102 Z.1, March 10, 2005

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

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

2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 49481.3 49245.3 48294.6 48451.3 50562.7 51643.5 54165.2 55138.3 56071.5 56960.4 59231.9 1

 2 Tangible assets 15802.6 17034.6 18428.1 18722.4 19028.6 19412.0 20073.1 20483.3 21091.4 22000.9 22473.4 2

 3 Real estate 12642.7 13735.7 14996.2 15264.8 15539.6 15891.4 16522.1 16856.1 17390.9 18252.6 18645.5 3

 4 Households (2,3) 11409.8 12502.5 13701.4 13945.6 14200.2 14531.6 15133.2 15447.6 15956.0 16793.9 17165.2 4

 5 Nonprofit organizations 1232.9 1233.3 1294.8 1319.1 1339.4 1359.8 1388.9 1408.4 1434.9 1458.7 1480.3 5

 Equipment and software owned by

 6 nonprofit organizations (4) 145.0 154.7 163.3 165.1 167.1 170.4 174.6 178.2 182.5 184.6 189.4 6

 7 Consumer durable goods (4) 3014.9 3144.2 3268.5 3292.6 3321.9 3350.1 3376.3 3449.1 3518.0 3563.7 3638.5 7

 8 Financial assets 33678.7 32210.7 29866.6 29728.9 31534.1 32231.5 34092.1 34654.9 34980.2 34959.5 36758.5 8

 9 Deposits 4339.5 4800.7 5071.8 5217.5 5212.6 5192.4 5251.8 5477.7 5465.2 5484.6 5693.8 9

10 Foreign deposits 63.5 58.5 74.2 80.7 74.8 70.3 65.2 84.9 85.0 85.2 101.4 10

11 Checkable deposits and currency 229.0 331.8 361.3 368.1 356.8 315.3 324.3 357.1 354.9 354.2 407.6 11

12 Time and savings deposits 3076.3 3281.2 3551.7 3694.9 3754.6 3824.8 3877.4 4060.0 4106.6 4177.0 4291.1 12

13 Money market fund shares 970.7 1129.2 1084.7 1073.8 1026.3 982.0 985.0 975.8 918.7 868.1 893.7 13

14 Credit market instruments 2336.5 2176.4 2074.8 2002.6 1983.6 2100.3 2242.1 2111.8 2152.2 2212.6 2265.0 14

15 Open market paper 82.6 85.7 98.9 105.0 97.5 99.0 94.9 105.3 107.8 111.8 126.8 15

16 Treasury securities 619.2 486.5 345.4 386.8 461.9 427.2 465.2 420.9 440.0 412.2 468.0 16

17 Savings bonds 184.8 190.3 194.9 196.9 199.1 201.5 203.8 204.4 204.6 204.1 204.4 17

18 Other Treasury 434.5 296.2 150.5 190.0 262.8 225.7 261.4 216.5 235.4 208.0 263.6 18

19 Agency- and GSE-backed securities 432.1 350.0 200.5 147.4 65.7 263.1 389.7 281.8 304.9 400.8 349.3 19

20 Municipal securities 438.0 489.3 585.6 587.2 613.4 603.7 616.8 629.5 647.8 649.6 661.7 20

21 Corporate and foreign bonds 645.5 637.9 706.8 635.8 601.9 561.1 526.5 522.5 496.5 480.1 497.8 21

22 Mortgages 119.1 127.0 137.6 140.4 143.3 146.1 149.0 152.0 155.2 158.3 161.4 22

23 Corporate equities (2) 7806.2 6604.2 5047.8 4858.4 5553.8 5708.9 6375.8 6309.9 6330.0 6056.6 6521.6 23

24 Mutual fund shares (5) 2832.8 2665.6 2326.3 2292.4 2616.0 2745.8 3008.8 3212.7 3248.5 3283.3 3570.4 24

25 Security credit 412.4 454.3 412.7 429.6 515.1 503.4 475.4 513.0 535.0 524.3 571.6 25

26 Life insurance reserves 819.1 880.0 920.9 936.3 959.7 973.0 1013.2 1034.3 1052.7 1069.6 1108.8 26

27 Pension fund reserves 8831.3 8330.2 7611.6 7539.0 8105.9 8296.9 8834.8 9005.8 9099.1 9086.1 9637.8 27

