According to Fitch Ratings' recent special report, capital expenditures for a 324 U.S. corporate company sample will decline 2.2% in 2012 versus 2011.
 
According to the report, spending in 2011 was driven by earlier year expectations for a stronger economic recovery, which slowed considerably by mid-year. Additionally, government stimulus efforts will end for many companies in 2012, industry consolidation is resulting in capital spending savings as part of synergies and emerging market investments will be lumpy in nature as start-up or expansion efforts are completed.
 
The lack or lessening of many of the drivers in 2011 for 2012 is resulting in the aggregate decrease in spending. Furthermore, Fitch expects capital spending to decline in 2013 by 1.3% compared to 2012.
 
When comparing capital expenditures to revenue, Fitch calculates that the ratio was 5.8% in 2010, but rose to 6.2% for the last-twelve months through September 30, 2011. However, it is expected that this ratio will retreat to 5.9% in 2012 and 5.6% in 2013 as companies remain careful in spending based on demand expectations.

The report, 'U.S. Corporate Capital Expenditure Study: 2011 Surge Not Maintained', addresses the trend of capital expenditure for a 324 U.S. corporate company sample, in aggregate and by sector, over the time period 2009 - 2013. The full report is available on Fitch's web site at 'www.fitchratings.com'.