Industrial Production and Capacity Utilization - G.17

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Release Date: March 18, 2025

Industrial production (IP) increased 0.7 percent in February after moving up 0.3 percent in January. Manufacturing output rose 0.9 percent, boosted by a jump of 8.5 percent in the index for motor vehicles and parts. The output of manufacturing excluding motor vehicles and parts increased 0.4 percent. The index for mining gained 2.8 percent, and the index for utilities decreased 2.5 percent. At 104.2 percent of its 2017 average, total IP in February was 1.4 percent above its year-earlier level. Capacity utilization stepped up to 78.2 percent, a rate that is 1.4 percentage points below its long-run (1972–2024) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted Make Full Screen
Industrial production 2017=100 Percent change
2024 2025 2024 2025 Feb. '24 to
Feb. '25
Sept.[r] Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[p] Sept.[r] Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[p]
       
Total index 102.6 102.3 102.0 103.2 103.4 104.2 -.4 -.3 -.2 1.1 .3 .7 1.4
Previous estimates 102.6 102.1 102.0 103.0 103.5   -.4 -.5 -.1 1.0 .5    
       
Major market groups
Final Products 100.1 99.0 98.8 99.9 100.8 101.4 -.9 -1.1 -.2 1.1 .9 .6 .4
Consumer goods 102.1 101.5 100.8 101.6 102.4 102.6 -.2 -.6 -.6 .8 .8 .2 .7
Business equipment 90.8 88.0 89.4 91.5 92.8 94.3 -3.3 -3.1 1.6 2.3 1.5 1.6 -.6
Nonindustrial supplies 101.2 101.3 100.9 102.0 102.4 102.6 .2 .2 -.5 1.1 .4 .3 1.5
Construction 100.1 100.3 100.3 101.9 101.3 102.3 -.3 .2 .0 1.5 -.6 1.0 .7
Materials 105.2 105.4 105.2 106.4 106.1 107.2 -.2 .2 -.2 1.1 -.3 1.0 2.3
       
Major industry groups
Manufacturing (see note below) 99.0 98.5 98.6 99.0 99.1 100.0 -.3 -.6 .1 .5 .1 .9 .7
Previous estimates 99.0 98.4 98.6 99.1 99.0   -.3 -.7 .2 .5 -.1    
Mining 119.0 119.5 118.7 121.0 117.1 120.3 -.9 .4 -.6 1.9 -3.2 2.8 .0
Utilities 105.7 106.2 104.1 108.8 115.5 112.6 -.5 .4 -2.0 4.6 6.1 -2.5 8.7

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Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2024 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2024
Feb. 		   
2024 2025 Feb. '24 to
Feb. '25
Sept.[r] Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[p]
       
Total industry 79.6 85.2 78.7 84.8 66.6 78.1 77.5 77.1 76.8 77.6 77.7 78.2 1.3
Previous estimates             77.5 77.0 76.8 77.5 77.8    
       
Manufacturing (see note below) 78.2 85.5 77.1 84.4 63.5 77.5 76.7 76.1 76.1 76.4 76.4 77.0 1.3
Previous estimates             76.6 76.1 76.1 76.4 76.3    
Mining 86.5 86.3 84.3 88.6 78.9 89.7 89.3 89.7 89.2 90.9 87.9 90.3 -.6
Utilities 84.2 93.2 84.7 93.2 78.1 70.5 70.5 70.6 69.0 71.9 76.1 73.9 3.6
       
Stage-of-process groups
Crude 85.6 87.9 84.9 90.0 77.0 86.8 87.3 88.0 87.8 89.2 87.3 88.9 -.3
Primary and semifinished 80.1 86.5 77.6 87.5 63.7 76.5 76.1 76.1 75.4 76.4 77.1 76.9 1.6
Finished 76.7 83.3 77.6 80.4 66.2 76.3 74.9 73.6 73.9 74.1 74.4 75.2 1.8
[r] Revised. [p] Preliminary.

Market Groups

Most market groups posted gains in February. The output of consumer goods gained 0.2 percent, as a 4.3 percent increase in the production of durable consumer goods outweighed a decline of 0.8 percent in the production of nondurable consumer goods. The output of business equipment grew 1.6 percent, with transit equipment jumping 7.9 percent. Construction supplies posted a gain of 1.0 percent, and the index for business supplies inched down 0.1 percent in February. The output of materials rose 1.0 percent, with gains in all categories.

Industry Groups

Manufacturing output rose 0.9 percent in February. The durable manufacturing index increased 1.6 percent; while the growth of durables output was led by the index for motor vehicles and parts, gains were also seen in most other categories of durable manufacturing. The nondurable manufacturing index stepped up 0.2 percent, with growth in chemicals offsetting a decline in food, beverage, and tobacco products. The index for other manufacturing (publishing and logging) decreased 0.1 percent.

Mining output grew 2.8 percent in February after falling 3.2 percent in January. The index for utilities decreased 2.5 percent, as the output for electric utilities and for natural gas utilities decreased 1.2 percent and 11.1 percent, respectively.

Capacity utilization for manufacturing increased 0.6 percentage point in February to 77.0 percent, a rate that is 1.2 percentage points below its long-run (1972–2024) average. The operating rate for mining rose 2.4 percentage points to 90.3 percent, and the operating rate for utilities moved down 2.2 percentage points to 73.9 percent. The rate for mining was 3.8 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.

Note. The statistics in this release cover output, capacity, and capacity utilization in the U.S. industrial sector, which is defined by the Federal Reserve to comprise manufacturing, mining, and electric and gas utilities. Mining is defined as all industries in sector 21 of the North American Industry Classification System (NAICS); electric and gas utilities are those in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing industries (sector 31-33) plus the logging industry and the newspaper, periodical, book, and directory publishing industries. Logging and publishing are classified elsewhere in NAICS (under agriculture and information, respectively), but historically they were considered to be manufacturing and were included in the industrial sector under the Standard Industrial Classification (SIC) system. In December 2002 the Federal Reserve reclassified all its industrial output data from the SIC system to NAICS.

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Last Update: March 18, 2025