According to the Bureau of Economic Analysis, much of the recent growth in private sector investment in the U.S. economy has been technology related, from investment in information processing equipment and intellectual property products to exponential growth in data centers. In addition, many firms have been spending on services like subscriptions or training to determine how they can best employ artificial intelligence (AI) technology. In June, we asked over 250 firms in the Richmond Fed’s Fifth District about their capital investment, AI adoption, and factors such as employment and prices. While there have been high levels of both capital investment and AI adoption in recent months, most firms are still determining how to use AI in their businesses and where or when gains from the technology will be realized.
AI Adoption Is Widespread
Both employees‘ access to AI and AI use in business operations were widespread in June. Among respondent firms, 89 percent indicated that their employees had access to AI tools for at least one of their regular tasks. Further, 83 percent of respondent firms reported that they used AI in one of their formal business operations.
