Stratrix

StratonomicsCapital allocation

The Investment Mix

Are businesses investing in equipment, buildings or intellectual property, and how does the US compare?

Sources BEA, OECDUpdated quarterlyEditions 1

Every investment budget is a bet on how long demand will last. A building pays back over decades, a machine over years, and software or research over whatever the market allows. Added up across the economy, the mix of what businesses buy shows how far ahead they are willing to commit.

This theme tracks that mix every quarter from the Bureau of Economic Analysis's accounts of business investment by type, and sets the US against the rest of the G7 using the OECD's figures for investment by asset.

What this theme tracks

  • Business investment by type: structures, equipment and intellectual property
  • Spending on computers and peripheral equipment, and its share of the total
  • Construction of factories
  • Business investment as a share of GDP, against its 2000 peak
  • The share of fixed investment going to intellectual property, across the G7 and the euro area

Latest edition · Q4 2026 · November 3, 2026

Computers Take a Record 8.9% of US Business Investment, and Buildings the Smallest Share Since Records Began

US businesses spent $420 billion a year on computers and peripheral equipment in the second quarter of 2026, 2.4 times what they spent two years earlier and a record 8.9% of all business investment. Structures fell to 19.7%, the smallest share since BEA's records begin in 1947, as factory building dropped 31% from its peak. Business investment is the largest share of GDP since 2000.

What happened

  1. Computers set a record. Businesses spent $420 billion a year on computers and peripheral equipment in the second quarter of 2026, against $175 billion in Q2 2024. That is 8.9% of all business investment, the largest share since the series began in 1959, up from 3.9% at the end of 2019.
  2. One family of machines carried the year. Business investment rose $416 billion over the past year. Computers alone made 38% of the rise. Information processing equipment as a whole made 50%.
  3. Buildings fell to the smallest share on record. Structures took 19.7% of business investment, the lowest in BEA's records back to 1947. Factory construction has fallen in each of the 7 quarters since its peak in the third quarter of 2024, down 31%.
  4. Investment is as large a share of the economy as in 2000. Business investment came to 14.5% of GDP, the highest since the fourth quarter of 2000. After the 2000 peak, computer spending fell 28% between Q3 2000 and Q4 2002.
  5. The US mix is the most intangible in the G7. In 2024 the US put 31% of all its fixed investment into intellectual property, more than any other G7 economy and 11 points above the euro area.
8.9%Computers and peripheral equipment, share of US business investment, Q2 2026. The highest since 1959
38%Computers' part of the $416 billion rise in business investment over the past year
19.7%Structures' share of business investment, the smallest in records back to 1947
31%Share of all US fixed investment going to intellectual property in 2024, the most in the G7
Exhibit 1
Computers and peripheral equipment took 8.9% of US business investment in Q2 2026, the highest share since 1959

Share of private nonresidential fixed investment, current dollars, seasonally adjusted, quarterly, 1990 to Q2 2026

