The Progressive Policy Institute (PPI) Investment Heroes 2019 report provides estimates of domestic capital spending for individual U.S. companies. All told, the 25 companies listed in the PPI report invested approximately $226 billion in 2018, an increase of 22% from the previous year. Topping the list of 2019 “Investment Heroes” was Alphabet, which spent $20.2 billion in 2018. AT&T was a close second, spending $19.2 billion in 2018, but since 2011, has spent $159 billion, which is far more than any other company., Verizon Communications, and Microsoft rounded out this year’s top five.

In terms of growth of capital intensity, the communications/broadband industry saw the largest gains between 2007 and 2017 with an increase of 138%. This includes hundreds of billions of dollars spent on wired and wireless broadband infrastructure. The data processing and internet publishing industry saw similar capital intensity gains with an increase of 135%.

Source: Progressive Policy Institute