Yes and this makes construction easy, fast and less wasteful. In 1924, The American Lumber Standard was published. This document sets specifications for lumber dimensions, grade, moisture content etc. It also developed inspection & accreditation programs. The American Lumber Standard Committee American Softwood Lumber Standard Voluntary Product Standard PS 20-20 states: Section 3.4.2 Dimension-- Lumber from nominal 2-inch to, but not including, nominal 5-inch thickness, and of nominal 2-inch or greater width. Dimension is also designated as framing, joists, planks, rafters, or studs.