Biological and Economic Productivity of Mixed-Aged Loblolly Pine Stands in the South
The financial performance of the 991 sample plots of uneven-aged loblolly-hardwood stands in the Central South FIA database examined in this report depend crucially on real price trends. Equivalent annual income (EAI) is the measure of economic performance. The regional market stumpage price data are from the Timber Mart-South database. For this set of prices, a higher real price level prevailed in most of the regional markets after 1993. The mean EAI was $56/ac/yr most of which was due largely to the favorable trend in real timber prices. The mean EAI with the real price maintained at the starting price was $10/ac/yr. The increasing real price trend during the study period dominated all other factors in determining financial performance. With this increasing price trend, the best performing lands are overstocked stands and the opportunity cost of conservation is negative. Constant price EAI is affected significantly by the stand basal area, total number of trees, number of hardwood trees, and number of trees near saw timber size. The effect of some factors on constant price EAI is significantly stronger on publicly held lands than on privately held lands. No difference between the financial performance of industrially owned lands and other privately held lands is apparent.