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Home > Releases > Z.1 Financial Accounts of the United States > State and Local Governments; Capital Formation, Net (IMA), Transactions

State and Local Governments; Capital Formation, Net (IMA), Transactions (SLGCFNQ027S)

Observations

Q4 2025: 232,899
Updated: Mar 19, 2026 12:00 PM CDT
Q4 2025:  232,899  
Q3 2025:  231,062  
Q2 2025:  230,605  
Q1 2025:  222,209  
Q4 2024:  219,252  

Units:

Millions of U.S. Dollars,
Seasonally Adjusted Annual Rate

Frequency:

Quarterly,
End of Period

Fullscreen

Notes

Title Release Dates
State and local governments; capital formation, net (IMA), Flow 2013-06-06 2020-03-11
State and Local Governments; Capital Formation, Net (IMA), Flow 2020-03-12 2020-09-20
State and Local Governments; Capital Formation, Net (IMA), Transactions 2020-09-21 2026-03-19
 
Source    
Board of Governors of the Federal Reserve System (US) 2013-06-06 2026-03-19
 
Release    
Z.1 Financial Accounts of the United States 2013-06-06 2026-03-19
 
Units    
Millions of Dollars 2013-06-06 2026-01-08
Millions of U.S. Dollars 2026-01-09 2026-03-19
 
Frequency    
Quarterly 2013-06-06 2026-01-08
Quarterly, End of Period 2026-01-09 2026-03-19
 
Seasonal Adjustment    
Seasonally Adjusted Annual Rate 2013-06-06 2019-03-06
Seasonally Adjusted 2019-03-07 2020-09-20
Seasonally Adjusted Annual Rate 2020-09-21 2026-03-19
 
Notes    
The source ID is FA205050905.Q

This data appear in Table S.8.q of the 'Integrated Macroeconomic Accounts for the United States.'

These tables present a sequence of accounts that relate production, income and spending, capital formation, financial transactions, and asset revaluations to changes in net worth between balance sheets for the major sectors of the U.S. economy. They are part of an interagency effort to further harmonize the BEA National Income and Product Accounts (NIPAs) and the Federal Reserve Board Flow of Funds Accounts (FFAs). The structure of these tables is based on the internationally accepted set of guidelines for the compilation of national accounts that are offered in the System of National Accounts 1993 (SNA).

Cautionary note on the use of the integrated macroeconomic accounts (IMA) - The estimates that are provided on this page are based on a unique set of accounting standards that are founded on the SNA. Accordingly, some of the estimates in in the IMA tables will differ from the official estimates that are published in the NIPAs and FFAs due to conceptual differences. There will also be some statistical differences between the estimates in these tables and those in the related accounts. For further information on the conceptual differences, see the paper at https://www.bea.gov/data/special-topics/integrated-macroeconomic-accounts.

2013-06-06 2019-03-06
Source ID: FA205050905.Q

For more information about the Flow of Funds tables, see: https://www.federalreserve.gov/apps/fof/Default.aspx

For a detailed description, including how this series is constructed, see: https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FA205050905&t=

2019-03-07 2019-12-11
Source ID: FA205050905.Q

For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx).

With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).

In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FA205050905&t=) provided by the source.

2019-12-12 2020-09-20
Source ID: FA215050905.Q

For more information about the Flow of Funds tables, see the Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx).

With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).

In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FA215050905&t=) provided by the source.

2020-09-21 2026-01-08
Financial Accounts Guide (https://www.federalreserve.gov/apps/fof/Default.aspx).
With each quarterly release, the source may make major data and structural revisions to the series and tables. These changes are available in the Release Highlights (https://www.federalreserve.gov/apps/fof/FOFHighlight.aspx).
In the Financial Accounts, the source identifies each series by a string of patterned letters and numbers. For a detailed description, including how this series is constructed, see the series analyzer (https://www.federalreserve.gov/apps/fof/SeriesAnalyzer.aspx?s=FA215050905&t=) provided by the source.



 2026-01-09 2026-03-19

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State & Local Integrated Macroeconomic Accounts Transactions Capital Net Z.1 US Financial Accounts Government Board of Governors Quarterly Seasonally Adjusted Nation Public Domain: Citation Requested United States of America