Industrial Production and Capacity Utilization - G.17

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Release Date: March 16, 2026

Industrial production (IP) increased 0.2 percent in February after moving up 0.7 percent in January. In February, manufacturing output rose 0.2 percent, the index for mining grew 0.8 percent, and utilities output moved down 0.6 percent. At 102.6 percent of its 2017 average, total IP in February was 1.4 percent above its year-earlier level. Capacity utilization remained unchanged at 76.3 percent, a rate that is 3.1 percentage points below its long-run (1972–2025) average.

Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production 2017=100 Percent change
2025 2026 2025 2026 Feb. '25 to
Feb. '26
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 101.7 101.2 101.4 101.7 102.4 102.6 .0 -.5 .2 .3 .7 .2 1.4
Previous estimates 101.7 101.3 101.4 101.6 102.3   .1 -.4 .1 .2 .7    
       
Major market groups
Final Products 97.9 97.4 97.5 98.3 98.7 98.8 .1 -.5 .1 .9 .5 .1 1.4
Consumer goods 98.2 97.5 97.6 98.5 98.8 98.9 -.2 -.7 .1 .9 .3 .0 -.2
Business equipment 94.6 94.0 94.4 95.1 96.0 96.1 .8 -.6 .4 .8 .9 .2 6.4
Nonindustrial supplies 98.1 97.7 97.9 98.0 98.9 98.9 .2 -.3 .2 .0 1.0 .0 .9
Construction 100.5 99.2 99.3 98.9 100.0 99.8 .5 -1.3 .1 -.5 1.1 -.2 .3
Materials 106.5 106.0 106.2 106.2 107.0 107.3 -.1 -.4 .2 -.1 .8 .3 1.7
       
Major industry groups
Manufacturing (see note below) 97.3 96.6 96.9 96.6 97.4 97.6 .0 -.8 .3 -.3 .8 .2 1.3
Previous estimates 97.4 96.6 96.9 96.9 97.5   .0 -.8 .3 .0 .6    
Mining 121.1 120.1 121.2 118.8 119.9 120.9 -1.0 -.9 .9 -2.0 .9 .8 1.4
Utilities 107.8 109.9 108.3 114.8 114.9 114.2 1.3 2.0 -1.5 6.0 .1 -.6 2.5

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2025 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2025
Feb. 		   
2025 2026 Feb. '25 to
Feb. '26
Sept.[r] Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[p]
       
Total industry 79.4 85.2 78.8 85.0 66.5 76.3 76.0 75.6 75.6 75.8 76.3 76.3 1.4
Previous estimates             76.1 75.6 75.6 75.7 76.2    
       
Manufacturing (see note below) 78.2 85.5 77.2 84.6 63.4 75.5 75.8 75.1 75.3 75.0 75.6 75.6 1.1
Previous estimates             75.8 75.2 75.3 75.2 75.6    
Mining 85.2 86.3 84.4 88.6 78.3 83.4 85.0 84.3 85.2 83.5 84.3 85.0 -.5
Utilities 84.0 93.2 84.7 93.2 78.1 74.2 70.0 71.1 69.8 73.8 73.7 73.0 4.2
       
Stage-of-process groups
Crude 84.5 87.9 84.9 90.0 76.5 82.2 83.5 82.6 83.0 81.8 82.8 83.5 -.4
Primary and semifinished 80.1 86.4 77.9 87.7 63.5 76.6 75.4 75.4 75.3 76.0 76.5 76.4 1.8
Finished 76.6 83.3 77.4 80.7 66.3 73.5 73.9 73.2 73.2 73.2 73.5 73.5 1.5
[r] Revised. [p] Preliminary.

Market Groups

The major market groups posted mixed results in February. The output of durable consumer goods stepped up 0.4 percent, with increases in the production of automotive products, of appliances, furniture, and carpeting, and of miscellaneous goods. The index for nondurable consumer goods edged down 0.1 percent, with the non-energy component increasing 0.3 percent and the energy component declining 1.4 percent. The production of business equipment rose 0.2 percent, with growth in the indexes for transit and for information processing and a decrease in the output of industrial and other equipment. The index for construction supplies declined 0.2 percent, while the index for business supplies edged up 0.1 percent. Materials production rose 0.3 percent.

Industry Groups

Manufacturing output rose 0.2 percent in February. Durable manufacturing output edged up 0.1 percent, with mixed results across categories; the index for motor vehicles and parts posted the largest gain, and the index for machinery posted the largest loss. Nondurable manufacturing output rose 0.2 percent, with gains in the production of chemicals, of plastic and rubber products, and of paper products outweighing declines in the output of petroleum and coal products and of food, beverage, and tobacco products. The output of other manufacturing (publishing and logging) rose 1.3 percent.

Mining output increased 0.8 percent in February, following a 0.9 percent increase in January. The output of utilities fell 0.6 percent in February, reflecting no change in the index for electric utilities and a 4.7 percent drop in the index for natural gas utilities.

Capacity utilization for manufacturing remained flat in February at 75.6 percent, a rate that is 2.6 percentage points below its long-run (1972–2025) average. The operating rate for mining moved up 0.7 percentage point to 85.0 percent, and the operating rate for utilities dropped 0.7 percentage point to 73.0 percent. The utilization rates for mining and utilities were 0.2 percentage point and 11.0 percentage points below their long-run averages, respectively.

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 (except exclusive Internet publishing). 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 of its industrial output data from the SIC system to NAICS.

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Last Update: March 16, 2026