Lumber producers are cutting back, a signal that higher interest rates are taking root

Economists often use that example to explain how pandemic policies such as social distancing created ripple effects in the economy, including a shift in consumer spending from services — think dining out or seeing a concert — to durable goods, which resulted in price inflation.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.

“We are temporarily curtailing production in British Columbia due to reduced market demand,” Don Kayne, chief executive of Vancouver-based Canfor,The company said it expects annual production to drop by 200 million board feet, or an estimated six per cent of its annual capacity in B.C., where Canfor’s disclosures indicate it has around three billion board feet of annual capacity.that it would “permanently” curtail production at several B.C.

That’s driven in part by the effects of climate change: Record wildfires in 2017 and 2018 destroyed huge swaths of forest and added to losses caused by the explosion in populations of mountain pine beetles, which also decreased the volume of available wood supply in B.C. Add in the flooding in 2021 that wiped out key transportation corridors, and production costs rose.

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