Exhibits
Exhibits
Every chart from the flagship report, live and citable: a message title, the data with a source for every row, and a link back to its chapter.
Exhibit 1 · The capacity you already own
US manufacturing runs 2.5 points below its own long-run average
Capacity utilization, US manufacturing, selected readings, percent of capacity, seasonally adjusted
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US manufacturing runs 2.5 points below its own long-run average (Capacity utilization, US manufacturing, selected readings, percent of capacity, seasonally adjusted) Item Value Unit Cite 1988–89 high 85.5 percent of capacity CAP-0031994–95 high 84.6 percent of capacity CAP-003Long-run average, 1972–2025 78.2 percent of capacity CAP-0031990–91 low 77.2 percent of capacity CAP-003August 2026 (preliminary) 75.7 percent of capacity CAP-0012009 low 63.4 percent of capacity CAP-003Note: August 2026 is a preliminary estimate. Manufacturing as defined by the Federal Reserve. Highs and lows are cycle readings shown in the release.
Source: Board of Governors of the Federal Reserve System, G.17 Industrial Production and Capacity Utilization, release of September 18, 2026, summary and summary table (CAP-001, CAP-003).
Exhibit 2 · The capacity you already own
The average plant operates 66 of the 168 hours in a week
Average plant hours per week in operation, US manufacturing, Q2 2026, hours; shift references assume 8-hour shifts, five days a week
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The average plant operates 66 of the 168 hours in a week (Average plant hours per week in operation, US manufacturing, Q2 2026, hours; shift references assume 8-hour shifts, five days a week) Item Value Unit Cite Average plant, hours operated 66 hours per week CAP-006Hours in a week 168 hours per week calendarHours not operated 102 hours per week TC-D-001Note: Standard error 0.9 hours. Continuous-process industries (for example petroleum refineries, paperboard mills) report 168 hours. Shift references assume 8-hour shifts, 5 days a week.
Source: U.S. Census Bureau, Quarterly Survey of Plant Capacity Utilization, 2026 Quarter 2, Table 1 (CAP-006). Hours not operated: Trapped Capacity derived figure TC-D-001; shift references are arithmetic.
Exhibit 3 · The capacity you already own
Fourteen of 19 industries run below their own long-run averages
Capacity utilization by manufacturing industry, August 2026 (preliminary) against each industry's 1972–2025 average, percent of capacity, seasonally adjusted
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Fourteen of 19 industries run below their own long-run averages (Capacity utilization by manufacturing industry, August 2026 (preliminary) against each industry's 1972–2025 average, percent of capacity, seasonally adjusted) Item Value Unit Cite Furniture, August 2026 67.2 percent of capacity CAP-026Furniture, 1972-2025 average 77.4 percent of capacity CAP-026Furniture, gap -10.2 percentage points TC-D-005-01Printing, August 2026 68.6 percent of capacity CAP-026Printing, 1972-2025 average 78.7 percent of capacity CAP-026Printing, gap -10.1 percentage points TC-D-005-02Primary metals, August 2026 67.3 percent of capacity CAP-026Primary metals, 1972-2025 average 77.1 percent of capacity CAP-026Primary metals, gap -9.8 percentage points TC-D-005-03Paper, August 2026 78.0 percent of capacity CAP-026Paper, 1972-2025 average 86.5 percent of capacity CAP-026Paper, gap -8.5 percentage points TC-D-005-04Plastics and rubber, August 2026 75.2 percent of capacity CAP-026Plastics and rubber, 1972-2025 average 81.6 percent of capacity CAP-026Plastics and rubber, gap -6.4 percentage points TC-D-005-05Motor vehicles and parts, August 2026 69.0 percent of capacity CAP-026Motor vehicles and parts, 1972-2025 average 74.4 percent of capacity CAP-026Motor vehicles and parts, gap -5.4 percentage points TC-D-005-06Textiles, August 2026 72.1 percent of capacity CAP-026Textiles, 1972-2025 average 77.3 percent of capacity CAP-026Textiles, gap -5.2 percentage points TC-D-005-07Chemicals, August 