Investor Relations - Timber and Real Estate Performance
BBF (Logs)
Log and Lumber Export Volume Has Surged
U.S. Pacific Northwest Log Exports
North American Lumber Exports
1.6
2.0
500
10.0
500
2014-16 Avg. China Demand = ~100k Starts
2014-16 Avg. China Demand = ~210k Starts
1.8
450
9.0
450
1.4
1.2
1.0
400
350
300
250
0.8
200
0.6
0.4
0.2
2005
150
100
Housing Start Equivalents (000s)
BBF (Lumber)
8.0
7.0
6.0
00
400
350
300
5.0
250
WA
3.0
200
4.0
2.0
50
1.0
Rest of World
2006
2007
2008
2009
2010
China
2011
2012
2013
Housing Start Equivalents
2014
2015
2016
2005
2006
2007
Rest of World
2008
2009
2010
China
2011
2012
2013
2014
2015
2016
150
100
50
Housing Start Equivalents
China has driven substantial growth in log and lumber exports from North America over the last decade, with
average annual demand over the last three years equivalent to roughly 310,000 single-family housing starts.
Rayonier
Note:
Source: Forest Economic Advisors.
Housing start equivalents calculated based on 18 MBF of lumber per single-family start and log-to-lumber recovery rate of 2.35.
Investor Relations | May 2017
47
Housing Start Equivalents (000s)View entire presentation