Features
HVAC equipment shipments rebound 6% in May
Written by Brett Linton
July 12, 2024
Shipments of heating and cooling equipment bounced back in May, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
May shipments increased 6% month on month (m/m) to 1.96 million units. This is less than 1% below the same month last year. May represents the second-highest monthly shipment rate recorded in the last 11 months, just below March’s peak of 1.98 million units.
On an annualized 12-month moving average (12MMA) basis, shipments have been trending lower since their post-Covid surge, flattening out in late 2023. The latest 12MMA for total shipments is 1.75 million units through May. This is 5% lower than the same period last year and 14% lower than the 12MMA seen two years prior.
May shipments of residential and commercial storage water heaters eased 7% m/m, now down to a four-month low of 805,000 units. Recall that in March we saw water heater shipments reach a two-year high of 887,000 units. May shipments are 1% less than levels seen one year ago. Combined water-heater shipments have averaged 799,000 units per month across the past year.
Warm air furnace shipments rose 4% m/m to a combined 247,000 units. This is 1% less than levels this time last year. Furnace shipments have averaged 243,000 units per month across the past year.
Shipments of central air conditioners and air-source heat pumps jumped 22% m/m to a total of 912,000 units. Note that air conditioner/heat pump shipments are very seasonal, with slowdowns experienced throughout the winter months as evidence iin Figure 2. Total air conditioner and heat pump shipments are less than 1% higher than the same month one year prior. Shipments have averaged 711,000 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 Community Chat replay now available
The latest SMU Community Chat webinar reply featuring Timna Tanners, managing director of equity research for Wolfe Research, is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If […]
SMU Community Chat: June 25 With AGC Chief Economist Ken Simonson
We’ll have a lot to talk about because construction is at the intersection of so many of today’s hot-button issues. The main question: Will construction thrive or dive in the rest of ’25? (Nothing wrong with a rhyme, even in serious times.)
Former Nucor CEO David ‘Dave’ Aycock passes at age 94
Steel industry veteran David ‘Dave’ Aycock died on Saturday at the age of 94.
Apparent steel supply edged lower in April, remains strong
The amount of finished steel that entered the US market in April declined 3% from March but remained at elevated levels, according to SMU’s analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.
Final Thoughts
Even before the news about Mexico, I didn’t want to overstate the magnitude of the change in momentum. As far as we could tell, there hadn’t been a frenzy of new ordering following President Trump’s announcement of 50% Section 232 tariffs. But higher tariffs had unquestionably raised prices for imports, which typically provide the floor for domestic pricing. We’d heard, for example, that prices below $800 per short ton for hot-rolled (HR) coil were gone from the domestic market – even for larger buyers.