No evidence the TCJA is working as advertised: Year-over-year change in real, nonresidential fixed investment, 2003Q1–2019Q4
| Quarter | Real, nonresidential fixed investment |
|---|---|
| 2003Q1 | -2.3% |
| 2003Q2 | 1.6% |
| 2003Q3 | 4.0% |
| 2003Q4 | 6.8% |
| 2004Q1 | 5.2% |
| 2004Q2 | 4.9% |
| 2004Q3 | 5.7% |
| 2004Q4 | 6.5% |
| 2005Q1 | 9.2% |
| 2005Q2 | 8.2% |
| 2005Q3 | 7.4% |
| 2005Q4 | 6.1% |
| 2006Q1 | 8.0% |
| 2006Q2 | 8.2% |
| 2006Q3 | 7.8% |
| 2006Q4 | 8.1% |
| 2007Q1 | 6.5% |
| 2007Q2 | 7.0% |
| 2007Q3 | 6.8% |
| 2007Q4 | 7.3% |
| 2008Q1 | 5.8% |
| 2008Q2 | 3.8% |
| 2008Q3 | 0.2% |
| 2008Q4 | -7.0% |
| 2009Q1 | -14.4% |
| 2009Q2 | -17.1% |
| 2009Q3 | -16.1% |
| 2009Q4 | -10.3% |
| 2010Q1 | -2.3% |
| 2010Q2 | 4.1% |
| 2010Q3 | 7.5% |
| 2010Q4 | 8.9% |
| 2011Q1 | 8.0% |
| 2011Q2 | 7.3% |
| 2011Q3 | 9.3% |
| 2011Q4 | 10.0% |
| 2012Q1 | 12.9% |
| 2012Q2 | 12.6% |
| 2012Q3 | 7.2% |
| 2012Q4 | 5.6% |
| 2013Q1 | 4.3% |
| 2013Q2 | 2.3% |
| 2013Q3 | 4.4% |
| 2013Q4 | 5.4% |
| 2014Q1 | 5.5% |
| 2014Q2 | 8.1% |
| 2014Q3 | 8.4% |
| 2014Q4 | 6.9% |
| 2015Q1 | 5.0% |
| 2015Q2 | 2.5% |
| 2015Q3 | 0.8% |
| 2015Q4 | -0.9% |
| 2016Q1 | -0.7% |
| 2016Q2 | 0.0% |
| 2016Q3 | 1.1% |
| 2016Q4 | 2.4% |
| 2017Q1 | 4.2% |
| 2017Q2 | 4.3% |
| 2017Q3 | 3.5% |
| 2017Q4 | 5.4% |
| 2018Q1 | 6.0% |
| 2018Q2 | 6.9% |
| 2018Q3 | 6.8% |
| 2018Q4 | 5.9% |
| 2019Q1 | 4.8% |
| 2019Q2 | 2.6% |
| 2019Q3 | 1.4% |
| 2019Q4 | -0.1% |
Source: EPI analysis of data from table 1.1.6 from the National Income and Product Accounts (NIPA) from the Bureau of Economic Analysis (BEA).