2026 71.7 percent of capacity CAP-026Chemicals, 1972-2025 average 76.9 percent of capacity CAP-026Chemicals, gap -5.2 percentage points TC-D-005-08Wood, August 2026 72.2 percent of capacity CAP-026Wood, 1972-2025 average 76.7 percent of capacity CAP-026Wood, gap -4.5 percentage points TC-D-005-09Apparel and leather, August 2026 71.3 percent of capacity CAP-026Apparel and leather, 1972-2025 average 75.7 percent of capacity CAP-026Apparel and leather, gap -4.4 percentage points TC-D-005-10Food, beverage and tobacco, August 2026 77.3 percent of capacity CAP-026Food, beverage and tobacco, 1972-2025 average 80.2 percent of capacity CAP-026Food, beverage and tobacco, gap -2.9 percentage points TC-D-005-11Computers and electronics, August 2026 75.8 percent of capacity CAP-026Computers and electronics, 1972-2025 average 77.1 percent of capacity CAP-026Computers and electronics, gap -1.3 percentage points TC-D-005-12Miscellaneous, August 2026 76.2 percent of capacity CAP-026Miscellaneous, 1972-2025 average 77.1 percent of capacity CAP-026Miscellaneous, gap -0.9 percentage points TC-D-005-13Fabricated metals, August 2026 78.3 percent of capacity CAP-026Fabricated metals, 1972-2025 average 78.5 percent of capacity CAP-026Fabricated metals, gap -0.2 percentage points TC-D-005-14Aerospace and other transportation, August 2026 73.4 percent of capacity CAP-026Aerospace and other transportation, 1972-2025 average 73.4 percent of capacity CAP-026Aerospace and other transportation, gap 0.0 percentage points TC-D-005-15Petroleum and coal products, August 2026 87.9 percent of capacity CAP-026Petroleum and coal products, 1972-2025 average 85.5 percent of capacity CAP-026Petroleum and coal products, gap 2.4 percentage points TC-D-005-16Electrical equipment, August 2026 85.8 percent of capacity CAP-026Electrical equipment, 1972-2025 average 81.7 percent of capacity CAP-026Electrical equipment, gap 4.1 percentage points TC-D-005-17Machinery, August 2026 83.4 percent of capacity CAP-026Machinery, 1972-2025 average 78.2 percent of capacity CAP-026Machinery, gap 5.2 percentage points TC-D-005-18Nonmetallic minerals, August 2026 82.5 percent of capacity CAP-026Nonmetallic minerals, 1972-2025 average 74.0 percent of capacity CAP-026Nonmetallic minerals, gap 8.5 percentage points TC-D-005-19Note: August 2026 is preliminary and subject to annual revision on November 24, 2026. Industries sorted by gap; the count is unweighted, so a small industry counts the same as a large one.
Source: Board of Governors of the Federal Reserve System, G.17 Industrial Production and Capacity Utilization, release of September 18, 2026, Table 7 (CAP-026). Gaps and count: Trapped Capacity derived figures TC-D-004, TC-D-005.
Exhibit 4 · The capacity you already own
Plants cite weak orders first, then labor and equipment
Reasons for operating below full production capability, US manufacturing plants, Q2 2026, percent of plants citing at least one reason
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Plants cite weak orders first, then labor and equipment (Reasons for operating below full production capability, US manufacturing plants, Q2 2026, percent of plants citing at least one reason) Item Value Unit Cite Insufficient orders 67.1 percent of plants CAP-027Insufficient supply of labor 22.2 percent of plants CAP-027Equipment limitations 11.5 percent of plants CAP-027Insufficient materials 11.3 percent of plants CAP-027Not profitable at full capacity 10.5 percent of plants CAP-027Seasonal operations 9.0 percent of plants CAP-027Sufficient finished-goods inventory 7.2 percent of plants CAP-027Storage limitations 6.3 percent of plants CAP-027Logistics or transportation 3.5 percent of plants CAP-027Environmental restrictions 1.6 percent of plants CAP-027Lack of fuel or energy 0.7 percent of plants CAP-027Other 10.7 percent of plants CAP-027Note: Plants may cite more than one reason, so shares overlap and do not sum to 100. Standard errors 0.3 to 1.5 points. Strike or work stoppage withheld by Census. Ultramarine marks the two limits discussed in the text.
