Global outlook for lumber in 2024 is flat to some increase in demand

By Russ Taylor, Russ Taylor Global
Truck LoggerBC Magazine
April 4, 2024
Category: Finance & Economics
Region: Canada, Canada West

The US market will probably be the most stable global market in 2024 despite having a few headwinds. High mortgage rates from global inflation and a shortage of existing homes for sale has been a benefit to new residential home builders. In 2024, US housing demand and housing starts are expected to remain relatively similar to 2023, depending on the impact of the pending recession. …In Europe, China and Japan, lumber demand so far in 2024 has been negatively impacted by oversupply, high interest rates and a lack of consumer confidence, creating flat results at best. …The global outlook for 2024 is for flat to perhaps some increase in demand, but stable markets will still require a constrained supply. In 2024, this could be a challenge, although some very positive signs are now emerging in the US market. Most, including myself, expect the second half of the year to be better than the first; early signs indicate this could be very possible.

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