The Seattle-Snohomish Mill in Snohomish, Wash. will close in March after more than 70 years in business. The mill, which currently employs 50 people, first opened in Snohomish in 1941.

“This is a very difficult decision,” Megan McMurray, owner of the mill, said in a statement. “We have a dedicated workforce, some who have been with Seattle-Snohomish Mill Co. Inc. for more than three decades.”

The collapse of the housing and construction industry was a major factor in the decision to close the Seattle-Snohomish Mill, McMurray said. Construction has slowed to a near standstill since the 2008 recession, reducing the demand for timber. For example, roughly 3,907 building permits were issued for unincorporated Snohomish County in 2006, but that number had fallen to 1,189 last year.