Logging is the most legacy of the Pacific Northwest’s legacy industries, but it’s still here, especially thanks to the appetite from Asia. According to a recent report by the North American Wood Fiber Review, North American log exports in the first quarter were 14 percent higher than the same period in 2013. The U.S. Northwest accounts for 53 percent of exports, followed by British Columbia at 41 percent. The Port of Longview is the largest shipping point.
This is good news for such companies as Weyerhaeuser, whose shares are doing the best since 2010, and Plum Creek Timber. It has been a hedge against the continuing struggles of the housing market. But the Asia dependence showed in Weyerhaeuser’s second fiscal quarter results, with revenues slowed by less demand from Japan.
What hasn’t changed in the loss of jobs, which has been a calamity for many small timber towns in the Northwest:
A Bank of America Settlement Reader:
• The Justice Department’s Wall Street settlement deals are shameful | The New Republic
• Questions about the Bank of America deal | Bloomberg
• The worst company in America turns a page | NY Magazine
• An unfinished chapter at Countrywide | NY Times
• Mozilo suit? What about ndymac, New Century, WaMu and all the major banks? | Naked Capitalism
Today’s Econ Haiku:
Burger King cooks up
A Canadian tax dodge
Have it their way, eh?
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