OEMs
March sees surge in HVAC equipment shipments
Written by Brett Linton
May 12, 2024
Shipments of heating and cooling equipment jumped in March, the second month in a row we have seen a significant increase, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
March shipments were up 13% month on month (m/m) to 1.98 million units, but 3% less than the same month one year prior. Recall that February shipments jumped 18% m/m. The last month shipments were this high was June 2023.
On an annualized 12-month moving average (12MMA) basis, shipments have been trending lower since their post-Covid surge. The latest 12MMA for total shipments is 1.74 million units. This is 3% lower than the same period last year and 13% lower than the 12MMA through March 2022.
March shipments of residential and commercial storage water heaters rose 2% m/m and 1% year over year to a combined 887,415 units. This is the highest monthly rate seen since March 2022.
Warm air furnace shipments jumped 15% m/m in March to a combined 250,408 units. This is 7% lower than the same month last year, but the highest monthly rate seen since last September.
Shipments of central air conditioners and air-source heat pumps surged 28% m/m to a total of 838,626 units. Note that air conditioner/heat pump shipments are very seasonal, with a slowdown experienced throughout the winter months as evident in Figure 2. The last month with levels this high was August. Total air conditioner and heat pump shipments are 4% lower than the same month one year prior.
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
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