Economic Contribution of the Sawmill Industry in New Hampshire

Transcription

1 Economic Contribution of the Sawmill Industry in New Hampshire Calendar Year 2014 Prepared for New Hampshire Timberland Owners Association by Daniel S. Lee and Ben Amsden The Center for Business and Community Partnerships Plymouth State University August 2016

2 Table of Contents I. II. III. IV. V. VI. VII. VIII. IX. X. Project Description... Definition of Key Measures... Literature Review... IMPLAN Model and Data... Assumptions of the Model... Definition of Industries... Economic Contribution Estimates... Survey Results and Model Adjustments... Sawlog Exports & Imports for New Hampshire... References

3 I. PROJECT DESCRIPTION The Center for Business and Community Partnerships (CfBCP) at Plymouth State University was contracted by the New Hampshire Timberland Owners Associations (NHTOA) to estimate economic contribution of the sawmill industry to New Hampshire s economy. An economic impact model was created from 2014 IMPLAN (Impact Analysis for Planning) data, the latest data available. This model traces spending by sawmills. Sawmills make a significant contribution to the state s economy as they purchase supplies from local businesses. In addition, spending by sawmill workers and by companies supplying sawmills provides a boost to the region s economy. After reviewing and discussing the preliminary estimates, a survey of the sawmills was jointly designed by NHTOA and CfBCP. The survey results were used to customize and improve the baseline model and data. 1

4 II. DEFINITIONS OF KEY MEASURES 1. Employment: annual average number of jobs, including both full- and part-time jobs. For example, 10 jobs for the first half of the year and 20 jobs in the second half results in 15 average jobs for the year 2. Labor income: employee compensation (wages and salaries plus other compensations) and proprietor income 3. Value added: labor income, other types of property income (such as dividends, interest income, rent income, and profits), taxes on production and imports 4. Output: total value of production, which is the sum of value added and the cost of all the inter-industry purchases required for production 5. Multiplier effect: The sawmill industry s contribution spreads across the state s economy by creating and supporting jobs, incomes, and taxes. The sawmill industry supports its supply industries in the region by making purchases from them (indirect effect). These supply industries include commercial logging, logging equipment merchant wholesalers, truck transportation, and payroll services. In addition, workers in the sawmill industry and its supply industries spend their earnings in the region s services industries (induced effect), such as restaurants, medical services, grocery stores, real estate, retail stores, and so on. 2

