U.S. sawmill and wood preservation firms maintained steady production and capacity levels throughout 2024, but capacity utilization rates declined to 65% in the fourth quarter on a four-quarter moving average basis. This decline reflects a continuing trend since 2017, where production capability has expanded, but real output remains lower than 2018, according to the National Association of Homebuilders (NAHB) analysis. Capacity utilization rates, calculated as the ratio of actual production to full production potential, illustrate a growing gap between these two figures. The lower utilization rate stems from factors such as material shortages, order limitations, and labor ...