In 2022, we saw total Canadian softwood lumber shipments drop by almost 2.2 billion board feet, a 9.4 percent decrease over 2021 total Canadian shipments. This trend has continued through 2023 with total Canadian lumber shipments dropping from 20.9 billion board feet in 2022 to 19.8 billion board feet in 2023, a further loss of 1.1 billion board feet. This means a combined loss of lumber supply for the two years of 2022 and 2023 equal to 3.3 billion board feet. Last year in March 2023, FEA had noted that softwood lumber usage was expected to decline still further in 2023, with residential construction, residential improvement, and industrial use all taking a hit as the economy slows. However, the fundamentals underlying softwood lumber’s main end-use markets remain strong, and markets are expected to recover in 2024.