28 Investment in bank personal trusts 1095.8 960.7 840.9 819.6 877.0 885.0 932.4 936.9 935.4 919.2 958.6 28

29 Equity in noncorporate business (6) 4834.2 4949.2 5139.7 5202.2 5269.8 5368.3 5495.8 5581.2 5683.1 5828.2 5929.9 29

30 Miscellaneous assets 370.9 389.4 420.0 431.3 440.6 457.5 462.0 471.5 479.0 495.0 501.0 30

31 Liabilities 7407.4 7987.1 8676.9 8828.1 9162.6 9395.0 9582.7 9785.8 10053.4 10370.7 10706.5 31

32 Credit market instruments 7018.0 7638.7 8368.9 8506.2 8749.5 9000.8 9231.5 9413.8 9662.5 9984.4 10264.2 32

33 Home mortgages (7) 4821.2 5285.8 5909.5 6071.1 6271.6 6485.7 6643.1 6838.2 7048.3 7338.9 7542.8 33

34 Consumer credit 1739.1 1878.6 1961.8 1934.3 1963.2 2001.9 2050.1 2030.5 2042.2 2086.8 2151.4 34

35 Municipal securities (8) 143.0 156.9 169.8 173.6 177.3 180.6 183.9 186.7 190.9 191.4 193.7 35

36 Bank loans n.e.c. 74.2 57.7 54.3 50.4 60.6 51.5 93.9 92.1 110.9 91.1 97.4 36

37 Other loans and advances 119.8 120.4 120.7 120.0 120.1 119.4 119.3 119.1 119.2 119.6 119.7 37

38 Commercial mortgages (8) 120.7 139.4 152.8 156.8 156.7 161.7 141.2 147.2 151.1 156.6 159.1 38

39 Security credit 235.1 196.4 148.2 159.5 248.5 227.6 182.5 201.2 217.1 209.9 263.4 39

40 Trade payables (8) 134.7 132.9 139.8 141.7 143.6 145.7 147.7 149.9 152.1 154.4 156.7 40

 Deferred and unpaid

41 life insurance premiums 19.6 19.1 20.0 20.7 21.0 21.0 20.9 21.0 21.7 22.0 22.2 41

42 Net worth 42073.9 41258.3 39617.7 39623.2 41400.1 42248.5 44582.6 45352.5 46018.1 46589.7 48525.4 42

 Memo:

 Replacement-cost value of structures:

43 Residential 8468.4 9141.9 9768.2 10016.2 10148.1 10320.7 10565.8 10808.0 11155.8 11446.5 11624.7 43

44 Households 8105.6 8760.7 9371.8 9612.7 9742.4 9911.5 10150.3 10386.5 10724.4 11007.7 11182.8 44

45 Farm households 223.1 235.3 245.1 249.7 251.2 253.6 257.5 261.4 267.6 272.4 274.4 45

46 Nonprofit organizations 139.7 145.9 151.3 153.8 154.5 155.7 157.9 160.1 163.8 166.5 167.5 46

47 Nonresidential (nonprofits) 813.2 866.6 909.2 925.2 932.7 943.3 954.5 973.6 999.7 1030.7 1066.3 47

48 Disposable personal income 7194.0 7486.8 7827.7 7976.5 8075.1 8267.6 8320.6 8438.4 8562.1 8651.5 8877.6 48

 Household net worth as percentage of

49 disposable personal income 584.8 551.1 506.1 496.7 512.7 511.0 535.8 537.5 537.5 538.5 546.6 49

 Owners’ equity in household real

50 estate (9) 6588.6 7216.6 7791.9 7874.5 7928.6 8045.9 8490.1 8609.4 8907.7 9454.9 9622.3 50

 Owners’ equity as percentage of

51 household real estate (10) 57.7 57.7 56.9 56.5 55.8 55.4 56.1 55.7 55.8 56.3 56.1 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, March 10, 2005 103

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business

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

2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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

