Oct. 28, 2013: HVACR Revenues Up in 2013, Industry on Upswing
Revenue for All Key Markets in the Industry Has Improved
LOS ANGELES — HVACR industry revenues will be up this year, and sales are projected to return to prerecession levels over the next five years, according to a new report from research firm IBISWorld.
Residential and commercial construction, as well as private spending on home improvements, largely drives demand for the heating and air conditioning industry, notes the report. In 2009, the industry experienced a substantial decline as a result of the housing and construction slump that accompanied the recession. “Although the industry began to recover in 2010, several years of revenue growth was still not enough to offset the early recessionary declines,” said Stephen Morea, IBISWorld industry analyst. IBISWorld estimates that industry revenue slightly dropped by an annual average rate of 0.5 percent in the five years to 2013. However, industry revenue is expected to increase by 1.5 percent to $42.9 billion in 2013.