Steel Markets
February Heating and Cooling Equipment Shipments Up 9% YOY
Written by Brett Linton
April 10, 2022
US heating and cooling equipment shipments in February rose 0.8% from January to 1.84 million units, up 9.2% from levels one year prior, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). The highest monthly shipment rate on record was recorded last June, when 2.32 million units were shipped in a single month.
On a twelve-month moving average (12MMA) basis, shipments averaged 2.04 million tons per month over the past year, climbing to the highest 12MMA in our recorded history. Shipments averaged 2.03 million units per month in 2021, up 9.8% compared to 1.85 million units per month shipped in the same period of 2020. In 2020, shipments were somewhat erratic: second quarter shipments were significantly impacted by the coronavirus shutdowns, resulting in a surge in Q3/Q4 shipments as manufacturers ramped up production.
As shown in the chart below, total heating and cooling shipments on a three-month moving average (3MMA) basis are up 3.3% year over year. May and June 2021 hold the record high 3MMA annual rates of change at 31.9% and 27.2%, respectively. Prior to 2020, the record high was 16.6% in February 2015.
Residential and commercial storage water heater shipments increased 9.5% year over year to a combined 810,066 units in February; 796,697 units were shipped for residential use and 13,369 units for commercial use. Recall that the number of commercial water heater units shipped in January fell to the lowest rate seen in over 8 years, with February shipments also on the low side compared to recent years.
February shipments of warm air furnaces totaled 298,725 units, a decrease of 2.4% compared to the same month last year, and the lowest monthly rate seen since July 2020. February marks the third consecutive month that warm air furnace shipments have decreased on a year-over-year basis.
Central air conditioners and air-source heat pump shipments were up 14.6% from levels one year ago to 730,812 total units in February; 424,293 air conditioners and 306,519 heat pumps were shipped. This is now the fourth consecutive month that shipments have increased on a year-over-year basis.
The full press release is available on the AHRI website here.
Below is a graph showing the history of total water heater, warm air furnace and air conditioner shipments through February data. To use its interactive features, view the graph on our website by clicking here. For assistance with either logging in or navigating the website, contact Info@SteelMarketUpdate.com.
By Brett Linton, Brett@SteelMarketUpdate.com
Brett Linton
Read more from Brett LintonLatest in Steel Markets
Glenfarne Alaska LNG and POSCO ink preliminary partnership
Glenfarne Alaska LNG and POSCO signed a preliminary strategic agreement during the GasTech Conference in Milan on Thursday.
Steel export volumes remain weak through July
Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...
Hot-rolled market participants say ‘doldrums’ to roll on through year-end
Participants in the hot-rolled steel sheet market expect the market to remain subdued through the end of the year.
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
Great Lakes iron ore shipments declined in August
Shipments of iron ore across the Great Lakes dropped to 5 million short tons (st) in August, according to the latest data from the Lake Carriers’ Association. That’s down 9.1% compared to August 2024 and 2% lower than the month’s 5-year average. All told, the year-to-date (YTD) iron ore volumes through August totaled 26.7 million […]