Ntect | Industry profile

Wood products
Industry profile, February 2020

Sections: Description | Pricing | Costs | Demand | Appendix

This page is an industry profile for the Wood products industry. It provides a general economic overview of recent developments in the industry. This includes information on industry pricing, costs, and demand. Below you will find a description of what type of business establishments are included in this industry. For information on how to best utilize this industry profile please visit our Business Solutions.

Industry Description

Establishments in the Wood Product Manufacturing subsector manufacture wood products, such as lumber, plywood, veneers, wood containers, wood flooring, wood trusses, manufactured homes (i.e., mobile homes), and prefabricated wood buildings. The production processes of the Wood Product Manufacturing subsector include sawing, planing, shaping, laminating, and assembling wood products starting from logs that are cut into bolts, or lumber that then may be further cut, or shaped by lathes or other shaping tools. The lumber or other transformed wood shapes may also be subsequently planed or smoothed, and assembled into finished products, such as wood containers. The Wood Product Manufacturing subsector includes establishments that make wood products from logs and bolts that are sawed and shaped, and establishments that purchase sawed lumber and make wood products. With the exception of sawmills and wood preservation establishments, the establishments are grouped into industries mainly based on the specific products manufactured.

This industry description was sourced from the North American Industry Classification System.

Industry Pricing

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As of January 2020, prices in this industry had 0 percent since the previous quarter.
From January 2019 to January 2020 prices in this industry decreased 0.6 percent.
Prices increased 9.3 percent in the five year period starting in January 2015 and ending in January 2020.

0%
From the previous quarter ¹

-0.6%
From the previous year ¹

+9.3%
From five years ago ¹

Industry Costs

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As of January 2020, costs in this industry had 0 percent since the previous quarter.
From January 2019 to January 2020 costs in this industry decreased 0.1 percent.
Costs increased 8.1 percent in the five year period starting in January 2015 and ending in January 2020.

0%
From the previous quarter ³

-0.1%
From the previous year ³

+8.1%
From five years ago ³

For details on which industries are included in each sector, click here

The largest cost for this industry is purchases made to the Manufacturing sector. This sector accounts for 44.5% of the industry's overall costs.
From January 2019 to January 2020, the largest change in costs for this industry were costs associated with purchases to the Transportation and Warehousing sector. Costs associated with this sector increased 15.7%.

**Major Industry Costs by Sector**
Sector Name	Percentage of Costs	Annual Percent Change ⁴
Manufacturing	44.5%	-0.8%
Labor	24.2%	+0.8%
Agriculture, Forestry, Fishing and Hunting	14.4%	-3.8%
Transportation and Warehousing	6.3%	+15.7%
Professional, Scientific, and Technical Services	3.8%	-2.5%

Industry Demand

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As of July 2019, demand for this industry had increased 2 percent since the previous quarter.
From July 2018 to January 2020 costs in this industry increased 7.3 percent.
Costs increased 13.1 percent in the five year period starting in July 2014 and ending in July 2019.

+2%
From the previous quarter ⁴

+7.3%
From the previous year ⁴

+13.1%
From five years ago ⁴