Quarterly asset growth rate of U.S. banking industry 2003-2023

The lowest asset growth rates of the United States banking industry were not measured during economic downturns. The lowest growth rate, for instance, was measured in the first quarter of 2011, when the industry saw an asset growth of negative 0.99 percent. The highest year-over-year growth rate, on the other hand, was measured in the fourth quarter of 2020, when COVID-19 was still causing concerns in many other industries. Only after the fourth quarter of 2020 did a sharp decline begin and did not even stop until the first quarter of 2023, which was the sixth consecutive quarter with a decreasing growth rate. In fact, the first quarter of 2023 was the worst-performing quarter of the U.S. banking industry - in terms of asset growth rate - in the last 10 years.