Source: U.S. Census Bureau, Quarterly Survey of Plant Capacity Utilization, 2026 Quarter 2, Table 3b (CAP-027).
Exhibit 5 · The capacity you already own
Manufacturers spent $314.3 billion on structures and equipment in 2022
Capital expenditures, US manufacturing companies with employees, 2021 (revised) and 2022, billions of current dollars
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Manufacturers spent $314.3 billion on structures and equipment in 2022 (Capital expenditures, US manufacturing companies with employees, 2021 (revised) and 2022, billions of current dollars) Item Value Unit Cite 2021 equipment 215.5 USD billion CAP-0172021 structures 68.6 USD billion CAP-0172021 total 284.2 USD billion CAP-0172022 equipment 237.8 USD billion CAP-0172022 structures 76.5 USD billion CAP-0172022 total 314.3 USD billion CAP-017Note: Nominal dollars, not adjusted for inflation. Components may not sum to totals because of rounding. The survey has since been folded into the Annual Integrated Economic Survey; 2022 is its latest year.
Source: U.S. Census Bureau, 2022 Annual Capital Expenditures Survey, manufacturing table (CAP-017).
Exhibit 6 · The capacity you already own
Output per hour has grown 0.5% a year this cycle, against 2.1% long-term
Labor productivity (output per hour worked), US manufacturing sector, average annual growth, percent
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Output per hour has grown 0.5% a year this cycle, against 2.1% long-term (Labor productivity (output per hour worked), US manufacturing sector, average annual growth, percent) Item Value Unit Cite Long-term rate 2.1 percent a year CAP-024Previous business cycle 0.1 percent a year CAP-024Current business cycle 0.5 percent a year CAP-024Note: Business-cycle comparison as published by BLS; the current cycle is still open. Rates are averages for the whole sector, not for any plant.
Source: U.S. Bureau of Labor Statistics, Productivity and Costs, Second Quarter 2026, Revised, news release of September 3, 2026, manufacturing section (CAP-024).
Exhibit 7 · The capacity you already own
Downtime took 7.8% of planned production time in the NIST sample
Downtime as a share of planned production time (NIST survey question 9), US discrete manufacturers, annual values for 2016, percent
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Downtime took 7.8% of planned production time in the NIST sample (Downtime as a share of planned production time (NIST survey question 9), US discrete manufacturers, annual values for 2016, percent) Item Value Unit Cite Lowest stratum 4.0 percent of planned production time CAP-012Average, all surveyed establishments 7.8 percent of planned production time CAP-012Highest stratum 12.8 percent of planned production time CAP-012Note: Self-selected sample: 85 responses returned by maintenance managers, some dropped. The question asks for downtime as a share of planned time; NIST reads it as unplanned. Range shows the lowest and highest survey strata (NAICS 321-339, excluding 324 and 325).
Source: National Institute of Standards and Technology, Economics of Manufacturing Machinery Maintenance (NIST AMS 100-34), D. S. Thomas and B. A. Weiss, 2020, Table 5.1 (CAP-012).