Computers and peripheral equipment, as a share of business investmentQuarterly, 1990 to Q2 2026. Q2 2026: 8.9%, the highest since the series began in 1959. End of 2019: 3.9%.0%2%4%6%8%10%1990’95’00’05’10’15’2020268.9%Q2 2026Computers and peripheral equipment, 1990-02: 6%Computers and peripheral equipment, 1990-05: 5%Computers and peripheral equipment, 1990-08: 5%Computers and peripheral equipment, 1990-11: 5%Computers and peripheral equipment, 1991-02: 5%Computers and peripheral equipment, 1991-05: 5%Computers and peripheral equipment, 1991-08: 5%Computers and peripheral equipment, 1991-11: 6%Computers and peripheral equipment, 1992-02: 6%Computers and peripheral equipment, 1992-05: 6%Computers and peripheral equipment, 1992-08: 6%Computers and peripheral equipment, 1992-11: 6%Computers and peripheral equipment, 1993-02: 6%Computers and peripheral equipment, 1993-05: 6%Computers and peripheral equipment, 1993-08: 6%Computers and peripheral equipment, 1993-11: 6%Computers and peripheral equipment, 1994-02: 6%Computers and peripheral equipment, 1994-05: 6%Computers and peripheral equipment, 1994-08: 6%Computers and peripheral equipment, 1994-11: 6%Computers and peripheral equipment, 1995-02: 6%Computers and peripheral equipment, 1995-05: 7%Computers and peripheral equipment, 1995-08: 7%Computers and peripheral equipment, 1995-11: 7%Computers and peripheral equipment, 1996-02: 7%Computers and peripheral equipment, 1996-05: 7%Computers and peripheral equipment, 1996-08: 7%Computers and peripheral equipment, 1996-11: 7%Computers and peripheral equipment, 1997-02: 7%Computers and peripheral equipment, 1997-05: 7%Computers and peripheral equipment, 1997-08: 7%Computers and peripheral equipment, 1997-11: 7%Computers and peripheral equipment, 1998-02: 7%Computers and peripheral equipment, 1998-05: 7%Computers and peripheral equipment, 1998-08: 7%Computers and peripheral equipment, 1998-11: 7%Computers and peripheral equipment, 1999-02: 7%Computers and peripheral equipment, 1999-05: 7%Computers and peripheral equipment, 1999-08: 7%Computers and peripheral equipment, 1999-11: 7%Computers and peripheral equipment, 2000-02: 7%Computers and peripheral equipment, 2000-05: 7%Computers and peripheral equipment, 2000-08: 7%Computers and peripheral equipment, 2000-11: 7%Computers and peripheral equipment, 2001-02: 7%Computers and peripheral equipment, 2001-05: 6%Computers and peripheral equipment, 2001-08: 5%Computers and peripheral equipment, 2001-11: 6%Computers and peripheral equipment, 2002-02: 6%Computers and peripheral equipment, 2002-05: 6%Computers and peripheral equipment, 2002-08: 6%Computers and peripheral equipment, 2002-11: 6%Computers and peripheral equipment, 2003-02: 6%Computers and peripheral equipment, 2003-05: 6%Computers and peripheral equipment, 2003-08: 6%Computers and peripheral equipment, 2003-11: 6%Computers and peripheral equipment, 2004-02: 6%Computers and peripheral equipment, 2004-05: 6%Computers and peripheral equipment, 2004-08: 6%Computers and peripheral equipment, 2004-11: 6%Computers and peripheral equipment, 2005-02: 5%Computers and peripheral equipment, 2005-05: 5%Computers and peripheral equipment, 2005-08: 5%Computers and peripheral equipment, 2005-11: 5%Computers and peripheral equipment, 2006-02: 5%Computers and peripheral equipment, 2006-05: 5%Computers and peripheral equipment, 2006-08: 5%Computers and peripheral equipment, 2006-11: 5%Computers and peripheral equipment, 2007-02: 5%Computers and peripheral equipment, 2007-05: 5%Computers and peripheral equipment, 2007-08: 5%Computers and peripheral equipment, 2007-11: 5%Computers and peripheral equipment, 2008-02: 5%Computers and peripheral equipment, 2008-05: 5%Computers and peripheral equipment, 2008-08: 5%Computers and peripheral equipment, 2008-11: 4%Computers and peripheral equipment, 2009-02: 5%Computers and peripheral equipment, 2009-05: 5%Computers and peripheral equipment, 2009-08: 5%Computers and peripheral equipment, 2009-11: 6%Computers and peripheral equipment, 2010-02: 6%Computers and peripheral equipment, 2010-05: 6%Computers and peripheral equipment, 2010-08: 6%Computers and peripheral equipment, 2010-11: 5%Computers and peripheral equipment, 2011-02: 5%Computers and peripheral equipment, 2011-05: 5%Computers and peripheral equipment, 2011-08: 5%Computers and peripheral equipment, 2011-11: 5%Computers and peripheral equipment, 2012-02: 5%Computers and peripheral equipment, 2012-05: 5%Computers and peripheral equipment, 2012-08: 5%Computers and peripheral equipment, 2012-11: 5%Computers and peripheral equipment, 2013-02: 5%Computers and peripheral equipment, 2013-05: 5%Computers and peripheral equipment, 2013-08: 4%Computers and peripheral equipment, 2013-11: 5%Computers and peripheral equipment, 2014-02: 4%Computers and peripheral equipment, 2014-05: 4%Computers and peripheral equipment, 2014-08: 4%Computers and peripheral equipment, 2014-11: 4%Computers and peripheral equipment, 2015-02: 4%Computers and peripheral equipment, 2015-05: 4%Computers and peripheral equipment, 2015-08: 4%Computers and peripheral equipment, 2015-11: 4%Computers and peripheral equipment, 2016-02: 4%Computers and peripheral equipment, 2016-05: 4%Computers and peripheral equipment, 2016-08: 4%Computers and peripheral equipment, 2016-11: 4%Computers and peripheral equipment, 2017-02: 4%Computers and peripheral equipment, 2017-05: 4%Computers and peripheral equipment, 2017-08: 4%Computers and peripheral equipment, 2017-11: 4%Computers and peripheral equipment, 2018-02: 4%Computers and peripheral equipment, 2018-05: 4%Computers and peripheral equipment, 2018-08: 4%Computers and peripheral equipment, 2018-11: 4%Computers and peripheral equipment, 2019-02: 4%Computers and peripheral equipment, 2019-05: 4%Computers and peripheral equipment, 2019-08: 4%Computers and peripheral equipment, 2019-11: 4%Computers and peripheral equipment, 2020-02: 4%Computers and peripheral equipment, 2020-05: 5%Computers and peripheral equipment, 2020-08: 5%Computers and peripheral equipment, 2020-11: 5%Computers and peripheral equipment, 2021-02: 5%Computers and peripheral equipment, 2021-05: 5%Computers and peripheral equipment, 2021-08: 5%Computers and peripheral equipment, 2021-11: 5%Computers and peripheral equipment, 2022-02: 5%Computers and peripheral equipment, 2022-05: 5%Computers and peripheral equipment, 2022-08: 5%Computers and peripheral equipment, 2022-11: 4%Computers and peripheral equipment, 2023-02: 4%Computers and peripheral equipment, 2023-05: 4%Computers and peripheral equipment, 2023-08: 4%Computers and peripheral equipment, 2023-11: 4%Computers and peripheral equipment, 2024-02: 4%Computers and peripheral equipment, 2024-05: 4%Computers and peripheral equipment, 2024-08: 5%Computers and peripheral equipment, 2024-11: 4%Computers and peripheral equipment, 2025-02: 5%Computers and peripheral equipment, 2025-05: 6%Computers and peripheral equipment, 2025-08: 7%Computers and peripheral equipment, 2025-11: 8%Computers and peripheral equipment, 2026-02: 9%Computers and peripheral equipment, 2026-05: 9%
Source: Bureau of Economic Analysis, NIPA Table 5.3.5. Stratonomics analysis.
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Q4 2026 · November 3, 2026Computers Take a Record 8.9% of US Business Investment, and Buildings the Smallest Share Since Records BeganUS businesses spent $420 billion a year on computers and peripheral equipment in the second quarter of 2026, 2.4 times what they spent two years earlier and a record 8.9% of all business investment. Structures fell to 19.7%, the smallest share since BEA's records begin in 1947, as factory building dropped 31% from its peak. Business investment is the largest share of GDP since 2000.Read the edition →

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