The U.S. economy shrank at a record-breaking annual rate of 32.9 percent in the April-June quarter, which works out to a decrease of 9.5 percent in the second quarter — the worst quarterly plunge in history, the Bureau of Economic Analysis reported Thursday. That’s nearly four times the worst quarter of the Great Recession, and more than three times as steep as the previous record — 10 percent — in 1958. However, despite the economic shock, HVAC contracting in the U.S. is showing a clear recovery since this spring’s shutdown slump. Revenue growth, consumer demand, and employment are all back to pre-pandemic levels or higher for contracting professionals, according to a home service economic report published by Jobber in July.
A sample of HVAC contractors from across the country, surveyed by The ACHR NEWS the week the quarterly economic stats were posted, backs up this assessment, with contractors reporting a boom in sales of high-end air conditioning systems and a corresponding increase in new employees to take advantage of all the new business.