Industrial Production and Capacity Utilization - G.17

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Release Date: April 16, 2026

Industrial production (IP) dropped 0.5 percent in March but still grew at an annual rate of 2.4 percent in the first quarter. Similarly, manufacturing output ticked down 0.1 percent in March yet grew at a 3.0 percent rate in the first quarter. The indexes for mining and for utilities moved down 1.2 and 2.3 percent, respectively, in March. At 101.8 percent of its 2017 average, total industrial production was 0.7 percent above its year-earlier level. Capacity utilization receded to 75.7 percent, a rate that is 3.7 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 Mar. '25 to
Mar. '26
Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[r] Mar.[p] Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[r] Mar.[p]
       
Total index 101.2 101.1 101.6 101.6 102.3 101.8 -.4 -.1 .5 .0 .7 -.5 .7
Previous estimates 101.2 101.4 101.7 102.4 102.6   -.5 .2 .3 .7 .2    
       
Major market groups
Final Products 97.4 96.9 98.0 97.6 98.3 97.5 -.5 -.5 1.2 -.4 .7 -.7 .2
Consumer goods 97.6 96.9 98.2 97.2 98.0 97.1 -.6 -.7 1.3 -1.0 .8 -1.0 -1.4
Business equipment 94.1 94.3 95.1 96.0 96.4 96.1 -.6 .2 .9 1.0 .4 -.3 4.6
Nonindustrial supplies 97.6 97.8 97.9 98.6 98.8 98.8 -.4 .2 .1 .7 .2 .1 .6
Construction 99.1 99.2 98.6 99.8 99.7 100.1 -1.4 .1 -.6 1.2 -.1 .4 -.2
Materials 106.1 106.1 106.3 106.4 107.4 106.8 -.4 .1 .1 .1 1.0 -.6 1.3
       
Major industry groups
Manufacturing (see note below) 96.6 96.5 96.5 97.1 97.4 97.3 -.8 .0 -.1 .6 .4 -.1 .5
Previous estimates 96.6 96.9 96.6 97.4 97.6   -.8 .3 -.3 .8 .2    
Mining 120.2 121.0 119.3 119.0 121.5 120.1 -.8 .7 -1.4 -.2 2.1 -1.2 -.2
Utilities 109.9 108.4 114.8 110.9 112.9 110.3 2.0 -1.4 6.0 -3.5 1.8 -2.3 3.1

Capacity utilization Percent of capacity Capacity
growth
Average
1972-
2025 		1988-
89
high 		1990-
91
low 		1994-
95
high 		 
2009
low 		 
2025
Mar. 		   
2025 2026 Mar. '25 to
Mar. '26
Oct.[r] Nov.[r] Dec.[r] Jan.[r] Feb.[r] Mar.[p]
       
Total industry 79.4 85.2 78.8 85.0 66.5 76.1 75.6 75.4 75.7 75.7 76.1 75.7 1.4
Previous estimates             75.6 75.6 75.8 76.3 76.3    
       
Manufacturing (see note below) 78.2 85.5 77.2 84.6 63.4 75.8 75.1 75.0 74.9 75.3 75.5 75.3 1.1
Previous estimates             75.1 75.3 75.0 75.6 75.6    
Mining 85.2 86.3 84.4 88.6 78.3 84.2 84.4 85.0 83.8 83.7 85.5 84.5 -.5
Utilities 84.0 93.2 84.7 93.2 78.1 71.0 71.1 69.8 73.8 71.1 72.1 70.3 4.0
       
Stage-of-process groups
Crude 84.5 87.9 84.9 90.0 76.5 82.4 82.6 82.9 82.1 82.4 83.9 83.4 -.4
Primary and semifinished 80.1 86.4 77.9 87.7 63.5 76.0 75.4 75.3 76.0 75.6 76.1 75.5 1.8
Finished 76.6 83.3 77.4 80.7 66.3 73.9 73.2 72.8 73.0 73.2 73.3 72.9 1.5
[r] Revised. [p] Preliminary.

Market Groups

Production slowed in most market groups in March; declines in the indexes for consumer goods, for business equipment and supplies, and for materials were partially offset by growth in the output of construction supplies and of defense and space equipment. Declines were widespread among consumer goods industries. The index for consumer durable goods declined 1.8 percent, led by a decrease of 2.8 percent in the production of automotive products. A 0.8 percent decline in the index for consumer nondurables was led by a 2.1 percent decline in consumer energy production. The index for business equipment stepped down 0.3 percent, with reduced production of transit equipment more than offsetting increased production of information processing equipment and of industrial and other equipment. The output of materials fell 0.6 percent, led by declines in the output of consumer parts and of energy materials.

Industry Groups

Manufacturing output ticked down 0.1 percent. In March, a decrease of 0.2 percent in the production of durable goods reflected weaker output of motor vehicles and parts, which fell 3.7 percent, as well as declines in the output of primary metals, machinery, and furniture and related products. Nondurable manufacturing output edged down 0.1 percent, with more industry groups posting losses than posting gains. In particular, only the indexes for petroleum and coal products, for plastics and rubber products, and for paper increased, while all other nondurable indexes decreased.

Mining output decreased 1.2 percent in March. The index for utilities contracted 2.3 percent, with reductions in the output of both electric and natural gas utilities.

Capacity utilization for manufacturing declined 0.2 percentage point to 75.3 percent in March and is now 2.9 percentage points below its long-run (1972–2025) average. The operating rate for mining fell 1.0 percentage point to 84.5 percent, and the operating rate for utilities declined 1.8 percentage points to 70.3 percent. The utilization rates for mining and utilities were 0.7 percentage point and 13.7 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: April 16, 2026