B.C.’s resource industries looking for ‘slivers of hope’ in the year ahead

By Derrick Penner
The Vancouver Sun
January 8, 2024
Category: Business & Politics
Region: Canada, Canada West

Jake Power

For a lot of people in B.C.’s resource industries, such as sawmill owner Jake Power, the optimism for 2024 comes from a sense that they’ve left the worst of 2023’s downturn behind. …“It was definitely the most challenging year we’ve had since we expanded (in 2019),” said Power, CEO of Mission-based specialty sawmill Power Wood. …The trade in lumber, still the province’s biggest export, declined by 17% by volume to the end of October. But the value of the 11 million cubic metres of timber exported fell by 43%. …Power’s mill is a value-added facility that turns out specialty building components. …Much of B.C.’s primary lumber sector remains at “a crossroads’ moment,” according to Linda Coady, CEO of the Council of Forest Industries. …COFI chief economist Kurt Niquidef said signs are that U.S. demand is increasing. …However, Coady said the B.C. industry’s biggest challenge remains getting more certain access to timber for their mills.

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