How to calculate it yourself
Rule of thumb: lumber 2 inches and under loses ½ inch from each nominal dimension; lumber over 2 inches loses ¾ inch from the wider face. So a "1×6" loses ¼ inch in thickness and ½ inch in width = 0.75 × 5.5 actual. A "2×12" stays 1.5 thick but the width drops from 12 to 11.25.
Common scenarios
Building a stud wall
A 2×4 stud wall with 16" on-center spacing creates 14.5" wide cavities (16" minus 1.5" stud). Insulation batts are sold pre-cut to fit this cavity (15-1/4" wide, allowing for friction fit). Drywall is sized for the same spacing (4×8 sheets land on stud centers).
Sizing a header over a window
A "2×8 header" is actually 1.5 × 7.25, which means 7.25 inches deep — important for clearance calculations. For a 6-ft window opening, code typically requires a 2-2×8 (built-up) header = 3 inches thick (two boards laminated) × 7.25 deep.
Buying lumber for a deck
A "2×6" deck board is 1.5 × 5.5 inches. To cover a 10-ft section side-by-side with ¼" gaps: 120 inches ÷ (5.5 + 0.25) = 21 boards. Always work with actual dimensions for spacing calculations.