VANCOUVER – A new economic impact study released by the BC Council of Forest Industries (COFI) confirms BC’s forestry industry is a vital part of the province’s economy, generating billions in wages and government revenues, sustaining about 49 thousand direct forestry jobs and contributing $17.4 billion in GDP in 2022. “This Study demonstrates that the BC forest industry is one of the main drivers of BC’s economic base, providing outsized benefits to living standards and government revenue by generating employment, value-added activity, and exports,” said Kurt Niquidet, Chief Economist. …“The industry has been challenged by rapidly changing market conditions, high costs, natural disturbances like fire and insects, and the impact of new public policies. Timber harvesting on provincial crown land has declined by about 30% since 2021.” To capture the impact of these changes the Study provides projections for 2023 that point to a loss of jobs and other benefits delivered by the sector. “We need to find ways to stabilize fibre supply and build a more predictable and sustainable path forward for the sector”, said Niquidet. Among the key findings… BC’s forest industry:

• Contributes $17.4 billion annually to BC’s GDP
• Sustains close to 100,000 jobs, including 48,725 direct forestry jobs
• Contributes $9.1 billion in wages, salaries and benefits
• Generates $6.6 billion in government revenue
• Sustains one out of every 28 jobs in BC
• Represented 24% of all merchandise exports by value in 2022
• Invested approximately $15.8 billion in construction, machinery, equipment, repairs and maintenance from 2013 – 2023, through local companies & suppliers