US lumber producers see huge opportunity, rush to expand
July 17, 2018|
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.
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