7.4 8.0 -2.0 -8.1 -0.2 5.1 14

15 Residential equipment and software -0.4 0.2 -0.0 -0.5 -1.3 -0.2 -0.2 -0.4 -0.0 1.1 15

16 Nonresidential equipment and software 5.2 11.1 5.9 14.3 7.2 7.2 -2.9 -8.8 -1.2 3.1 16

17 Inventories 1.1 1.4 -2.0 1.3 1.5 1.1 1.1 1.1 1.0 0.9 17

18 Other volume changes (4) -64.4 -21.5 -11.6 -99.4 -67.3 -16.3 3.5 11.9 -4.4 5.8 18

 Memo:

19 Net worth outstanding (5) 3554.3 3887.2 3965.8 4075.2 4358.6 4394.1 4500.1 4650.3 4773.4 4895.0 19

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other factors (line 18).

(2) Also equal to proprietor’s net investment shown on table F.103, line 29.

(3) Calculated as change in amount outstanding less net investment during period.

(4) Consists of statistical discontinuities.

(5) Table B.103, line 31.