COLUMBUS, OHIO – The average sales growth for reporting HVACR distributor members increased by 10.1 percent in June 2014, according to the trends report released by Heating, Air-conditioning and Refrigeration Distributors International (HARDI). The annualized growth through June is 6.6 percent.
“The double-digit growth in June looks impressive, but it was helped by one extra billing day this year versus modest 5.9 percent growth reported in June 2013,” said HARDI Market Research and Benchmarking analyst Brian Loftus. “June and July are the busiest months of the year for HARDI members, so the double-digit growth achieved in six of our seven regions was welcome news after the subdued performance in April and May.”
“Consumer spending increased by 4.9 percentin the second quarter compared to 2013. However, when adjusted for inflation, the actual spending increase is only 3.8 percent,” said HARDI Senior Economist Andrew Duguay. “This level of spending is healthy, but this is noticeably slower than the 4-5 percent achieved through most of last year.”
The Days Sales Outstanding, a measure of how quickly customers pay their bills, declined to 49 days. This is comparable to the prior year level and consistent with the seasonal pattern that has formed since the end of The Great Recession.
HARDI members do not receive financial compensation in exchange for their monthly sales data and can discontinue their participation without prior notice or penalty. Participation is voluntary, and the depth of market coverage varies from region to region. An independent entity collects and compiles the data that can include products not directly associated with the HVACR industry.