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West Fraser Timber expects its lumber shipments in 2023 will be similar to 2022.<\/p>\n
On 2023 lumber shipments:<\/strong><\/p>\n The company expects total lumber shipments in 2023 will be similar to 2022 levels as the transportation challenges last year aren't expected to be as severe in 2023, partially offset by the permanent British Columbia mill curtailments announced in August 2022, the indefinite curtailment of the Perry, Fla., sawmill announced in January 2023, as well as downtime to complete capital upgrade projects at a number of its mills in the U.S. South.<\/p>\n On positive drivers supporting demand:<\/strong><\/p>\n Several key trends that have served as positive drivers in recent years are expected to continue to support medium- and longer-term demand for new home construction in North America, West Fraser said.<\/p>\n \"The most significant uses for our North America lumber, OSB and wood panel products are residential construction, repair and remodelling and industrial applications. Over the medium term, we expect that an aging housing stock and greater entrenchment of work-from-home flexibility will help to offset near-term headwinds from higher interest rates and spur repair and renovation spending that supports lumber, plywood and OSB demand. Over the longer term, growing market penetration of mass timber in industrial and commercial applications is also expected to become a more significant source of demand growth for wood building products in North America.\"<\/p>\n While there were near-term headwinds to new home construction earlier in the year, owing in large part to the upward reset in interest rates and the impact on housing affordability, unemployment remains relatively low in the U.S. and central bankers across North America have indicated that the current rate hiking cycle may be nearing an end, according to the company. \"However, demand for new home construction and our wood building products may decline in the near term should the broader economy and employment slow or interest rates remain elevated or increase further than currently expected, impacting consumer sentiment and housing affordability.<\/p>\n \"Although we are experiencing near-term demand softness, we expect demand for our European products to grow over the longer term as use of OSB as an alternative to plywood grows. Further, an aging housing stock supports long-term repair and renovation spending and additional demand for our wood building products. Near-term risks, including relatively high and rising interest rates, ongoing geopolitical developments and the lagged impact of recent inflationary pressures, may cause further temporary slowing of demand for our products in Europe,\" the company said.<\/p>","protected":false},"excerpt":{"rendered":" West Fraser Timber expects its lumber shipments in 2023 will be similar to 2022. On 2023 lumber shipments: The company expects total lumber shipments in 2023 will be similar to 2022 levels as the transportation challenges last year aren’t expected … Continue reading