U.S. industrial production increased by 1% in July from a month earlier after two consecutive quarters of decline as more manufacturing categories rebound from pandemic-sparked supply chain disruptions.
While overall manufacturing output decreased 0.7% from a year earlier, the latest Federal Reservedata shows production of motor vehicles and parts jumped 5.2% in July, with utilities-related production up 5.4% as high July temperatures raised demand for cooling-related equipment. Mining-related production rose 0.5% for the month, with industrial machinery output up 1.3% and computer and electronics rising 1%.
Categories that dropped in July include electrical equipment and appliances at 1.7% and both primary metals and furniture at 1.2%. However, Fed researchers said U.S. factory capacity utilization increased to 79.3% in July, just 0.4% below the average of the past 50 years, after several months of flat or declining capacity usage.
For more information about New Jersey or Philadelphia health care space, industrial space, retail space, office space, land or other New Jersey and Philadelphia commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com. Wolf Commercial Real Estate, is a leading New Jersey and Philadelphia commercial real estate broker that specializes in healthcare, office, retail, land, industrial, and investment spaces.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings and services and property management services for landlords, owners, investors, tenants and more.
As experts in both Philadelphia and New Jersey commercial real estate listings and services, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their real estate goals.