 1 Assets 18927.8 19018.7 19353.0 19524.0 19785.1 19965.8 20322.4 20599.5 20906.5 21127.0 21423.5 1

 2 Tangible assets 9155.3 9119.8 9390.7 9503.1 9559.3 9643.5 9788.0 9907.9 10068.9 10186.2 10326.6 2

 3 Real estate (1) 4755.0 4687.0 4867.8 4949.0 5004.8 5054.4 5138.5 5197.2 5277.8 5337.9 5396.1 3

 4 Equipment and software (2) 3066.7 3167.3 3220.0 3227.9 3240.4 3273.0 3319.1 3351.6 3397.3 3426.5 3476.6 4

 5 Inventories (2) 1333.6 1265.6 1302.9 1326.2 1314.0 1316.1 1330.4 1359.1 1393.8 1421.9 1454.0 5

 6 Financial assets 9772.5 9898.9 9962.3 10020.8 10225.8 10322.3 10534.4 10691.6 10837.5 10940.8 11096.9 6

 7 Foreign deposits 24.0 15.5 20.0 27.5 32.0 35.5 41.2 44.7 51.8 41.8 44.3 7

 8 Checkable deposits and currency 381.4 331.9 313.0 287.5 323.2 371.3 401.4 386.7 395.1 425.4 404.7 8

 9 Time and savings deposits 137.3 131.1 127.5 135.7 149.6 160.8 172.0 177.3 186.6 214.7 203.5 9

10 Money market fund shares 191.4 301.9 328.8 324.1 313.6 292.6 291.0 291.0 294.3 288.4 279.6 10

11 Security RPs 4.2 4.0 6.2 8.3 8.9 7.6 5.9 6.7 6.4 6.0 6.0 11

12 Commercial paper 57.8 60.2 64.7 65.2 74.4 81.4 79.6 78.6 78.0 79.7 81.2 12

13 Treasury securities 18.1 16.5 31.4 35.5 39.3 45.8 51.5 55.1 61.1 66.7 68.0 13

14 Agency- and GSE-backed securities 15.4 17.2 16.9 18.4 21.1 23.3 25.1 28.0 31.5 33.7 34.3 14

15 Municipal securities 31.9 29.3 32.1 32.4 34.0 37.3 39.3 40.8 44.3 46.5 44.0 15

16 Mortgages 43.5 46.6 48.7 49.2 49.7 50.2 50.7 51.2 51.7 52.2 52.7 16

17 Consumer credit 90.0 88.8 86.4 75.5 75.1 74.6 70.3 62.5 62.9 59.9 73.9 17

18 Trade receivables 1930.7 1802.2 1721.9 1766.8 1834.6 1857.8 1840.7 1913.9 1992.0 2036.5 2022.4 18

19 Mutual fund shares (1) 124.0 111.0 97.0 92.5 106.2 108.5 121.0 122.5 122.5 118.7 128.9 19

20 Miscellaneous assets 6722.6 6942.7 7067.8 7102.2 7164.2 7175.6 7344.6 7432.7 7459.3 7470.6 7653.6 20

21 Liabilities 9611.4 9809.5 9949.1 9989.6 10067.8 10098.6 10151.3 10242.7 10281.3 10330.0 10376.8 21

22 Credit market instruments 4536.2 4758.1 4785.7 4818.8 4892.0 4907.2 4953.6 4993.9 5021.9 5080.8 5193.7 22

23 Commercial paper 278.4 190.1 126.0 127.1 107.5 108.4 85.9 95.5 102.5 109.3 101.7 23

24 Municipal securities (3) 154.2 157.7 160.8 160.9 162.0 162.8 164.2 164.8 166.0 167.3 169.5 24

25 Corporate bonds (4) 2230.3 2578.8 2711.0 2753.4 2827.7 2851.7 2869.3 2897.9 2899.6 2912.8 2947.4 25

26 Bank loans n.e.c. 852.7 743.7 635.5 621.8 602.1 579.9 571.1 558.1 552.3 559.7 580.2 26

27 Other loans and advances 651.3 659.1 675.1 671.7 680.7 669.3 680.7 679.7 685.2 684.3 706.9 27

28 Mortgages 369.3 428.6 477.3 484.0 512.0 535.2 582.4 597.8 616.3 647.5 687.9 28

29 Trade payables 1541.4 1437.7 1461.7 1456.1 1489.3 1521.7 1570.7 1590.3 1626.4 1672.3 1732.1 29

30 Taxes payable 78.0 81.0 93.0 97.2 96.4 99.0 84.8 91.1 93.9 101.6 90.2 30

31 Miscellaneous liabilities 3455.7 3532.7 3608.7 3617.5 3590.1 3570.7 3542.1 3567.4 3539.0 3475.3 3360.8 31

32 Net worth (market value) 9316.4 9209.3 9404.0 9534.4 9717.4 9867.2 10171.1 10356.8 10625.2 10797.0 11046.7 32

 Memo:

 Replacement-cost value of structures:

33 Residential 100.0 105.5 109.9 112.2 113.2 114.7 116.9 119.1 122.4 125.2 126.6 33

34 Nonresidential 3969.3 4216.9 4364.5 4420.7 4435.7 4464.8 4495.9 4564.1 4664.9 4790.8 4934.3 34

 Market value of equities outstanding

35 (includes corporate farm equities) 12678.8 10796.2 7907.1 7647.5 8824.6 9050.7 10154.9 10241.4 10443.7 10037.5 10843.5 35

36 Debt/net worth (percent) (5) 48.7 51.7 50.9 50.5 50.3 49.7 48.7 48.2 47.3 47.1 47.0 36

37 Debt/equities (percent) (6) 35.8 44.1 60.5 63.0 55.4 54.2 48.8 48.8 48.1 50.6 47.9 37

38 Equities/net worth (percent) (7) 136.1 117.2 84.1 80.2 90.8 91.7 99.8 98.9 98.3 93.0 98.2 38

 With tangible assets stated at historical cost:

39 Assets (8) 16397.1 16727.7 16996.1 17090.3 17333.3 17459.1 17713.9 17981.2 18213.5 18401.0 18631.8 39

40 Tangible assets 6624.6 6828.8 7033.8 7069.5 7107.5 7136.8 7179.5 7289.6 7376.0 7460.1 7534.9 40

41 Real estate 2504.6 2644.2 2764.1 2788.7 2811.8 2833.0 2857.9 2883.5 2909.1 2933.4 2960.1 41

42 Equipment and software 2849.8 2975.0 3037.0 3049.9 3065.2 3087.1 3112.9 3143.9 3178.5 3210.4 3256.1 42

43 Inventories 1270.2 1209.5 1232.7 1231.0 1230.5 1216.7 1208.6 1262.2 1288.4 1316.4 1318.7 43

44 Net worth (historical cost) (9) 6785.7 6918.2 7047.0 7100.8 7265.6 7360.5 7562.6 7738.5 7932.2 8071.0 8255.0 44

 Memo:

 Historical-cost value of structures:

45 Residential 41.9 44.3 46.7 47.3 48.0 48.7 49.4 50.2 51.0 51.9 52.7 45

46 Nonresidential 2271.6 2408.8 2513.6 2536.3 2560.2 2583.8 2608.2 2632.5 2658.1 2683.4 2711.0 46

47 Debt/net worth (percent) (10) 66.8 68.8 67.9 67.9 67.3 66.7 65.5 64.5 63.3 63.0 62.9 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, March 10, 2005

B.103 Balance Sheet of Nonfarm Noncorporate Business

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

2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 6511.5 6811.6 7142.9 7244.4 7362.4 7503.2 7685.2 7793.0 7953.5 8175.0 8324.6 1