5 III. LITERATURE REVIEW Economic contribution studies of the sawmill industry have often been included as a part of economic contribution studies of agriculture and forestry-related industries. Studies measured economic contributions on the following measures employment, labor income, value added and output. IMPLAN has been widely used in the literature. In fact, every study that we reviewed used IMPLAN in its analysis. IMPLAN econometrically estimates multipliers using various federal government data. Minor adjustments were made to these multipliers based on data directly collected from a sample of sawmills that operated in the state during calendar year All but one of these multipliers turned out to be slightly larger than those that were found for other states in the literature. The larger multiplier effects are largely due to larger indirect effect than induced effect: for example, the industry s employment multiplier of 3.3 is the sum of the direct effect (1), the indirect effect (1.5), and the induced effect (0.7). This reflects the presence of strong supporting industries for the sawmill industry within the state, such as the logging industry. An extensive network of supporting industries increases the sawmill industry s spillover impact on the state s broader economy. Lastly, the multipliers found in the literature may not be directly comparable since some of them were estimated for a broader industry group such as the forest product manufacturing, which includes the sawmill industry as a sub-group. The summary of the findings is reported in Table 1 below. The employment multiplier ranges from 1.4 to 3.6 in the literature. The New Hampshire s employment multiplier for 2014 is 3.3, which lies within the range suggested by the literature. The employment multiplier of 3.3 means that every 100 jobs in the state s sawmills industry supported an additional 230 jobs in the rest of the economy during The labor income (employee compensation and proprietary income) multiplier ranges from 1.4 to 2.6 in the literature. The New Hampshire s labor income multiplier for 2014 is 3.3. The labor income multiplier of 3.3 means that every $1 million labor income in the state s sawmill industry supported an additional $2.3 million labor income in the rest of the economy. The value added multiplier ranges from 1.4 to 3.3 in the literature. The New Hampshire s value added multiplier for 2014 is 3.7. The value added multiplier of 3.7 means that every $1 million in value added in the state s sawmills industry supported an additional $2.7 million value added in the rest of the economy. The output multiplier ranges from 1.2 to 2.0 in the literature. The New Hampshire s output multiplier for 2014 is 2.1, which is slightly above the range suggested in the literature. The output multiplier of 2.1 indicates that every $1 million in output in the state s sawmill industry supported an additional $1.1 million output in the rest of the economy. Table 1: Multipliers for Sector 16: Commercial Logging State Year Employment Labor Income Value Added Output Model New Hampshire IMPLAN Virginia** IMPLAN Alabama IMPLAN Minnesota* IMPLAN Texas* IMPLAN W. Virginia** IMPLAN Tennessee IMPLAN Florida IMPLAN Georgia** IMPLAN Kentucky** IMPLAN Louisiana** IMPLAN N. Carolina** IMPLAN * The multipliers are for primary forest-product manufacturing industries that procure and/or utilize wood fiber directly from the forest in roundwood, chip, or equivalent form. ** The multipliers are for forest-related industries, which include logging and secondary forest product manufacturing as well as sawmills. Cells were left blank when they were not reported in the literature. 3

6 IV. IMPLAN MODEL AND DATA The model used in this analysis was built by customizing the Impact Analysis for Planning (IMPLAN) regional input-output software. The first input-output model was developed by Dr. Wassily Leontieff to help the United States mobilize to meet the demand of the World War II. For this work in input-output models, he won the Nobel Prize in Economic Science in The input-output model was later applied to regional economies. With the enactment of the National Forest Management Act in 1976, the U.S. National Forest Services needed a systematic tool for evaluating the national forest management plans on local residents and businesses. Hence, the creation of the IMPLAN. The advancement of computer technologies made it possible to extrapolate, extend, and convert existing data to regional economies using non-survey methods without the cost of onsite data collection. Today, IMPLAN is widely used for evaluating economic impacts beyond the forest and logging sector. It traces impacts through direct, indirect, and induced impacts. Direct impact is the initial expenditures, or production, made by the industry experiencing the economic change; indirect impact represents the effects of local inter-industry spending through the backward linkages; and induced impact is the results of local spending of employee s wages and salaries for both employees of the directly affected industry, and the employees of the indirectly affected industries. Backward linkages are the tracking of industry purchases backward through the supply chain. IMPLAN data is constructed primarily from federal government data, including: U.S. Bureau of Economic Analysis Benchmark I/O Accounts of the U.S. U.S. Bureau of Economic Analysis Output estimates U.S. Bureau of Economic Analysis REIS Program U.S. Bureau of Labor Statistics Covered Employment and Wages Program U.S. Bureau of Labor Statistics Consumer Expenditure Survey U.S. Census Bureau County Business Patterns program U.S. Census Bureau Decennial Census and Population Surveys U.S. Census Bureau Economic Censuses and Surveys U.S. Department of Agriculture Crop and Livestock Statistics U.S. Geological Survey 4

7 V. ASSUMPTIONS OF THE MODEL All the usual assumptions of the input-output model apply in this study. Constant returns to scale As all inputs increase by a factor, output increases by the same factor. For example, output doubles if all inputs double. National production coefficients and margins An industry is assumed to have identical production functions and margins in all regions in the country. No substitution among inputs No substitution among inputs is assumed for simplicity. In practice, firms may look for an alternative for an input that becomes increasingly more expensive, which may happen if its demand increases and/or its supply falls. No constraints to the supply of commodity 5

