The B.C. government is forecasting its forestry revenue could tumble nearly 55 per cent in the next fiscal year, reflecting decreased lumber prices and reduced timber supplies. Revenue from the forestry sector in BC could decline to $846-million in the 2023-24 fiscal year, according to B.C. budget documents released on Tuesday. The slump contrasts sharply with two consecutive years of strong showings in the industry. The sector contributed $1.89-billion to the province’s coffers in the 2021-22 fiscal year and is on track to raise $1.86-billion in the fiscal year that ends on March 31. …“The impacts of the mountain pine beetle infestation, forest fires and the old-growth deferral strategy have reduced the supply of timber available to the forest industry,” the government said in its budget and fiscal plan. …The potential declines are expected to be part of the trend of the broader economic slowdown. [to access the full story a Globe and Mail subscription is required]
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