What a difference a year makes! One year ago the economy was contracting, people were losing their jobs, and almost everyone across the country was locked down in their homes. The outlook for the HVAC industry was bleak, as homeowners initially pulled back on spending in order to preserve precious capital.
But by summer 2020, things started looking up, particularly for the HVAC industry. House-bound homeowners went on a spending spree, buying new heating and cooling equipment — as well as IAQ products — in order to make their homes more comfortable. The sales surge hasn’t declined, which has boosted earnings for OEMs in the first quarter of 2021 and led most to raise their outlooks for the year.