Undist Profits
No evidence that the TCJA has increased investment
| Quarter | Undistributed profits as % of corporate gross value added | Real nonresidential fixed investment |
|---|---|---|
| 2002Q2 | 3.2% | -1.1% |
| 2002Q3 | 3.7% | -0.3% |
| 2002Q4 | 4.0% | -1.3% |
| 2003Q1 | 4.4% | 0.5% |
| 2003Q2 | 3.5% | 2.8% |
| 2003Q3 | 4.2% | 2.1% |
| 2003Q4 | 3.8% | 1.3% |
| 2004Q1 | 4.4% | -1.0% |
| 2004Q2 | 4.8% | 2.5% |
| 2004Q3 | 5.0% | 2.9% |
| 2004Q4 | 2.9% | 2.1% |
| 2005Q1 | 5.1% | 1.5% |
| 2005Q2 | 6.0% | 1.6% |
| 2005Q3 | 8.0% | 2.1% |
| 2005Q4 | 9.7% | 0.8% |
| 2006Q1 | 4.7% | 3.4% |
| 2006Q2 | 4.4% | 1.7% |
| 2006Q3 | 3.9% | 1.7% |
| 2006Q4 | 2.0% | 1.1% |
| 2007Q1 | 1.7% | 1.8% |
| 2007Q2 | 2.1% | 2.2% |
| 2007Q3 | 0.7% | 1.6% |
| 2007Q4 | -0.1% | 1.5% |
| 2008Q1 | 0.2% | 0.4% |
| 2008Q2 | -0.1% | 0.2% |
| 2008Q3 | 0.4% | -1.9% |
| 2008Q4 | -1.5% | -5.8% |
| 2009Q1 | 1.9% | -7.5% |
| 2009Q2 | 3.1% | -3.0% |
| 2009Q3 | 5.7% | -0.6% |
| 2009Q4 | 6.1% | 0.7% |
| 2010Q1 | 6.3% | 0.7% |
| 2010Q2 | 6.3% | 3.3% |
| 2010Q3 | 7.2% | 2.7% |
| 2010Q4 | 6.8% | 1.9% |
| 2011Q1 | 4.5% | -0.1% |
| 2011Q2 | 5.7% | 2.6% |
| 2011Q3 | 5.9% | 4.7% |
| 2011Q4 | 6.6% | 2.6% |
| 2012Q1 | 6.3% | 2.6% |
| 2012Q2 | 6.2% | 2.2% |
| 2012Q3 | 5.8% | -0.3% |
| 2012Q4 | 3.1% | 1.1% |
| 2013Q1 | 5.5% | 1.3% |
| 2013Q2 | 3.2% | 0.3% |
| 2013Q3 | 3.8% | 1.7% |
| 2013Q4 | 3.6% | 2.0% |
| 2014Q1 | 2.7% | 1.3% |
| 2014Q2 | 3.8% | 2.3% |
| 2014Q3 | 4.3% | 2.1% |
| 2014Q4 | 4.0% | 0.5% |
| 2015Q1 | 3.0% | -0.4% |
| 2015Q2 | 3.1% | 0.5% |
| 2015Q3 | 2.6% | 0.3% |
| 2015Q4 | 1.1% | -1.0% |
| 2016Q1 | 1.8% | -0.3% |
| 2016Q2 | 2.1% | 0.9% |
| 2016Q3 | 2.1% | 1.1% |
| 2016Q4 | 2.2% | 0.0% |
| 2017Q1 | 2.3% | 2.3% |
| 2017Q2 | 2.2% | 1.8% |
| 2017Q3 | 3.1% | 0.8% |
| 2017Q4 | 2.6% | 1.2% |
| 2018Q1 | 13.7% | 2.8% |
| 2018Q2 | 9.3% | 2.1% |
| 2018Q3 | 7.2% | 0.6% |
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).
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