 2 Tangible assets 5091.4 5236.2 5487.9 5562.2 5646.6 5751.3 5896.3 5968.5 6085.3 6262.4 6364.4 2

 3 Real estate (1) 4653.7 4792.2 5035.0 5107.1 5190.7 5290.9 5429.3 5495.4 5604.3 5775.4 5868.8 3

 4 Residential 3462.4 3622.9 3847.4 3903.8 3974.5 4064.9 4192.6 4253.1 4344.8 4501.4 4585.5 4

 5 Nonresidential 1191.3 1169.3 1187.7 1203.3 1216.2 1225.9 1236.7 1242.4 1259.5 1274.0 1283.3 5

 6 Equipment and software (2) 367.5 377.4 384.3 385.3 386.7 391.2 397.0 401.6 407.6 412.2 419.1 6

 7 Residential (3) 38.8 39.8 40.3 40.2 39.9 40.3 40.4 40.8 41.1 41.1 41.6 7

 8 Nonresidential 328.6 337.6 344.0 345.1 346.8 350.9 356.5 360.8 366.5 371.1 377.4 8

 9 Inventories (2) 70.2 66.6 68.6 69.8 69.2 69.3 70.0 71.5 73.4 74.8 76.5 9

10 Financial assets 1420.1 1575.4 1655.0 1682.2 1715.8 1751.9 1788.9 1824.5 1868.2 1912.6 1960.2 10

11 Checkable deposits and currency 274.1 274.5 280.1 281.6 283.8 285.7 287.7 289.4 290.3 291.4 291.3 11

12 Time and savings deposits 137.6 144.7 156.2 158.3 160.6 162.0 163.6 165.2 167.8 170.2 172.5 12

13 Money market fund shares 49.4 59.0 61.3 60.0 58.7 55.6 53.1 49.2 49.0 48.3 49.9 13

14 Treasury securities 40.2 42.8 42.8 42.9 43.1 43.6 44.3 44.9 45.4 45.9 46.3 14

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

16 Mortgages 20.6 23.3 23.1 23.6 24.1 24.5 24.7 24.8 25.0 25.1 25.0 16

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

18 Trade receivables 342.1 343.9 362.8 375.9 388.1 404.5 418.4 433.3 449.1 465.1 482.2 18

19 Miscellaneous assets 553.7 683.6 725.2 736.6 754.1 772.6 793.6 814.1 837.9 862.9 889.2 19

20 Insurance receivables 45.8 48.3 52.5 53.9 55.0 56.7 56.9 57.9 59.1 60.5 61.1 20

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

22 Other 506.2 633.5 671.0 680.8 697.3 714.1 734.6 753.9 776.7 800.4 826.2 22

23 Liabilities 2673.9 2890.3 3085.0 3138.5 3197.4 3263.1 3331.2 3389.1 3455.1 3524.7 3594.8 23

24 Credit market instruments 1796.7 1959.3 2107.8 2139.8 2176.1 2217.2 2264.0 2298.7 2341.1 2386.9 2432.2 24

25 Bank loans n.e.c. 361.2 405.3 430.4 425.8 420.7 419.2 420.1 422.2 426.4 429.9 436.0 25

26 Other loans and advances 127.8 125.3 127.6 128.6 128.2 131.2 133.3 133.7 134.6 138.0 138.8 26

27 Mortgages 1307.6 1428.8 1549.8 1585.3 1627.2 1666.8 1710.6 1742.8 1780.1 1819.0 1857.4 27

28 Trade payables 259.9 255.0 281.0 288.9 299.6 314.1 325.2 338.4 352.7 367.2 383.3 28

29 Taxes payable 64.6 68.7 70.2 74.7 77.1 78.3 79.5 80.9 81.9 83.1 84.0 29

30 Miscellaneous liabilities 552.6 607.3 626.1 635.2 644.6 653.5 662.5 671.0 679.3 687.5 695.4 30

31 Net worth (5) 3837.6 3921.3 4057.9 4105.9 4165.0 4240.1 4354.0 4403.8 4498.5 4650.3 4729.8 31

 Memo:

 Replacement-cost value of structures:

32 Residential 2107.8 2217.9 2317.6 2361.4 2377.4 2402.2 2443.4 2483.7 2547.4 2603.1 2627.4 32

33 Nonresidential 919.7 959.8 983.6 994.2 995.5 999.8 1004.5 1017.5 1037.7 1063.8 1093.2 33

34 Debt/net worth (percent) (6) 46.8 50.0 51.9 52.1 52.2 52.3 52.0 52.2 52.0 51.3 51.4 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, March 10, 2005 105

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

Billions of dollars; not seasonally adjusted

2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) -370.9 -815.6 -1640.6 5.5 1776.9 848.4 2334.1 769.9 665.7 571.6 1935.6 1

 2 Net investment 134.6 454.3 219.5 128.4 -18.1 120.5 231.0 152.2 -1.0 -3.0 192.8 2

 3 Net physical investment 490.5 493.9 520.8 118.3 146.6 165.0 153.7 151.7 175.3 174.0 175.3 3

 4 Capital expenditures 1245.4 1293.0 1353.9 331.9 362.5 383.5 374.7 366.0 394.0 407.9 400.6 4

 5 - Consumption of fixed capital 754.9 799.1 833.1 213.6 215.9 218.5 221.0 214.3 218.7 233.9 225.3 5

