Toward a timber asset account for the United States

<h3>Abstract</h3> This paper develops a pilot timber asset account for the United States, demonstrating how a novel discount price method can value timber stocks in Georgia. While valuing merchantable timber is straightforward, an important methodological challenge is valuing trees that are not yet harvestable. Our approach values young stands by discounting their expected harvest price until they reach merchantable size. This method requires standard forest inventory data and market prices currently available in the U.S., making it promising candidate for scaling nationally. For southern yellow pine in Georgia, we estimate timber assets of $5.9 billion, with pre-merchantable timber contributing $257.7 million.