State and local government gross investment falls during recessions: Real state and local gross investment, 1979Q1–2017Q1 (2009 = 100)

date Gross investment
1979Q1 40.563
1979Q2 43.677
1979Q3 45.222
1979Q4 46.527
1980Q1 47.483
1980Q2 44.951
1980Q3 42.427
1980Q4 42.141
1981Q1 44.462
1981Q2 40.249
1981Q3 38.416
1981Q4 39.384
1982Q1 37.999
1982Q2 37.93
1982Q3 37.999
1982Q4 39.03
1983Q1 38.186
1983Q2 37.926
1983Q3 39.628
1983Q4 39.41
1984Q1 41.256
1984Q2 42.646
1984Q3 44.532
1984Q4 45.293
1985Q1 46.082
1985Q2 48.426
1985Q3 49.176
1985Q4 48.802
1986Q1 51.087
1986Q2 51.704
1986Q3 52.374
1986Q4 50.9
1987Q1 52.484
1987Q2 52.287
1987Q3 53.09
1987Q4 53.928
1988Q1 53.998
1988Q2 55.991
1988Q3 55.633
1988Q4 57.166
1989Q1 56.974
1989Q2 58.213
1989Q3 58.86
1989Q4 60.776
1990Q1 63.325
1990Q2 62.417
1990Q3 62.54
1990Q4 64.855
1991Q1 64
1991Q2 64.061
1991Q3 64.963
1991Q4 66.105
1992Q1 68.417
1992Q2 66.355
1992Q3 64.386
1992Q4 63.422
1993Q1 63.059
1993Q2 65.36
1993Q3 65.598
1993Q4 66.024
1994Q1 64.516
1994Q2 66.041
1994Q3 68.353
1994Q4 68.575
1995Q1 69.02
1995Q2 70.47
1995Q3 69.498
1995Q4 69.804
1996Q1 69.151
1996Q2 71.153
1996Q3 73.6
1996Q4 77.728
1997Q1 80.098
1997Q2 79.276
1997Q3 77.95
1997Q4 76.369
1998Q1 75.652
1998Q2 79.318
1998Q3 83.484
1998Q4 84.225
1999Q1 85.726
1999Q2 85.812
1999Q3 86.895
1999Q4 89.953
2000Q1 92.631
2000Q2 90.886
2000Q3 91.67
2000Q4 92.799
2001Q1 94.385
2001Q2 100.063
2001Q3 93.103
2001Q4 98.762
2002Q1 100.445
2002Q2 99.296
2002Q3 99.911
2002Q4 100.829
2003Q1 100.077
2003Q2 99.317
2003Q3 102.306
2003Q4 101.313
2004Q1 100.784
2004Q2 101.475
2004Q3 99
2004Q4 97.147
2005Q1 96.688
2005Q2 97.162
2005Q3 96.468
2005Q4 97.874
2006Q1 97.306
2006Q2 99.744
2006Q3 99.379
2006Q4 98.244
2007Q1 98.87
2007Q2 99.755
2007Q3 99.809
2007Q4 100.51
2008Q1 100.029
2008Q2 101.279
2008Q3 101.543
2008Q4 99.489
2009Q1 99.49
2009Q2 101.252
2009Q3 100.952
2009Q4 98.307
2010Q1 95.499
2010Q2 97.957
2010Q3 98.112
2010Q4 95.167
2011Q1 92.295
2011Q2 91.177
2011Q3 90.457
2011Q4 89.972
2012Q1 87.4
2012Q2 86.839
2012Q3 84.649
2012Q4 82.494
2013Q1 82.13
2013Q2 82.581
2013Q3 82.759
2013Q4 81.883
2014Q1 80.788
2014Q2 82.441
2014Q3 82.747
2014Q4 84.042
2015Q1 84.202
2015Q2 87.825
2015Q3 88.254
2015Q4 86.771
2016Q1 90.438
2016Q2 86.583
2016Q3 84.824
2016Q4 86.055
2017Q1 85.256

Note: Shaded areas denote recessions.

View the underlying data on epi.org.