8 VI. DEFINITION OF INDUSTRIES Table 2 describes the sawmill industry used in this study, along with its IMPLAN and the North American Industry Classification System (NAICS) code. It also describes a few of its primary supply industries. Table 2: Sawmill industry and its primary supporting industries IMPLAN Sector ID Description Examples NAICS Code 134 Sawmills Sawing dimension lumber, boards, beams, timbers, poles, ties, shingles, shakes, siding, and wood chips from logs or bolts 3211 Supply industries 16 Commercial logging Cutting and transporting timber, stump removing in the field, timber piling, tree chipping in the field Wholesale trade businesses Logging equipment merchant wholesalers Support activities for agriculture and forestry 461 Management of companies and enterprises Cruising timber, estimating timber, forest fire prevention, forest firefighting, forest management plans and preparation, pest control services Bank holding companies, insurance holding companies, financial holding companies, holding companies that manage Truck transportation Accounting, tax preparation, bookkeeping, and payroll services

9 The sawmill industry s contribution spreads across the state s economy by creating an supports its supply industries in the region by making purchases from them (indirect e VII. ECONOMIC CONTRIBUTION ESTIMATES supply industries spend their earnings in the region s services industries (induced effec state s sawmill industry. These 778 sawmill jobs support an additional 1,194 jobs in it The sawmill industry s contribution spreads across the state s economy by creating and supporting jobs, incomes, and taxes. industry supports its supply industries in thean region by making jobs and 1,194 jobsthe in sawmill its supporting industries together support additional 621 jobs purchases from them (indirect effect). In addition, workers in the sawmill industry and its supply instation, utility, restaurants, etc. services industries (induced effect). For example, Table 3 dustries spend their earnings in the region s shows that there are 778 jobs in the state s sawmill industry. These 778 sawmill jobs support an additional 1,194 jobs in its supporting industries, such as logging. These 778 sawmill jobs and 1,194 jobs in its supporting industries together support an additional 621 jobs in services sectors, such as grocery Table 3. Summary Economic Contribution, Year 2014 stores, hospitals, gas station,ofutility, restaurants, etc. Table 3. Summary of Economic Contribution, Year 2014 Impact Type Direct Effect Indirect Effect Induced Employment Labor Income Value Added Output 778 $40.9 $48.0 $ ,194 $62.9 $79.4 $ $29.4 $49.0 $81.1 2,593 $133.2 $176.5 $447.7 Effect Total Effect The dollars are expressed in millions of 2014 dollars. The dollars are expressed in millions of 2014 dollars. 7

10 Table 5 shows the top 25 industries supported by the sawmill industry in terms of employment. The largest employment contribution of the sawmill industry was in Commercial logging. A total 478 jobs in this industry were supported by the sawmill industry. Table 5: Top 25 Industries Affected, Employment Sector Description Direct Indirect Induced Total 0 Total 778 1, , Sawmills Commercial logging Wholesale trade Support activities for agriculture and forestry Full-service restaurants Limited-service restaurants Real estate Hospitals Management of companies and enterprises Truck transportation Services to buildings Accounting, tax preparation, bookkeeping, and payroll services Retail - Food and beverage stores Maintenance and repair construction of nonresidential structures All other crop farming Retail - General merchandise stores Offices of physicians Automotive repair and maintenance, except car washes Employment services All other food and drinking places Nursing and community care facilities Independent artists, writers, and performers Other financial investment activities Landscape and horticultural services Marketing research and all other miscellaneous professional, scientific, and technical services