Exhibit 8 · The capacity you already own
NIST's lost-sales estimate is large but uncertain
Maintenance costs and revenue at risk, US discrete manufacturing, NIST estimates, annual values for 2016, billions of dollars
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NIST's lost-sales estimate is large but uncertain (Maintenance costs and revenue at risk, US discrete manufacturing, NIST estimates, annual values for 2016, billions of dollars) Item Value Unit Cite Direct maintenance spending 57.3 USD billion (2016) CAP-008Total maintenance-related costs 74.5 USD billion (2016) CAP-008Downtime cost 18.1 USD billion (2016) CAP-007Defect cost 0.8 USD billion (2016) CAP-007Sales lost to delays and defects 100.2 USD billion (2016) CAP-007Lost sales, 90% CI low 33.5 USD billion (2016) TC-V-001Lost sales, 90% CI high 166.8 USD billion (2016) TC-V-001Lost sales, stratified estimate 88.3 USD billion (2016) TC-V-001Note: Whisker: NIST 90% confidence interval for lost sales, $33.5B to $166.8B; ink mark: NIST's estimate by size and industry strata, $88.3B. Lost sales are revenue, not profit, some of it moved to other US plants; they are not added to the cost rows. Self-selected sample of 85 returned responses.
Source: National Institute of Standards and Technology, Economics of Manufacturing Machinery Maintenance (NIST AMS 100-34), D. S. Thomas and B. A. Weiss, 2020, Executive Summary, Section 5.3 and Table 5.3 (CAP-007, CAP-008, TC-V-001).
Exhibit 9 · The capacity you already own
The most reactive plants had 3.3 times the downtime and 16 times the defects
Downtime (share of planned production time) and defect rate, establishments most and least reliant on reactive maintenance (top and bottom quartile), US discrete manufacturing, NIST self-selected sample, annual values for 2016, percent
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The most reactive plants had 3.3 times the downtime and 16 times the defects (Downtime (share of planned production time) and defect rate, establishments most and least reliant on reactive maintenance (top and bottom quartile), US discrete manufacturing, NIST self-selected sample, annual values for 2016, percent) Item Value Unit Cite Downtime, least reactive quartile 4.0 percent of planned time TC-V-002Downtime, most reactive quartile 13.0 percent of planned time TC-V-002Defect rate, least reactive quartile 0.2 percent TC-V-002Defect rate, most reactive quartile 3.3 percent TC-V-002Downtime ratio 3.3 ratio CAP-010Defect ratio 16.0 ratio CAP-010Note: Associations from 85 returned responses, not causal effects. Small bases: a 16x ratio on defect rates of 0.2% and 3.3%. Each panel has its own scale.
Source: National Institute of Standards and Technology, Economics of Manufacturing Machinery Maintenance (NIST AMS 100-34), D. S. Thomas and B. A. Weiss, 2020, Executive Summary and Table 7.1 (CAP-010, TC-V-002).
Exhibit 10 · The capacity you already own
In this illustrative line, four losses take 1,312 of 6,000 planned hours
Illustrative data
Planned production time and losses, one constraint line, one year, hours
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In this illustrative line, four losses take 1,312 of 6,000 planned hours (Planned production time and losses, one constraint line, one year, hours) Item Value Unit Cite Planned time 6000 hours per year IllustrativeChangeovers -500.0 hours per year IllustrativeUnplanned stops -300.0 hours per year IllustrativeSlow running -416.0 hours per year IllustrativeScrap -95.7 hours per year IllustrativeFully productive time 4688.3 hours per year IllustrativeNote: Not a description of any real plant. Replace the assumptions with your own.
Source: Illustrative data. Trapped Capacity illustrative line model; assumptions are listed in Chapter 5.
Exhibit 11 · The capacity you already own
In this illustrative line, the four losses cost $1.65 million a year
Illustrative data
Annual cost of losses, one constraint line, thousands of dollars of contribution, plus variable cost of scrapped units
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In this illustrative line, the four losses cost $1.65 million a year (Annual cost of losses, one constraint line, thousands of dollars of contribution, plus variable cost of scrapped units) Item Value Unit Cite Changeovers, contribution 600.0 USD thousand per year IllustrativeSlow running, contribution 499.2 USD thousand per year IllustrativeUnplanned stops, contribution 360.0 USD thousand per year IllustrativeScrap, contribution 114.8 USD thousand per year IllustrativeScrap, variable cost of scrapped units 76.5 USD thousand per year IllustrativeTotal 1650.6 USD thousand per year IllustrativeNote: Prices apply only on a constraint line with demand above output. A scrapped unit forfeits the contribution of its line time and its variable cost. Not a description of any real plant.
