{
  "notice": "Please credit \"Is software solved?\" and the sources listed in credits when you reuse these numbers. They are our own aggregates. For original records, go to each source.",
  "id": "software-spending",
  "name": "Business software spending",
  "question": "Are businesses still paying for software?",
  "metric": "US private investment in software, adjusted for inflation, latest quarter, in billions of dollars a year",
  "solvedIf": "Businesses spend less because software gets cheap",
  "value": "$986B",
  "change": "+13%",
  "trend": [
    {
      "label": "2016-01",
      "value": 326
    },
    {
      "label": "2016-04",
      "value": 335
    },
    {
      "label": "2016-07",
      "value": 346
    },
    {
      "label": "2016-10",
      "value": 355
    },
    {
      "label": "2017-01",
      "value": 366
    },
    {
      "label": "2017-04",
      "value": 376
    },
    {
      "label": "2017-07",
      "value": 389
    },
    {
      "label": "2017-10",
      "value": 401
    },
    {
      "label": "2018-01",
      "value": 414
    },
    {
      "label": "2018-04",
      "value": 429
    },
    {
      "label": "2018-07",
      "value": 441
    },
    {
      "label": "2018-10",
      "value": 452
    },
    {
      "label": "2019-01",
      "value": 450
    },
    {
      "label": "2019-04",
      "value": 459
    },
    {
      "label": "2019-07",
      "value": 470
    },
    {
      "label": "2019-10",
      "value": 487
    },
    {
      "label": "2020-01",
      "value": 503
    },
    {
      "label": "2020-04",
      "value": 501
    },
    {
      "label": "2020-07",
      "value": 509
    },
    {
      "label": "2020-10",
      "value": 530
    },
    {
      "label": "2021-01",
      "value": 559
    },
    {
      "label": "2021-04",
      "value": 580
    },
    {
      "label": "2021-07",
      "value": 595
    },
    {
      "label": "2021-10",
      "value": 614
    },
    {
      "label": "2022-01",
      "value": 646
    },
    {
      "label": "2022-04",
      "value": 668
    },
    {
      "label": "2022-07",
      "value": 682
    },
    {
      "label": "2022-10",
      "value": 702
    },
    {
      "label": "2023-01",
      "value": 704
    },
    {
      "label": "2023-04",
      "value": 709
    },
    {
      "label": "2023-07",
      "value": 718
    },
    {
      "label": "2023-10",
      "value": 735
    },
    {
      "label": "2024-01",
      "value": 754
    },
    {
      "label": "2024-04",
      "value": 762
    },
    {
      "label": "2024-07",
      "value": 766
    },
    {
      "label": "2024-10",
      "value": 777
    },
    {
      "label": "2025-01",
      "value": 814
    },
    {
      "label": "2025-04",
      "value": 867
    },
    {
      "label": "2025-07",
      "value": 873
    },
    {
      "label": "2025-10",
      "value": 878
    },
    {
      "label": "2026-01",
      "value": 932
    },
    {
      "label": "2026-04",
      "value": 963
    },
    {
      "label": "2026-07",
      "value": 986
    }
  ],
  "trendLabel": "US real private fixed investment in software, in billions of 2017 dollars a year.",
  "caution": [
    "Higher spending can also mean software is more useful, so a rise does not prove it is far from solved. This counts investment by US businesses, and not all software purchases."
  ],
  "score": 0,
  "scoreReason": "Against real GDP: Up 28% since ChatGPT launched.",
  "fromHigh": "At its high",
  "status": "Still rising",
  "rule": "Still rising when real investment is higher than a year before.",
  "direction": "away",
  "checks": [
    {
      "date": "2026-11-02",
      "value": "$986B",
      "change": "+13%",
      "status": "Still rising"
    },
    {
      "date": "2026-11-01",
      "value": "$986B",
      "change": "+13%",
      "status": "Still rising"
    }
  ],
  "url": "/signals/software-spending",
  "api": "/api/signals/software-spending.json",
  "credits": [
    {
      "name": "BEA software investment",
      "url": "https://fred.stlouisfed.org/series/B985RX1Q020SBEA",
      "signal": "software-spending",
      "license": "Public domain, citation requested",
      "credit": "U.S. Bureau of Economic Analysis, real private fixed investment in software [B985RX1Q020SBEA], retrieved from FRED, Federal Reserve Bank of St. Louis. Not endorsed or certified by BEA."
    }
  ]
}