11 Table 6 shows the top 25 industries supported by the sawmill industry in terms of labor income. The largest labor income contribution of the sawmill industry was in Commercial logging. A total $20.3 million in this industry was supported by the sawmill industry. Table 6: Top 25 Industries Affected, Labor Income (in $1,000) Sector Description Direct Indirect Induced Total 0 Total $40, Sawmills $40,91 2 $62,921 $29,410 $133,243 $3,136 $4 $44, Commercial logging $0 $20,253 $8 $20, Wholesale trade $0 $13,076 $1,764 $14, Management of companies and enterprises $0 $3,932 $430 $4, Hospitals $0 $0 $2,617 $2, Offices of physicians $0 $0 $2,158 $2, Support activities for agriculture and forestry $0 $2,126 $6 $2, Truck transportation $0 $1,649 $167 $1, Accounting, tax preparation, bookkeeping, and payroll services $0 $1,416 $296 $1, Full-service restaurants $0 $391 $871 $1, Maintenance and repair construction of nonresidential structures $0 $998 $206 $1, Automotive repair and maintenance, except car washes $0 $412 $695 $1, Securities and commodity contracts intermediation and brokerage $0 $422 $675 $1, Architectural, engineering, and related services $0 $880 $167 $1, Real estate $0 $351 $695 $1, Insurance carriers $0 $227 $747 $ Limited-service restaurants $0 $307 $600 $ Management consulting services $0 $621 $256 $ Legal services $0 $458 $384 $ Retail - Motor vehicle and parts dealers $0 $189 $611 $ Monetary authorities and depository credit intermediation $0 $342 $443 $ Employment services $0 $433 $333 $ Commercial and industrial machinery and equipment repair and maintenance $0 $634 $85 $ Services to buildings $0 $503 $211 $ Retail - Food and beverage stores $0 $9 $700 $710 9

12 Table 7 shows the government taxes and receipts the sawmill industry contributed. The sawmill industry generated $11.8 million of tax revenues to the state and local governments from all sources and an additional $39.9 million to the federal government. Table 7: Tax Contribution (in $1000) Description (in $1000) Employee Compensation Proprietor Income Tax on Production and Imports Households Corporations State and Local Dividends State and Local $24 Social Ins Tax- $85 $ Dividends 0 0 $24 Employee Contribution Social Ins Tax- $85 $0 Employee Social Ins Contribution Tax- $ Employer Contribution Social Ins Tax- $165 0 Employer Tax on Production Contribution and 0 0 $1, Imports: Sales Tax Tax on Production and 0 0 $1, Imports: Tax on Production Sales Tax and 0 0 $7, Imports: Property Tax Tax on Production and $7,139 Imports: Tax on Production Property Tax and 0 0 $ Imports: Motor Vehicle Tax Lic on Production and 0 0 $ Imports: Motor Vehicle Lic Tax on Production and 0 0 $0 0 0 Imports: Severance Tax Tax on Production and Imports: Severance Tax 0 0 $0 0 0 Tax on Production and 0 0 $ Imports: Other Taxes Tax on Production and $570 Imports: Tax on Production Other Taxes and 0 0 $3 0 0 Imports: S/L NonTaxes Tax on Production and 0 0 $3 0 0 Imports: Corporate S/L Profits NonTaxes Tax $963 Personal Tax: Income $154 0 Tax Corporate Profits Tax 0 $963 Personal Tax: Income $154 Tax Personal Tax: $305 0 NonTaxes (Fines- Fees Personal Tax: $305 NonTaxes Personal Tax: (Fines- Motor Fees $116 0 Vehicle License Personal Tax: Motor $116 Vehicle Personal License Tax: Property $94 0 Taxes Personal Tax: Property $94 Taxes Personal Tax: Other $93 0 Tax (Fish/Hunt) Personal Tax: Other $93 0 Tax Total (Fish/Hunt) State and Local $250 $0 $9,770 $761 $987 Tax Total State and Local $250 $0 $9,770 $761 $987 Description Tax (in $1000) Employee Compensation Proprietor Tax on Production and Households Corporations Income Imports Federal Federal Social Ins Tax- Employee Social Ins Contribution Tax- Employee Contribution Social Ins Tax- Employer Social Ins Contribution Tax- Employer Contribution Tax on Production and Imports: Tax on Production Excise Taxes and Imports: Excise Taxes Tax on Production and Imports: Tax on Production Custom Duty and Imports: Custom Duty Tax on Production and Imports: Tax on Production Fed NonTaxes and Imports: Fed NonTaxes $6,275 $1, $6,275 $1, $6, $6, $ $ $ $ $ $ Corporate Profits Tax $2,417 Corporate Profits Tax Personal Tax: Income $10,951 $2,417 0 Tax Personal Tax: Income $10,951 0 Tax $12,454 $1,161 $1,142 $10,951 $2,417 Total Federal Tax $12,454 $1,161 $1,142 $10,951 $2,417 T P t p e A c p n t p 10

