US lumber producers see huge opportunity, rush to expand

Originally Published on CNBC by Diana Olick

In the woods of central Maine, trees are gaining value by the minute, and lumber producers aren’t waiting a second. They are scrambling to expand production, build new facilities and hire more workers.

Lumber prices soared over sixty percent since early 2017, thanks to a perfect storm that hit Canadian supply. First tree-eating beetles, then forest fires, transportation issues involving a shortage of trucking and rail cars, and finally, last fall, U.S. duties imposed on Canadian lumber that amount to a 20 percent tax on the commodity.

It all adds up to opportunity in the eyes of Jason Brochu, co-president of Pleasant River Lumber, which operates two mills in Maine, employing 300 workers.

Read the full article here.