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Lumber prices expected to rise as
wildfires rage in Canada |
 As reported by Construction Dive, Canada’s devastating wildfire season, which has been felt across North America through declined air quality, has impacted the largest amount of land ever recorded in a single year. As a result, lumber prices are expected to rise as Canada supplies approximately 80% of U.S. softwood lumber imports. However, it is too early to know how much of the affected areas include harvestable timber, as well as how much will be damaged in the coming months. The Canadian provinces of Alberta and Quebec have been hit the hardest by the fires so far, with around 3.8 million and 3.5 million acres burnt, respectively. Together, they account for 44% of Canada’s annual softwood lumber shipments and 45% of total production. Canada’s weather conditions are expected to fuel more wildfires throughout the summer, which paints a grim outlook for lumber prices. |