13 VIII. SURVEY RESULTS AND MODEL ADJUSTMENTS The industry was well represented by the survey responses used in this study. Although just 16 of a total of 50 sawmills in the state returned the survey, and 14 of those 16 responses were usable, the 14 companies that provided usable responses are believed to make up nearly all of the industry s production. There are just 12 large and medium-sized sawmills in the state, and together they produce most of the industry s production. The 14 sawmills reported total sales of $177 million during 2014, compared to $230 million total output for the entire industry reported by 2014 IMPLAN. Sales and output are similar but not exactly the same; in the manufacturing sector, output is sales minus inventories. Table 8 below provides a summary of the statistics behind the survey data. Table 8 Summary Statistics of the Survey Sales Payroll Taxes Job s 11 Intermediate Expenditure Capital Expenditure* Mean $12,650,200 $1,826,174 $75, $8,113,849 $2,843,938 Standard Error $3,820,543 $453,588 $16,288 8 $3,372,452 $1,061,547 Median $6,759,543 $1,495,485 $68, $3,537,628 $1,159,511 Standard Deviaton $14,295,162 $1,697,170 $60, $12,618,560 $3,971,945 Range $48,576,542 $4,645,100 $184, $48,396,900 $13,981,650 Minimum $82,000 $0 $300 2 $14,000 $2,000 Maximum $48,658,542 $4,645,100 $185, $48,410,900 $13,983,650 Sum $177,102,79 $25,566,438 $1,056, $113,593,881 $39,815, Count *This is the sum of capital expenditure over the period of The rest of the table is for the calendar year Table 9 shows per-worker statistics of the survey results that were considered for customizing the IM- PLAN model. Sales per worker found in the survey was discarded for a couple of reasons. First, it appears to be inflated. The survey shows that sales per worker of $344,000, which compares to IMPLAN s output per worker $280,000 for the nation and $274,000 for the state. Secondly, output (used in IMPLAN) is not exactly the same as sales (used in the survey). Output, which is also used in the U.S. Bureau of Economic Analysis, is defined as sales minus inventory. On the other hand, the other two variables seem reasonable compared to IMPLAN data: 1) payroll (employee compensation) per worker; and 2) taxes per worker. The payroll per worker is reported to be $50,000, which compares to IMPLAN s estimates of $47,000 for the nation and $48,000 for the state. Payroll statistics excludes proprietors. The taxes per worker is reported to be $2,000, which falls between the range of the IMPLAN estimates for the nation and the state. The payroll per worker and the taxes per worker were used to customize the baseline IMPLAN model. Table 9 Survey Statistics in Comparison to IMPLAN and Economic Census Industry Total Per Worker Survey IMPLAN Economic Census 2012 Surve y IMPLAN IMPLAN, USA Economic Census 2012 Employment Sales/Output* $177,103 $229,927 $150,900 $344 $274 $280 $247 Employee Compensaton $25,566 $40,332 $23,028 $50 $48 $47 $38 Taxes $1,057 $1,926 $2.0 $2.3 $1.1 Intermediate Expenditure $154,656 $179,263 $300 $214 $214 *Figures of survey and Economic Census represent sales, while IMPLAN s reflect output. Per worker statistics were calculated by industry totals divided by industry total employment. Taxes represent all the government taxes and receipts the sawmill industry contributed through its total economic contribution (direct, indirect, and induced). See Table 7 for detailed examples of these taxes. Intermediate expenditure includes the sawmill industry s spending in its supply industries, including commercial logging, logging equipment merchant wholesalers, truck transportation, and payroll services. For definitions of employment, output, employment compensation, see Section II: DEFINITIONS OF KEY MEASURES.

