vald   23759
invd   109
min   0.1
max   17601.6
mean   162.085
stdev   510

Total capital spending (millions of dollars). This variable underwent a substantial change in definition. The ASM reported new capital expenditures before 1997 (with used capital expenditures in an additional table), but switched to reporting the sum of new and used expenditures in 1997, with no separate breakout of new and used expenditures (even in Census years). In order to maintain consistency with the earlier data, we adjusted the post-1996 data to reflect new expenditures. The data on new and used expenditures from 1987, 1992, and 1996 were combined to derive a fraction new (new/(new+used)) for each industry, which was then used to adjust the post-1996 capital expenditure numbers to reflect only new expenditures.