The long-awaited pickup in U.S. business investment will take place this year. No, really.

The oldest capital stock in decades, more clarity on fiscal policy, improving growth prospects, and companies awash in cash mean the stars have aligned to boost spending on commercial structures and equipment, according to economists such as David Rosenberg and investors such as Brian Jacobsen. Companies from Macy's Inc. to Warren Buffett's railroad are planning on increasing capital outlays to enhance competiveness.

"Conditions are perfect, so business-investment rates should be at the kind of levels we saw in the mid-2000s," Stanford University economics professor Nicholas Bloom said. Equipment expenditures climbed 8.6 percent on average from 2004 to 2006. "If it doesn't come this year, it's never going to come."