Growing Lumber Forecast

Continued strength in home construction and repair and remodeling is expected to vault U.S. lumber demand to record levels in 2003, predicts the Western Wood Products Association.

U.S. lumber consumption is expected to reach an all-time high of 54.7 billion bd. ft. in 2003, eclipsing 1999's record 54.3 billion bd. ft.

Demand in 2002 is also expected to reach the 54.3 billion bd. ft.

Spurred by low interest rates and strong refinancing activity, repair and remodeling will account for most of the demand increases. Lumber usage in repair and remodeling will climb 3Eo to I7.3 billion ft.

Non-residential construction will t''se 2.6Vo to 7.2 billion ft.

Housing starts are predicted to dip slightly to 1.6 million units in 2003 from 1.65 million units in 2002. New home construction will consume 21.2 billion bd. ft next year.

Overall U.S. lumber production should remain stable at 35 billion bd. ft. Western production will be down less than lVo in 20O3 to 16.58 billion ft., and Southern production will be down slightly at 16.47 billion bd. ft.

Lumber imports will rise more than

500 million bd. ft. in 2003. Canadian shipments should grow l.6%o to 18.7 billion ft. Non-Canadian imports will be up l5.3%o to 2 billion bd. ft., led by European lumber volumes that for the first time will top I billion bd. ft.