How Much Investment Expands the Capital Base?
Net investment as a share of gross investment · after current-cost depreciation · 1925–2024. After depreciation, 17.4% of 2024 IP investment added to net stock, versus 13.6% for equipment and 32.4% for structures.
What does it show?
After depreciation, 17.4% of 2024 IP investment added to net stock, versus 13.6% for equipment and 32.4% for structures.
Methodology
Subtract annual current-cost depreciation from gross investment for each asset class, then divide that net investment by gross investment. Positive values indicate that gross investment exceeded depreciation; negative values indicate a current-cost contraction in net investment for that year. Limitations: BEA's intellectual-property category covers software, R&D, and artistic originals—not brands, organizational capital, customer relationships, data, or every economically valuable intangible. Current-cost values combine quantity and price change; these charts do not measure real growth unless explicitly stated. BEA revises Fixed Assets history; the generator pins the workbook vintage and reruns component and period checks. This is the share of gross investment left after measured depreciation, not the share of projects classified as replacements; BEA does not identify individual replacement projects. Recessions and current-cost revaluations can push the measure below zero or create sharp cyclical swings.