By Troy Gillard

economic bright spot

Record-breaking lumber prices boost Alberta’s forest sector

Oct 6, 2020 | 11:42 AM

A spike in product demand has helped lead to record prices for Alberta’s forest industry.

Provincial officials say Alberta is now seeing record-breaking solid wood prices at $1,288 per thousand board feet for western spruce-pine-fir. It’s a big turnaround after the COVID-19 crisis initially reducing demand for pulp and paper products this year.

Prices for lumber, oriented strand board and plywood have also seen a profound recovery from April lows, the province says, with benchmark prices increasing between 125 per cent and 215 per cent.

“Albertans own our forests and I’m proud of the record-breaking year for the industry. Our forest sector and all Albertans will see significant returns. Through our partnerships, foresters are in a position to keep our forests and communities safe from fires and infestation. Our foresters are the true environmentalists,” said Devin Dreeshen, Minister of Agriculture and Forestry.

When COVID-19 was declared a public health emergency, Alberta declared forestry as an essential service, citing a “global need for forestry products that are vital to the lives of Albertans.”

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Officials say Alberta saw limited production curtailments during the pandemic, allowing the province to maintain a competitive advantage.

The province says its Forest Jobs Action Plan is supporting forest businesses by identifying opportunities to increase the annual allowable cut with an ultimate goal of an additional 33 per cent.

Over the past decade, from 2010 to 2019, Alberta’s forest industry has grown by 8.4 per cent on an inflation-adjusted basis.

Alberta’s forest industry directly employs 19,500 people and supports more than 25,000 additional jobs in Alberta, contributing $1.7 billion in salaries and wages in 2019.