This is a terrible measurement unit, even worse than the one we came up with in college for rockets, where we used elephants. Dicks come in all shapes and sizes.
Worse still, the pattern does not continue like one would expect.
Nominal: 2x4 -- Actual: 1.5" x 3.5"
Nominal: 2x6 -- Actual: 1.5" x 5.5"
Nominal: 2x8 -- Actual: 1.5" x 7.25"
Nominal: 2x10 -- Actual: 1.5" x 9.25"
Nominal: 2x12 -- Actual: 1.5" x 11.25"
There's just an arbitrary point where they decided to take an extra 1/4" bite out of it. I'm not sure whether that's more of an effect of shrinkage from kiln drying being proportional to the original length or an effect of industry practice to mill smaller boards to eke out more cuts per tree.
And for the record, yes, I am aware the discrepancy is not entirely explained by shrinkage. They do a planing step after drying. But the shrinkage is a not insignificant part of it. They have to round down to the nearest convenient dimension from wherever the shrinkage stops.
If longer boards shrink more, the finished boards would necessarily have to be smaller. I question whether that's the effect at play, though, because I believe there was a phase in the industry where that extra quarter inch wasn't taken off, and they changed their minds about it later.
It's because the actual cut is 2x4, and the wood shrinks. The typical shrinkage is known and accounted for. It is a treat when a house has an actual 2x though, i.e., it was cut divided by the shrinkage ratio, or cut dry. Related to why framing is done "on center", i.e., "16 on center".
That’s not from shrinkage (well the 1/16 might be, especially newer fast heated junk at the Homely Despot). It’s from when they mill the rough sawn 2x4 down to “finished size”. You can buy actual 2x4s, but they won’t have the nice planned surfaces or beveled edges.
I’m not wondering why it’s that sized, I’m annoyed why they insist on calling both rough saw and finished items 2x4s.
silly americans have units of time where there are 60 seconds in a minute, 24 hours in a day, 365 days in a year, and every four years there's an extra leap year! LOL backwards hicks