The Financial Post reports in its Monday edition one group of resource stocks that emerged from this year's carnage with nary a scratch is forestry. The Post's Peter Koven writes the industry, once a titan in Canada's capital markets, was devastated by various high-profile crises over the last decade: the soaring loonie, the softwood lumber dispute, the American housing crash and British Columbia's mountain pine beetle. Over the years, Canadian forestry firms restructured and consolidated into much stronger. They have quietly been on an acquisition binge over the last year, buying mills across the United States and generating ever-larger piles of cash. Market conditions are turning the right way for forestry. U.S. housing starts are gradually recovering from their historic lows a few years ago. China demand for Canadian forest products keeps going up, and timber prices are rising. "I think the sector that probably benefits the most from a stronger U.S. dollar and weaker oil prices is the trees," said John Duncanson, an independent forest analyst. West Fraser Timber shares have nearly tripled in the last three years. Most forest companies pay little to no dividend, but they are quickly paying off debt.