Manufacturers/End Users
HVAC shipments gained more ground in June
Written by David Schollaert
August 9, 2024
Shipments of heating and cooling equipment moved higher in June, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
June shipments increased 10% month on month (m/m) to 2.16 million units. This was a 7% boost over the same month last year. June represents the best monthly shipment rate year-to-date, and the second-highest rate recorded since June 2022 when 2.24 million units were shipped.
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 1.76 million units through June. This is 4% lower than the same period last year and 13% lower than the 12MMA seen two years prior.
June shipments of residential and commercial storage water heaters eased 4% m/m to a six-month low of 769,883 units. Recall that in March, we saw water heater shipments reach a two-year high of 887,000 units; they have since declined steadily.
June shipments are 2% below levels of one year ago. Combined water-heater shipments have averaged 798,087 units per month over the past year.
Warm air furnace shipments surged 24% m/m to a combined 246,825 units. This is 16% higher than last year. In the past year, monthly furnace shipments have averaged roughly 248,000 units.
Shipments of central air conditioners and air-source heat pumps jumped 19% m/m to a two-year high of 1.08 million units. Note that air conditioner/heat pump shipments are very seasonal, with slowdowns experienced throughout the winter months, as evidenced in Figure 2.
Total air conditioner and heat pump shipments were more than 10% higher than last year. Over the past year, shipments have averaged about 740,000 units per month.
The full press release of this data is available on the AHRI website.
An interactive history of heating and cooling equipment shipment data is available on our website. If you need assistance logging in to or navigating the website, please contact us at info@steelmarketupdate.com.
David Schollaert
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