Yes.
Life cycle analysis takes into account all the carbon emitted and stored over the life of a product. So from the time you plant a tree until you harvest it, the tree is going to store carbon. Diesel-powered or hybrid machinery is used to harvest it, so its carbon emissions are calculated at that stage, during transportation, and so on, until the tree is transformed and used in building construction. All this is done according to extremely strict, internationally recognized protocols. Continuous analysis shows the amount of carbon inside the material. So this material will store carbon in buildings for decades, even centuries.
Some bridges in Quebec were built in the 1840s or 1850s, and they're still standing. Montebello's wooden-structure hotel is still there, as are many churches and buildings made of wood. So carbon has been stored in those buildings for decades, and as we see in Europe, it's been stored for centuries.