Changes in the degree of dormancy, rate of growth, respiratory capacity, and in the amounts of several major cell constituents (sugars, protein, amino acids, cell wall materials, starch, and chlorophyll) were examined in vegetative buds ofPopulus balsamiferaL. as they developed from midwinter dormancy to the spring flush of growth in 1972. A significant decrease in the dormancy status of buds occurred during the period March 17 to April 3, and this was accompanied by an increased level of catabolic metabolism of carbohydrates and protein. A further change to anabolic metabolism at the end of April, nearly 2 weeks before bud burst, resulted in a net synthesis of cellular constituents in preparation for bud burst.