The US wood products industry, excluding furniture, has shown fluctuations in production volumes over the past decade. Beginning in 2013 with a production value of $93.42 billion, the sector experienced a notable growth spurt to $108.26 billion by 2018. However, the industry saw a slight decline and subsequent recovery, with 2023 production reaching $106.22 billion. The year-on-year variations display intermittent growth and contractions, most recently a modest 0.32% increase in 2023. The forward-looking compound annual growth rate (CAGR) forecast predicts a steady, albeit slow, growth rate of 0.25% through 2028.
Recent data highlights the industry's resilience despite economic fluctuations, with a forecasted production value of $107.49 billion by 2028. Over the last two years, the sector rebounded from a dip in 2021 with a 5.61% boost in 2022 and a slight increase in 2023.
Future trends to watch for include increasing demand for sustainable and eco-friendly wood products, potential impacts of environmental regulations, and advancements in production technology that may influence both efficiency and output volumes.