Source: Illustrative data. Trapped Capacity illustrative line model: price $2.00 and variable cost $0.80 a unit ($1.20 contribution), 1,000 units an hour ($1,200 a constraint hour).
Exhibit 12 · The capacity you already own
Value added per production-worker hour ranged from $62 to $1,022 in 2021
Value added per production-worker hour, US manufacturing industries (three-digit NAICS), 2021, dollars
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Value added per production-worker hour ranged from $62 to $1,022 in 2021 (Value added per production-worker hour, US manufacturing industries (three-digit NAICS), 2021, dollars) Item Value Unit Cite Petroleum and coal 1022 USD value added per production-worker hour, 2021 TC-D-006-01Chemicals 489 USD value added per production-worker hour, 2021 TC-D-006-02Beverage and tobacco 436 USD value added per production-worker hour, 2021 TC-D-006-03Computers and electronics 273 USD value added per production-worker hour, 2021 TC-D-006-04Primary metals 247 USD value added per production-worker hour, 2021 TC-D-006-05All manufacturing 180 USD value added per production-worker hour, 2021 TC-D-006-06Paper 174 USD value added per production-worker hour, 2021 TC-D-006-07Electrical equipment 167 USD value added per production-worker hour, 2021 TC-D-006-08Machinery 160 USD value added per production-worker hour, 2021 TC-D-006-09Miscellaneous 160 USD value added per production-worker hour, 2021 TC-D-006-10Transportation equipment 151 USD value added per production-worker hour, 2021 TC-D-006-11Food 147 USD value added per production-worker hour, 2021 TC-D-006-12Nonmetallic minerals 134 USD value added per production-worker hour, 2021 TC-D-006-13Wood 122 USD value added per production-worker hour, 2021 TC-D-006-14Plastics and rubber 118 USD value added per production-worker hour, 2021 TC-D-006-15Fabricated metals 114 USD value added per production-worker hour, 2021 TC-D-006-16Printing 97 USD value added per production-worker hour, 2021 TC-D-006-17Textile mills 93 USD value added per production-worker hour, 2021 TC-D-006-18Furniture 86 USD value added per production-worker hour, 2021 TC-D-006-19Textile products 84 USD value added per production-worker hour, 2021 TC-D-006-20Leather 71 USD value added per production-worker hour, 2021 TC-D-006-21Apparel 62 USD value added per production-worker hour, 2021 TC-D-006-22Note: Current (2021) dollars: value added reflects product prices as well as productivity. Value added includes labor, overhead and profit, so it is not contribution; a line hour uses several production-worker hours. 2021 is the last ASM year.
Source: U.S. Census Bureau, 2018–2021 Annual Survey of Manufactures, Statistics for Industry Groups and Industries (AM1831BASIC01), fields VALADD and HOURS (CAP-029). Ratios: Trapped Capacity derived figures TC-D-006.
