Chart 1: C&I Loan Volume Is Driven by Capital Expenditures, Acquisitions, and Other Spending Relative to Business's Internal Funds
Quarter and year
Adjusted Financing Gap
(Four-Quarter Moving Average)
Commercial and Industrial Loans
(FDIC-Insured Institutions, dollars in billions)
Q1 1984  
544.16
Q2 1984  
565.14
Q3 1984  
566.41
Q4 1984
39,278
581.92
Q1 1985
37,824
587.22
Q2 1985
33,648
591.21
Q3 1985
28,988
596.39
Q4 1985
30,323
601.78
Q1 1986
30,183
605.74
Q2 1986
31,053
608.41
Q3 1986
32,045
601.50
Q4 1986
31,021
633.27
Q1 1987
27,751
617.65
Q2 1987
24,396
615.85
Q3 1987
20,589
613.38
Q4 1987
22,602
623.06
Q1 1988
22,912
631.37
Q2 1988
25,593
635.46
Q3 1988
27,884
631.36
Q4 1988
29,408
645.13
Q1 1989
37,979
646.29
Q2 1989
40,082
654.40
Q3 1989
45,180
658.27
Q4 1989
40,903
659.20
Q1 1990
35,902
660.77
Q2 1990
32,395
656.70
Q3 1990
31,029
654.87
Q4 1990
29,139
646.24
Q1 1991
21,994
634.17
Q2 1991
14,972
614.50
Q3 1991
6,020
596.19
Q4 1991
599
581.77
Q1 1992
(4,062)
572.33
Q2 1992
(4,496)
565.16
Q3 1992
(4,217)
557.60
Q4 1992
(2,282)
548.17
Q1 1993
4,900
542.68
Q2 1993
6,769
543.63
Q3 1993
5,628
539.42
Q4 1993
4,384
548.39
Q1 1994
1,843
558.59
Q2 1994
4,202
574.17
Q3 1994
9,036
584.89
Q4 1994
20,270
598.98
Q1 1995
29,276
633.38
Q2 1995
34,100
651.76
Q3 1995
38,200
659.39
Q4 1995
32,536
673.66
Q1 1996
28,295
689.19
Q2 1996
19,543
698.83
Q3 1996
20,137
713.25
Q4 1996
20,222
724.45
Q1 1997
21,738
746.23
Q2 1997
32,934
770.47
Q3 1997
33,348
781.30
Q4 1997
40,510
811.20
Q1 1998
48,411
836.52
Q2 1998
50,309
867.20
Q3 1998
65,120
893.35
Q4 1998
91,275
919.61
Q1 1999
89,637
943.85
Q2 1999
108,723
959.62
Q3 1999
101,477
970.19
Q4 1999
78,123
996.32
Q1 2000
74,934
1,027.46
Q2 2000
76,922
1,061.74
Q3 2000
83,213
1,074.51
Q4 2000
107,254
1,085.96
Q1 2001
114,371
1,082.19
Q2 2001
96,646
1,065.42
Q3 2001
88,612
1,048.85
Q4 2001
51,166
1,019.92
Q1 2002
38,331
1,003.78
Q2 2002
23,117
975.50
Q3 2002
17,916
962.02
Q4 2002
15,011
952.54
Q1 2003
15,265
947.95
Q2 2003
18,471
933.45
Q3 2003
11,269
931.07
Q4 2003
14,249
921.12
Q1 2004
15,969
910.11
Q2 2004
20,301
926.72
Q3 2004
30,305
951.71
Q4 2004
47,014
967.69
Q1 2005
60,417
1,000.05
Q2 2005
68,182
1,042.57
Q3 2005
72,254
1,050.32
Q4 2005
65,930
1,085.62
Q1 2006
1,133.10
Note: C&I = commercial and industrial.
Sources: Federal Deposit Insurance Corporation, Federal Reserve Board.