14 The survey data was also examined in terms of the type of wood produced by the sawmills. Of the 14 usable responses, five sawmills were classified as hardwood producers and nine as softwood producers. Of the nine softwood producers, seven sawmills reported that they exclusively produced softwood; one reported that it produced 99% softwood; and one reported that it produced 98% softwood. Of the five hardwood producers, three sawmills reported that they exclusively produced hardwood; one reported that it produced 99% hardwood; and one reported that it produced 75% hardwood. Breaking down the data by the type of wood revealed some interesting facts about the state s sawmill industry. First, the state s sawmills industry was dominated in 2014 by softwood producers in terms of sales, employee compensation, and jobs. For example, softwood producers collectively reported total revenue of $134 million for the year, in comparison to $42 million reported by hardwood producers (Table 10). Note that the comparison with the Economic Census 2012 suggests that the sample of these 14 sawmills makes up nearly all of the industry s production. Second, not only were the softwood producers larger collectively, they were also larger individually. Table 11 shows that a typical softwood producer is nearly twice as large as a typical hardwood producer in terms of sales, employee compensation, and jobs. Table 10 Totals by Type of Wood Type of Sawmills Number of Sawmills Sales Employee Compensaton Taxes Jobs Intermediate Expenditure in NH Capital Expenditure hardwood 5 $42,225,821 $6,109,344 $403, $24,184,562 $19,041,192 sofwood 9 $134,876,978 $19,457,094 $653, $89,409,319 $20,773,942 Capital expenditure is the sum of yearly capital spending over the period of Table 11 Averages per Sawmill by Type of Wood Table 11 Averages per Sawmill by Type of Wood Type of Sawmills Number of Sawmills Sales Employee Compensaton Taxes Jobs Intermediate Expenditure in NH Capital Expenditure hardwood 5 $8,445,164 $1,221,869 $80, $4,836,912 $3,808,238 sofwood 9 $14,986,331 $2,161,899 $72, $9,934,369 $2,308,216 12

15 IX. SAWLOG EXPORTS & IMPORTS OF NH Prepared by: Innovative Natural Resource Solutions, LLC February 2016 Because wood markets are fluid, with sawlogs both entering and leaving New Hampshire for milling into lumber, the NHTOA contracted with Innovative Natural Resource Solutions LLC (INRS) to research existing sawlog export and import data sources for New Hampshire. INRS s research also looked at the historical trends (volumes and locations) of sawlog movement. This research shows how sawlog movement and markets for sawlogs are changing over time. Results Current Current sawlog exports and imports from and to New Hampshire are summarized in the tables and charts below: Figure 1 Figure 2 90, NH Sawlog Exports (Mbf) NH Sawlog Imports (Mbf) 80,000 70, , , ,000 30, , ,000 - Hardwood sawlogs Softwood sawlogs 0 Hardwood sawlogs Softwood sawlogs Canada Vermont Maine East Asia Europe Southeast Asia Canada Vermont Maine other Sources: Maine Forest Service; Vermont Department of Forests, Parks and Recreations; U.S. Department of Commerce; William Luppold, USDA Forest Service; Statistics Canada; NH Division of Forests & Lands; Foreign Ag Service. 13

