The largest Canadian lumber producer—Vancouver-based Interfor, which has operations across North America—is cutting lumber production by 17% in response to slowing demand.
Interfor said deteriorating economic conditions and market uncertainty are reducing demand for lumber as interest rates rise and housing starts plunge. The Canadian forest products giant said it is reducing output by 17% of its quarterly capacity, which equals about 200M board feet.
Interfor characterized the reduction as "temporary output cuts" that will be spread across the company's North American operating regions and timed around the US Thanksgiving and Christmas holidays, according to a report in the Toronto Star.
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