Partnerships as a potential means of increasing the production of hardwood timber on NIPF lands in North Mississippi

North Mississippi has significant hardwood timber resources. Hardwood timber in the region has traditionally been an important source of raw material for furniture and other wood-based industries. In recent years, however, demand has greatly increased for hardwood timber for use in the pulp and paper industry, resulting in increased harvest levels of pole-sized and small sawtimber-sized hardwoods in the region. Increased harvests of hardwood timber have given rise to concerns about the longerterm availability of hardwoods that are large enough in size to be efficiently converted into lumber and other solid wood products. Futures options, futures contracts, leases, and limited partnerships were initially considered for potential application to increase the longer-term production of hardwood sawtimber on nonindustrial private forest (NIPF) lands in North Mississippi. Considering the resource, the NIPF ownership, and the timber markets involved, limited partnerships were chosen for further evaluation. Results of informal discussions involving hardwood sawmill operators, private landowners, and timberland investment firm representatives are presented. A discussion follows, assessing the acceptability and attributes of partnerships in contrast to other possible options such as long-term leases as a positive influence for investment in the long-term production of hardwood sawtimber in North Mississippi