Heating and Cooling Equipment Shipments through February

February heating and cooling equipment shipments declined 9.3% from January to 1.68 million units, but were up 10.4% from levels one year prior, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the ninth consecutive month that shipments have increased on a year-over-year basis. Recall that late 2020 saw record-high levels of water heater and central air conditioner/heat pump shipments.

As a three-month moving average (3MMA), total heating and cooling shipments rose 13.9% year over year, as shown in the chart below. This is the eighth consecutive month that 3MMA shipments have increased on a year-over-year basis. Note that the last four months of 2020 saw the largest 3MMA annual rates of change in SMU’s limited history, reaching a record +26.3% in November. Prior to 2020, the previous record 3MMA annual rate of change was 16.6% in February 2015.