June was a good month for HARDI members, according to the group’s most recent report.
Average HVAC market sales increased 10.1 percent for distributor members of the Heating, Air-Conditioning and Refrigeration Distributors International, the group said.
The information comes from the Targeted and Regional Economic News for Distribution Strategies report, which is compiled monthly for the group by New Hampshire-based ITR Economics.
The annual HVAC construction growth rate for members year to date is 6.6 percent, according to the report.
“Consumer spending increased by 4.9 percent in the second quarter compared to (second quarter of 2013),” said ITR’s Andrew Duguay, who also works as HARDI’s chief economist. “However, when adjusted for inflation, the actual spending increase is only 3.8 percent. This level of spending is healthy, but this is noticeably slower than the 4 percent to 5 percent achieved through most of last year.”
HARDI research analyst Brian Loftus said the HVAC sales spike was not unexpected.
“The double-digit growth in June looks impressive, but it was helped by one extra billing day this year versus modest 5.9 percent growth reported in June 2013,” Loftus said. “June and July are the busiest months of the year for HARDI members, so the double-digit growth achieved in six of our seven regions was welcome news after the subdued performance in April and May.”