Manufacturing Became More Capital-Intensive Without a Productivity Breakout
This chart compares BLS manufacturing capital services per hour with manufacturing output per hour, independently indexed to 2019. Capital intensity covers a broad asset mix and should not be read as a robot count, while output per hour can also move with utilization, demand, industry mix, and commissioning lags.
Capital intensity includes a broad mix of physical and intellectual-property assets. It is not a robot count and does not establish that the factory buildout caused automation.
What does it show?
A broad capital-deepening signal is visible, but aggregate manufacturing output per hour has not broken above its 2019 level.
Methodology
Annual BLS manufacturing capital intensity (MPU9900082) and annual averages of quarterly manufacturing labor productivity, or output per hour (OPHMFG), independently indexed to 2019 = 100. Capital intensity is capital services per hour worked and covers a broad asset mix; it is not a count of industrial robots or proof that the construction boom caused automation. Output per hour can also move with capacity utilization, industry mix, demand and commissioning lags.