In the spring, the outlook for the HVAC industry, like the rest of the economy, seemed dim. New work did drop in April. But the situation soon changed. Homes suddenly became the center of people’s lives, and they wanted to invest in them. A combination of limited spending options and low interest rates provided the means to do just that.
According to the most recent Home Service Economic Report from Jobber, new work scheduled for the Contracting segment (which includes HVAC) reached a record high of 15% year-over-year growth in June. From June to September, new work scheduled has been growing faster year-over-year compared to the start of the year, before the pandemic reached the United States.