US sawmill production has remained essentially flat over the past two years, according to the Federal Reserve G.17 Industrial Production report. This most recent data release contained an annual revision, which resulted in higher estimates for both production and capacity in US sawmills. This revision shows current levels above 2017 by 7.5%. This revision also leads to an increased production capacity estimate, now peaking in the fourth quarter of 2024, and exceeding the capacity level seen in the early 2010s. …The utilization rate has experienced an overall downward trend since 2017 as a result of added capacity, yet stagnant production. However, the second quarter of 2025, on a four-quarter moving average, experienced a slight uptick from 66.5% to 68.1%. Meanwhile, sawmill production, based on a four-quarter moving average, is 0.9% higher in the second quarter of 2025 compared to the first quarter. However, sawmill production remains just 0.3% above 2023 levels.