Exhibit 13 · The capacity you already own
In the illustrative case, the cheapest hour depends on how many the plant needs
Illustrative data
Annual cost per productive constraint hour actually needed, by option and by hours needed a year, illustrative line, dollars per hour
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In the illustrative case, the cheapest hour depends on how many the plant needs (Annual cost per productive constraint hour actually needed, by option and by hours needed a year, illustrative line, dollars per hour) Item Value Unit Cite need 300 h: recover 1000 USD per needed hour Illustrativeneed 300 h: schedule 1024 USD per needed hour Illustrativeneed 300 h: build 10510 USD per needed hour Illustrativeneed 300 h: stack 1000 USD per needed hour Illustrativeneed 1000 h: recover cannot cover USD per needed hour Illustrativeneed 1000 h: schedule 1024 USD per needed hour Illustrativeneed 1000 h: build 3153 USD per needed hour Illustrativeneed 1000 h: stack 988 USD per needed hour Illustrativeneed 2500 h: recover cannot cover USD per needed hour Illustrativeneed 2500 h: schedule cannot cover USD per needed hour Illustrativeneed 2500 h: build 1261 USD per needed hour Illustrativeneed 2500 h: stack cannot cover USD per needed hour Illustrativeneed 4688 h: recover cannot cover USD per needed hour Illustrativeneed 4688 h: schedule cannot cover USD per needed hour Illustrativeneed 4688 h: build 673 USD per needed hour Illustrativeneed 4688 h: stack cannot cover USD per needed hour IllustrativeNote: Recover: $300k a year program, up to 328 h (25% of losses). Schedule: weekend hours at $800 per scheduled hour, $1,024 per productive hour, up to 1,875 h. Build: $12M line, 10 years, 10% cost of capital, $1.2M a year to run; adds 4,688 h.
Source: Illustrative data. Trapped Capacity illustrative model; assumptions in Chapter 5 and formulas in the method notes.
Exhibit 14 · The capacity you already own
A capital request should show seven figures, demand first
A gate for any request to add capacity; the sponsor shows each figure for the constraint asset
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A capital request should show seven figures, demand first (A gate for any request to add capacity; the sponsor shows each figure for the constraint asset) Item Value Unit Cite Demand Orders or forecast that exceed the constraint's output Pass: Backlog or lost orders, documented | Borderline: Forecast only | Fail: Not shown TC methodThe constraint The asset that limits output, shown with output and queue data Pass: Named and measured for 4 weeks or more | Borderline: Named from estimates | Fail: Not named TC methodUnscheduled hours Hours the constraint is not scheduled, and the full cost of scheduling them Pass: Hours and full cost of added time | Borderline: Hours only | Fail: Not considered TC methodLosses in hours Hours lost in scheduled time last quarter, by cause Pass: Recorded by cause, in hours | Borderline: Sampled or partly recorded | Fail: Percentages only TC methodPrice of an hour Contribution per constraint hour Pass: Agreed in writing with the controller | Borderline: Estimated by operations | Fail: Revenue per hour, or none TC methodRecoverable hours Hours recoverable within 12 months Pass: A range, an owner and a plan per loss | Borderline: A single estimate, no owner | Fail: Not stated TC methodCost per needed hour Capital cost per needed hour against cost per recovered hour Pass: Both on one page | Borderline: One of the two | Fail: Neither TC methodNote: Pass rules are editorial judgment, not industry benchmarks; adjust them to your own hurdle rates. Formula for figure 7 in the method notes.
Source: Trapped Capacity method.
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From insights
Exhibit 1 · Changeovers are a capital question
In this illustrative plant, the same changeover runs longest on the night shift
Illustrative data
Average changeover duration by shift, one product family, minutes
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In this illustrative plant, the same changeover runs longest on the night shift (Average changeover duration by shift, one product family, minutes) Category Value Day 42 min Swing 48 min Night 66 min Standard 40 min Note: Values are placeholders chosen to demonstrate the exhibit format. Standard is the documented changeover time.
Source: Illustrative data; placeholder pending research
Exhibit 1 · Read OEE like a finance partner
In this illustrative line, availability losses outweigh performance and quality losses combined
Illustrative data
OEE losses by category, one line, one year, percentage points of planned time
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In this illustrative line, availability losses outweigh performance and quality losses combined (OEE losses by category, one line, one year, percentage points of planned time) Category Value Availability 18 pp Performance (speed) 9 pp Quality 4 pp Note: Values are placeholders chosen to demonstrate the exhibit format. OEE is overall equipment effectiveness; performance loss is time lost to running below rated speed.
Source: Illustrative data; placeholder pending research