I would say in many places it is, but the numbers are often misleading. I'm not completely familiar with how we count it, but I believe when we count ELOCs (Effective Lines of Code) not only is the time people spend writing code counted, or even all the time spent by people who write code, but all the time by people spend on the "software engineering" portion of the project. That can include managers, requirements development, configuration managers, system administrators, QA, the people who collect metrics, etc.
So the number is really more reflective of how much an organization lumps under "software engineering" and how much general overhead its processes incur than it is of the productivity of individual programmers.
So the number is really more reflective of how much an organization lumps under "software engineering" and how much general overhead its processes incur than it is of the productivity of individual programmers.