 6 Net financial investment -355.8 -39.6 -301.3 10.2 -164.7 -44.5 77.3 0.5 -176.3 -177.0 17.4 6

 7 Net acquisition of financial assets 213.9 540.0 388.6 161.4 169.8 188.0 241.7 203.6 91.4 125.5 353.3 7

 8 - Net increase in liabilities 569.7 579.6 689.9 151.2 334.5 232.4 164.4 203.1 267.6 302.5 335.8 8

 Holding gains on assets

 9 at market value (2) -417.0 -1173.3 -1708.7 -98.3 1817.9 753.7 2119.4 602.6 655.4 589.9 1728.7 9

10 Real estate 836.6 814.0 968.9 200.6 182.6 244.2 535.5 248.9 421.5 750.9 283.0 10

11 Corporate equities -917.6 -1067.2 -1535.6 -195.4 722.9 163.8 697.5 8.3 61.1 -215.6 566.7 11

12 Mutual fund shares -237.9 -335.6 -410.5 -71.2 225.1 73.1 188.1 95.3 1.4 -34.7 219.4 12

13 Equity in noncorporate business 423.2 136.5 293.3 85.0 85.6 125.8 158.3 102.1 112.2 166.7 113.9 13

 Life insurance and

14 pension fund reserves -430.1 -645.8 -907.3 -102.7 537.8 132.2 486.2 137.7 55.0 -67.0 500.4 14

 Investment in bank personal

15 trusts and estates -91.2 -75.2 -117.5 -14.6 64.0 14.6 53.8 10.3 4.3 -10.3 45.3 15

 Holding gains on assets

16 at current cost (2) -26.8 -65.8 -76.2 -21.9 -23.0 -27.5 -26.9 11.5 11.9 -15.9 13.8 16

17 Consumer durable goods -26.1 -65.1 -76.3 -21.4 -22.6 -27.8 -27.7 11.7 11.5 -15.5 13.8 17

18 Equipment and software -0.7 -0.7 0.1 -0.5 -0.4 0.3 0.8 -0.1 0.3 -0.4 -0.0 18

19 Other volume changes (3) -61.8 -30.8 -75.2 -2.7 0.0 1.7 10.6 3.6 -0.7 0.6 0.3 19

 Memo:

20 Net worth outstanding (4) 42073.9 41258.3 39617.7 39623.2 41400.1 42248.5 44582.6 45352.5 46018.1 46589.7 48525.4 20

21 Disposable personal income 7194.0 7486.8 7827.7 7976.5 8075.1 8267.6 8320.6 8438.4 8562.1 8651.5 8877.6 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, March 10, 2005

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

Billions of dollars; not seasonally adjusted

2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 1096.3 -107.2 194.7 130.4 183.0 149.9 303.8 185.7 268.4 171.8 249.7 1

 2 Net investment 240.8 192.0 120.2 16.5 76.9 72.0 112.6 65.1 99.2 47.8 10.7 2

 3 Net physical investment 387.2 157.0 122.4 29.0 20.1 34.5 37.9 55.4 69.2 62.8 73.3 3

 4 Capital expenditures 928.6 802.5 762.6 187.2 185.4 194.4 202.6 212.0 225.2 224.6 238.6 4

 5 - Consumption of fixed capital 564.0 642.8 651.5 166.1 167.3 168.7 170.0 166.9 169.1 180.5 171.5 5

 6 - Inventory valuation adjustment -14.1 11.4 -1.2 -6.0 0.2 -5.4 -2.9 -7.8 -10.7 -15.7 -3.9 6

 7 - Nonproduced nonfinancial assets -8.5 -8.6 -10.1 -1.8 -2.3 -3.4 -2.4 -2.5 -2.4 -3.0 -2.3 7

 8 Net financial investment -28.2 82.4 39.4 4.2 69.3 48.8 92.0 30.2 69.9 35.8 36.2 8

 9 Net acquisition of financial assets 1209.2 177.6 150.6 68.6 160.4 87.3 171.3 150.2 141.6 112.6 119.5 9

10 - Net increase in liabilities 1237.4 95.2 111.1 64.5 91.1 38.5 79.3 120.0 71.7 76.8 83.2 10

11 Net corporate equity issues -118.2 -47.4 -41.6 -16.8 -12.6 -11.2 -17.3 -20.6 -39.9 -50.8 -98.8 11

 Holding gains on assets

12 at market value (2) 244.0 -163.3 91.7 66.9 60.9 45.4 86.6 49.3 69.9 47.9 57.1 12

