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An Econometric Study of the U.S. Hardwood Lumber Market

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Hardwood lumber production and usage have remained roughly constant over the last 30 years while hardwood sawtimber supplies have increased. A recursive econometric model with the causal flow originating from the demand relationship was used to analyze this market. The results indicated that the availability of lower cost substitute materials and the economic uncertainty caused by the recursive aspects of the market have hindered market growth. The increase in nominal price of hardwood lumber is linked to the price of inputs (labor and stumpage) on the supply side of the market and the price of outputs on the demand side of the market. Nominal hardwood lumber price growth is ultimately linked to the general level of national economic activity and general rate of inflation via the effect that the macro economy exerts on prices of consumer goods and wage rates. Forest Sci. 30:1027-1038.
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Keywords: Demand; price; supply

Document Type: Journal Article

Affiliations: Economist, USDA Forest Service, Northeastern Forest Experiment Station, Princeton, WV 24740

Publication date: 1984-12-01

More about this publication?
  • Forest Science is a peer-reviewed journal publishing fundamental and applied research that explores all aspects of natural and social sciences as they apply to the function and management of the forested ecosystems of the world. Topics include silviculture, forest management, biometrics, economics, entomology & pathology, fire & fuels management, forest ecology, genetics & tree improvement, geospatial technologies, harvesting & utilization, landscape ecology, operations research, forest policy, physiology, recreation, social sciences, soils & hydrology, and wildlife management.
    Forest Science is published bimonthly in February, April, June, August, October, and December.

    2016 Impact Factor: 1.782 (Rank 17/64 in forestry)

    Average time from submission to first decision: 62.5 days*
    June 1, 2016 to Feb. 28, 2017

    Also published by SAF:
    Journal of Forestry
    Other SAF Publications
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