Features
HVAC equipment shipments strong through July
Written by Brett Linton
September 15, 2024
Shipments of heating and cooling equipment remained near multi-year highs in July, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Total July shipments eased 6% month on month (m/m) to 2.03 million units. Shipments are 19% greater than the same month one year prior. July represents the second-highest monthly shipment rate recorded in the last 16 months, just below June’s peak of 2.16 million units.
On an annualized 12-month moving average (12MMA) basis, shipments have begun to tick higher across the last few months. This follows a significant decline from mid-2022 through the start of this year, following the post-Covid surge. The latest 12MMA for total shipments is 1.79 million units through July, 2% lower than the same period last year.
July shipments of residential and commercial storage water heaters fell 6% m/m, now down to a one-year low of 726,000 units. (Recall that we saw a two-year high of 887,000 units in March). July shipments are 15% higher than levels seen one year ago. Total monthly water heater shipments have averaged 806,000 units over the past year.
Following the 20-month high rate seen in June, warm air furnace shipments declined 16% m/m to a combined 257,000 units in July. This is 20% higher than levels seen one year prior. Furnace shipments have averaged 250,000 units per month across the past year.
Shipments of central air conditioners and air-source heat pumps eased 3% m/m in July to a total of 1.04 million units. This follows a two-year high recorded the month prior of 1.08 million units. Note that air conditioner/heat pump shipments are very seasonal, with slowdowns experienced throughout the winter months as evident in Figure 2. Total air conditioner and heat pump shipments are 22% greater than the same month one year prior. Shipments have averaged 735,000 units per month across the past year.
The full press release of this data is available here on the AHRI website.
An interactive history of heating and cooling equipment shipment data is available here on our website. If you need assistance logging in to or navigating the website, please contact us at info@steelmarketupdate.com.
Brett Linton
Read more from Brett LintonLatest in Features
SMU Survey: Current Buyers’ Sentiment Index jumps, Future Sentiment slips
SMU’s Current Buyers’ Sentiment Index rocketed up this week, while the Future Buyers’ Sentiment Index edged down. The two indices are almost at parity.
Final Thoughts
Some of you have told me that the current market feels about as crazy as early 2021 when demand snapped back after the initial outbreak of the Covid-19 pandemic. Others have said it might be more like late February/early March 2022, when Russia launched a full-scale invasion of Ukraine – and, in the process, caused […]
SMU Community Chat: CRU’s Josh Spoores looks out over the Trump 2.0 battlefield
SMU Community Chat with CRU's Josh Spoores.
Mills allege ‘critical circumstances’ in CORE trade case vs. South Africa, UAE
"Recent activity in the marketplace strongly indicates that these imports are being rushed into the United States in an effort to avoid the imposition of antidumping duties," petitioners said.
SMU Survey: Mill lead times stretch to 10-month highs
Buyers responding to our latest market survey reported that steel mill lead times were stretching out this week for sheet and plate products tracked by SMU. The results weren’t much of a surprise. Production times have begun moving out following a wave of frenzied buying in response to stricter Section 232 announced by the Trump […]