13 Real estate 259.1 -148.4 116.3 70.3 46.1 42.0 72.9 46.6 68.8 50.6 45.7 13

14 Mutual fund shares -15.0 -15.0 -24.5 -3.4 14.8 3.5 13.6 2.7 1.1 -2.7 11.4 14

 Holding gains on assets less

15 liabilities at current cost (2) -47.6 78.5 96.2 10.0 -10.9 8.2 68.2 14.2 20.7 2.3 20.0 15

16 Equipment and software -7.3 -21.9 -10.1 -5.1 -2.8 10.8 20.3 1.8 11.2 -2.5 4.5 16

17 Inventories (3) 12.5 -26.5 24.0 15.2 -8.1 -2.6 10.3 12.5 9.5 4.8 15.5 17

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

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

20 Other volume changes (4) 659.1 -214.4 -113.4 37.0 56.1 24.2 36.4 57.1 78.7 73.9 161.9 20

 Memo:

21 Net worth outstanding (5) 9316.4 9209.3 9404.0 9534.4 9717.4 9867.2 10171.1 10356.8 10625.2 10797.0 11046.7 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, March 10, 2005 107

R.103 Change in Net Worth of Nonfarm Noncorporate Business

Billions of dollars; not seasonally adjusted

2000 2001 2002 2003 2004

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 319.7 83.7 136.6 48.0 59.1 75.2 113.9 49.9 94.6 151.9 79.4 1

 2 Net investment (2) -47.2 -17.2 -102.3 -27.0 -13.8 -26.8 -28.6 -21.1 -4.5 -20.5 -9.8 2

 3 Net physical investment 49.5 44.6 12.9 -0.7 11.5 2.7 2.4 1.2 17.7 4.7 12.8 3

 4 Capital expenditures 218.2 193.9 164.2 38.8 50.9 43.1 42.7 39.5 58.3 51.3 54.1 4

 5 - Consumption of fixed capital 168.7 149.3 151.3 39.5 39.4 40.4 40.3 38.3 40.7 46.6 41.3 5

 6 Net acquisition of financial assets 244.7 155.3 79.6 27.2 33.6 36.2 37.0 35.6 43.8 44.4 47.5 6

 - Net increase in liabilities from:

 7 Credit market instruments 197.1 162.7 148.5 31.9 36.3 41.1 46.8 34.8 42.4 45.8 45.3 7

 8 Trade payables 46.6 -4.9 26.0 7.9 10.7 14.5 11.1 13.2 14.3 14.5 16.1 8

 9 Taxes payable 11.7 4.0 1.5 4.5 2.4 1.2 1.3 1.4 1.0 1.2 0.9 9

10 Miscellaneous liabilities 86.0 55.3 18.9 9.1 9.4 8.9 8.9 8.5 8.3 8.2 7.9 10

11 Holding gains on real estate (3) 328.5 91.4 220.9 64.3 71.6 88.6 131.5 58.2 93.1 143.1 77.9 11

12 Residential 266.0 132.7 188.4 45.3 58.5 76.5 112.4 45.0 74.9 130.2 65.0 12

13 Nonresidential 62.5 -41.3 32.5 19.0 13.1 12.1 19.1 13.2 18.2 12.9 12.9 13

14 Holding gains on assets at current cost (3) 12.7 3.9 15.1 7.6 -5.5 4.6 0.7 8.0 -2.0 -8.1 0.1 14

15 Residential equipment and software 0.2 -0.0 -0.5 -0.4 -0.6 -0.0 -0.3 -0.2 -0.2 -0.4 -0.0 15

16 Nonresidential equipment and software 11.1 5.9 14.3 6.9 -4.5 4.5 0.3 7.2 -2.9 -8.8 -0.8 16

17 Inventories 1.4 -2.0 1.3 1.1 -0.4 0.1 0.7 1.1 1.1 1.1 1.0 17

18 Other volume changes (4) -21.5 -11.6 -99.4 -23.9 -7.0 -18.0 -18.3 -16.3 3.6 16.9 1.4 18

 Memo:

19 Net worth outstanding (5) 3837.6 3921.3 4057.9 4105.9 4165.0 4240.1 4354.0 4403.8 4498.5 4650.3 4729.8 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.