How old are America's factories and equipment?

The average age of U.S. manufacturing fixed assets is 12.8 years (2025, current-cost basis). Rising average age means investment is not keeping pace with depreciation; the full series back to 1947 is charted above.

How much capital stock does U.S. manufacturing hold?

The net stock of private manufacturing fixed assets is $6.26T at current cost (2025). That is the replacement value of every factory building, machine, and piece of manufacturing IP in the country, net of depreciation.

Manufacturing Economy Monitor

U.S. Manufacturing Capital Investment

U.S. manufacturers invested $813B in structures, equipment, and intellectual property in 2025, up 2.7% from the year before, per Bureau of Economic Analysis fixed-asset accounts. The sector's net capital stock stands at $6.26T, and the average age of manufacturing assets is 12.8 years, a measure of how much of America's factory base is due for renewal.

The current reading

Annual investment: $813B in 2025 (+2.7% YoY).
Net capital stock: $6.26T at current cost (2025).
Average asset age: 12.8 years, tracked annually since 1947.

Frequently asked questions

How much do U.S. manufacturers invest each year? U.S. manufacturers invested $813B in private fixed assets (structures, equipment, and intellectual property) in 2025, up 2.7% year over year, per BEA fixed-asset accounts tracked annually since 1947.
How old are America's factories and equipment? The average age of U.S. manufacturing fixed assets is 12.8 years (2025, current-cost basis). Rising average age means investment is not keeping pace with depreciation; the full series back to 1947 is charted above.
How much capital stock does U.S. manufacturing hold? The net stock of private manufacturing fixed assets is $6.26T at current cost (2025). That is the replacement value of every factory building, machine, and piece of manufacturing IP in the country, net of depreciation.

About this data

Source: U.S. Bureau of Economic Analysis (public domain). National quarterly values are seasonally adjusted annual rates. Corporate-profit industry detail reflects inventory valuation adjustment without capital consumption adjustment, per NIPA table 6.16D conventions.

Last reviewed 2026-10-01.