MEDFORD, Ore. — A Southern Oregon woodworking company goes public on Wall Street, and experts say it’s a good sign for the local timber industry. Boise Cascade rang the bell on Wall Street earlier Wednesday, as it announced it will begin trading on the New York Stock Exchange.
Local experts say it’s another example of the timber industry and housing markets bouncing back. Members of the local timber industry say it’s nowhere near where it was just a few years ago, but it’s starting to gain traction and climb back and even though there is still a long way to go, the signs are encouraging for timber and housing.
Boise Cascade, which operates several mills and operation in Southern Oregon, rang the bell on Wall Street, and officially launched a public stock offering. That stock jumped about 26% in its first day, ending at $26.43.
The Southern Oregon Timber Industries Association says it’s an example of timber prices starting to rebound and as those have increased, the housing market has also seen a jump in Jackson County. The County Homebuilders Association says companies are starting to see what works in the aftermath of the recession.
“People have survived the recession by adapting to it. We saw people who did brand new construction going into remodeling. We’ve people who did high end homes who are doing lower end homes now,” Pete Cislo, with the Jackson Co. Homebuilder’s Association.
Boise Cascade’s local office declined to comment on the public stock offering on Wednesday. Messages left to its headquarters in Boise were not immediately returned. Last year, Boise Cascade reopened its Medford plywood mill, and was hiring for several jobs at the beginning of 2013.