BEA recognizes expenditures by business, government, and nonprofit institutions on R&D as fixed assets and records R&D spending as investment in gross domestic product (GDP). Conceptually, the value of R&D is equal to the present value of the future stream of benefits derived from R&D spending. In practice, because future benefits are not observable, and most R&D assets are carried out by businesses in-house (also called “own-account”), BEA measures R&D activity as the sum of its production or input costs. BEA records R&D activity in the industry that performs the R&D. Space-related R&D production is widespread in the space economy statistics and is present in most industries.