Japan has been actively promoting the various uses of timber to efficiently utilize its plantation forests and contribute to its climate commitments. Cross-laminated timber (CLT), owing to its unique structural characteristics and environmental advantages, has received widespread attention in Japan. Being a high-value-added timber, CLT’s value chain involves various industries, including forestry, timber processing, transportation, construction, and civil engineering. However, the economic impact associated with the increasing production and use of CLT is ambiguous. Targeting CLT manufacturers in Japan, this study evaluated the economic ripple effects of CLT through an input–output analysis, which is a method that is used to evaluate the independent association between different economic sectors and industries. An extended input–output table was established according to the survey of revenue and expenditure data of the largest CLT manufacturers in Japan in 2020. The result was compared with the glued-laminated timber (GLT) scenario at the same final demand value. The results showed that activities not elsewhere classified, timber, logs, road freight transport (except self-transport), and wholesale trade were the top five sectors that had the largest economic impact on CLT manufacturing. Our research has implications for policies and programs to promote the revival of forestry and sustainable development of the timber industry in Japan.