The Western forest economy has been hit with two sawmill closures in Montana, and as a reason for closure, management cited an inability to find labor, exacerbated by high costs of living in the area. This is a surprise to know one familiar with rural economics, and it foreshadows a much larger and more widespread problem, but new opportunities arise.

CORRECTION: I said a few times that the "birth rate" problem is worse in rural areas. I should have said the "population problem," as in many cases, the problem is the kids leaving the area after high school. There is also a larger problem with the "labor force participation rate" due to a higher prevalence of drug use in some rural areas.

Also, as some have mentioned, it is technically incorrect to say China's economy is bigger than the US in "absolute" terms because the figure I refer to is the GDP PPP, which adjusts GDP figures for currency purchasing power. By "absolute" I just mean to say "not per capita."

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0:00 Sawmill Closures
3:03 Demography Overview
5:20 Consequences of Older Populations
9:20 The Industrialization of Mexico
12:25 Immigration
17:55 Birthrates
21:00 Why It Matters for Forestry
22:52 "Artificial Intelligence"
25:50 The Future