16 Table1 NH Sawlog Exports and Imports 2014 Export location Mbf EXPORTS Canada Vermont Maine East Asia Europe Southeast Asia Hardwood sawlogs 18,153 6,923 2,319 9, Softwood sawlogs 37,188 6,735 33, Import location Mbf IMPORTS Canada Vermont Maine other Hardwood sawlogs ,094 2,416 Softwood sawlogs 14,328 30,720 5,342 Sources: Maine Forest Service; Vermont Department of Forests, Parks and Recreation; U.S. Department of Commerce; William Luppold, USDA Forest Service; Statistics Canada; NH Division of Forests & Lands; Foreign Ag Service Historic Historic sawlog exports and imports from and to New Hampshire are summarized in the tables and charts below. These data are drawn largely from a series of reports on the subject produced through the North East State Foresters Association: 14

17 Exports Figure 3 Sawlog Exports from New Hampshire (Mbf) 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Hardwood Softwood Figure 4 Figure 5 Sawlog Exports from NH by Destination (Mbf) 180, , , , ,000 80,000 60,000 40,000 20,000 - Source: NEFA 1997, 2005, Canada Vermont Maine Other 15

18 Imports Figure 6 Sawlog Imports to New Hampshire (Mbf) 60,000 50,000 40,000 30,000 20,000 10,000 Source: NEFA 1997, 2005, Hardwood Softwood Figure 7 Figure 8 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - Sawlog Imports to NH by Source (Mbf) Source: NEFA 1997, 2005, 2011 Canada Vermont Maine Other 16

19 2011 EXPORTS TO Mbf Export to: Total Canada Vermont Maine other Hardwood 17,494 4,964 21,674 3,920 48,052 Softwood 5,600 8,653 30, ,931 Sub-total 23,094 13,617 52,562 4,711 93,984 IMPORTS FROM Import from: Canada Vermont Maine other Hardwood 3, ,956 6,043 Softwood 16,920 10,203 3,928 31,051 Sub-total 0 20,619 10,591 5,884 37, EXPORTS TO Mbf Export to: Total Canada Vermont Maine other Hardwood 16,295 5,820 32,591 3,492 58,198 Softwood 7,002 2,501 14,004 1,500 25,008 Sub-total 23,298 8,321 46,595 4,992 83,206 IMPORTS FROM Import from: Canada Vermont Maine other Hardwood 8 3, ,902 7,597 Softwood 32 16,127 3,774 32,226 52,159 Sub-total 40 19,926 4,663 35,128 59, EXPORTS TO Mbf Export to: Totals Canada Vermont Maine other Hardwood 25,000 7,500 42, ,000 Softwood 31,800 9,500 53, ,000 Sub-total 56,800 17,000 95,000 1, ,000 IMPORTS FROM Import from: Canada Vermont Maine other Hardwood 1,690 5,000 1,200 2,100 9,990 Softwood 5,100 15,000 3,500 6,400 30,000 Sub-total 6,790 20,000 4,700 8,500 39,990 17

20 X. REFERENCES West Virginia s Forests: Growing West Virginia s Future. Bureau of Business and Economic Research, College of Business and Economics, West Virginia University, Economic Impacts of Alabama s Agricultural, Forestry and Related Industries. The Department of Agricultural Economics and Rural Sociology, Auburn University, Economic Contribution of Minnesota s Forest Products Industry 2011 edition. UMD Labovitz School of Business and Economics, University of Minnesota Duluth, Economic Contributions of Agriculture, Natural Resources, and Food Industries in Florida in University of Florida IFAS, Food & Resource Economics Department, Economic Benefits of the Forestry Industry in Georgia. Enterprise Innovation Institute, Georgia Institute of Technology, Kentucky Forestry Economic Impact Report University of Kentucky, _final.pdf The Economic Contribution of Forestry and the Forest Products Industry on Louisiana s Congressional Districts. Louisiana State University Agricultural Center, North Carolina s Forests and Forest Products Industry by the Numbers, North Carolina State University, Texas Texas A&M Forest Service The Economic Impacts of Agriculture and Forest Industries in Virginia. Weldon Cooper Center for Public Service, University of Virginia, reva.pdf Economic Impacts of Agriculture and Forestry in Tennessee, The University of Tennessee Knoxvill,