S2Although imports of most hardwood products have varied since 1970 with no absolute trend, imports of hardwood plywood have decreased while imports of wood furniture have increased dramatically. The decrease in plywood imports stems from the substitution of sheetrock for plywood in mobile home construction, and the substitution of domestically produced composite products for imported hardwood in the production of prefinished paneling. Increased imports of wood furniture, primarily from Taiwan, resulted from the lower cost work force augmented by the rigid exchange rate between U.S. and Taiwanese dollars. Imports of hardwood lumber, logs, and veneer have fluctuated in both volume and country of origin. These fluctuations are related to the relative strength of the domestic furniture industry and policy developments in exporting countries. S3

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S2Three system 6 mill-size alternatives were designed and evaluated to determine their overall economic potential for producing standard-size hardwood blanks. The study focused on developing standard discounted cash flow measures. Internal rates of return ranged from about 15 to 35 percent after taxes. Secondary effort was directed at providing accounting cost summaries to facilitate cost comparison of standard-size blanks with rough-dimension stock. Cost per square foot of blanks ranged from about $0.88 to $1.19, depending on mill size and the amount of new investment required.S3.