Forest industry a vital contributor to B.C economy, says report

VANCOUVER (Scrap Monster): The most recent economic impact report published by MNP Consulting emphasizes that forest industry continues to remain as a major contributor to B.C economy. The report, endorsed by Resource Works Society states that forest products manufacturing industry is the primary economic driver of nearly 40% of the B.C communities.

The report indicates that the B.C forest industry contributes $12 billion per annum to the province’s GDP. Around 146,000 people depend on B.C Forestry industry for their livelihood. It essentially means that 1 out of every 16 jobs in the province are related with forest industry.

According to MNP Consulting, the province is the largest producer of softwood lumber in Canada. B.C accounts for nearly 52% of the total lumber produced by the country. Also, it is the largest producer of BioEnergy in entire North American region.

Forest products trade plays a major role in the provincial economy. Forest products constitute nearly one-fourth of all rail traffic in the province. The shipments of forest products account for 8.5% of all cargo shipments through Port Metro Vancouver. Moreover, 60% of all BC Hydro’s industrial revenues come from the forest industry.

The B.C Forest industry generates nearly $2.5 billion in revenues every year to the three levels of provincial government. In that sense, the sector plays a key role in the well being of individual citizens. The report ends by highlighting the continued support extended by the provincial government over the years to make the forestry industry globally competitive and sustainable.

MNP Consulting.ca , previously known as Meyers Norris Penny, is one of the largest full-service chartered accountancy and business advisory firms in Canada.