Possible Canadian timber shortage could help domestic markets
The timber industry is reaching a two-year high in futures and prices are booming in the United States as a possible shortage of building materials with rising construction is expected to come, reports USA Today.
Most of the US’s lumber comes from Canada – the world’s largest exporter in wood – but that source of timber is threatened with an expiring trade deal and possible tariffs being put against Canadian lumber. The US and Canada has not been able to come to an agreement with a new deal and President Trump’s concerns about NAFTA could impact that as well.
This means a boost in the US’ domestic timber markets even though the construction industry is hoping to continue to import cheap Canadian timber.