Lumber Industry Sales Drop Off On Housing Slowdown
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One of the parts of the real estate slowdown is the damage being done to other industries. The lumber industry is being especially hit hard as two by fours are not needed as much when residential construction slows.
The downturn has caused the lumber industry to star shutting down production facilities and laying off workers. Another drawback I am seeing is that people who own timber acreage are unable to sell their lumber for what they thought, or not at all.
Tough times are hitting the ancillary businesses to the real estate world.
In 2007, the Southern region of the U.S. saw a 30-percent decrease in lumber production and that is mimicked in other parts of the country, said Peter J. Stewart, chief executive officer and founder of Forest2Market, a Charlotte, N.C.-based company that collects data on forest and wood products.
Over the last year, lumber prices have been “bumping up and down” on 30-year lows, he noted.
The brutal economics of the housing crisis don’t appear to be letting up, continuing to drag down demand for both hardwood lumber, for floors and cabinets, and softwood, used in home frames. via baltimoresun.com
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