The gross output of the Wood Product Manufacturing Industry in the US has experienced a general upward trend from 2013 to 2023, reaching a value of $126.4 billion in 2023. The growth has been marked by fluctuations, including a notable dip in 2020. Year-on-Year growth in 2022 was 1.81%, and in 2023, it was 1.75%. The Compound Annual Growth Rate (CAGR) over the past five years has been 1.71%.
From 2024 onwards, the industry is forecasted to continue growing, reaching $137.73 billion by 2028. The forecasted 5-year CAGR from 2023 to 2028 is 1.35%, with an overall growth rate of 6.95% over this period.
Future trends to watch for include advancements in sustainable wood products, increasing demand for eco-friendly construction materials, and potential impacts of new regulations on the industry. Monitoring these trends will be crucial for anticipating shifts in market dynamics and opportunities for growth.
