Another difficult year has concluded for the North American wood products industry. Demand failed to meet expectations as affordability pressures persisted, with inflation and interest rates remaining elevated. At the same time, uncertainty increased sharply due to trade tensions and a prolonged government shutdown. Mill closures continued in response to sustained market weakness, though at a slower pace than in 2024. Confidence across the building materials sector and the broader forest products industry remains at its lowest level since the Global Financial Crisis. Forecasting in a policy-driven environment has proven difficult. While some uncertainty has eased, many questions ...