US lumber demand continued to strengthen in 2014 as home construction experienced modest but sustainable gains over 2013, according to estimates by Western Wood Products Association released Friday.
As well, the value of British Columbia lumber exports to US for Jan – Nov 2014 ($2,792 million) surpassed full-year 2013 ($2,558 million), data released by BC Stats today revealed.
** NEW LUMBER PRODUCTION AND EXPORT DATA **
BC lumber exports globally Jan-Nov 2014 flat compared to 2013, exports to China also stable.
BC Stats Data (Excel): http://www.bcstats.gov.bc.ca/Files/a762c3e0-8b45-4dc6-9e95-29e1d8f5fd44/SoftwoodLumberExports.xls
While residential construction slowed late in 2014, residential repair and remodeling (R&R), the largest lumber market by volume, picked up the slack, said the WWPA. R&R construction is expected to consume approximately 17.41 billion bd. ft. of U.S. production in 2014, and 2015 demand is forecast to increase to 17.93 billion bd. ft.
Lumber demand for new residential construction is forecast to increase from an estimated 10.98 billion bd. ft. in 2014 to 13.61 billion bd. ft. in 2015. Stable interest rates, an improving jobs picture, and continued slow economic growth will contribute to modest but sustainable gains in lumber demand for new home construction in 2015.
Responding to increased demand, 2014 U.S. lumber production increased an estimated 4% to 41.34 billion bd. ft., compared to 39.5 billion bd. ft. in 2013, according to WWPA.
Lumber production in the West is expected to climb from 13.49 billion bd. ft. in 2013 to 14.1 billion bd. ft. for 2014.
For 2015, WWPA predicts lumber demand will rise 8% to 44.87 billion bd. ft.