Perhaps pop singer Rihanna could double as an economist?
OK, on second thought, that’s probably not the most resourceful use of her
talents abilities; however, perhaps her catchy jingle proclaiming “All I See is Signs, All I See is Dollar Signs,” (Editor’s Note: Yes, I corrected her grammar in the headline) is a lyrical indication that the economy is indeed recovering.
In lieu of Ri-Ri’s manifesto, the true government money crunchers are acknowledging that consumers are ready and willing to spend. In fact, according to a recent report from the Commerce Department, it appears that 2013 may be the year that consumers finally fork over the dough for a new HVACR system.
The Commerce Department’s report revealed that manufacturing production is soaring, posting 6.2 percent increases in 2012, making it the grandest performer of all industries within the U.S. economy last year.
That trend has continued in early 2013 as new orders for manufactured goods in February were up $14.5 billion, or 3 percent. This is the highest reported increase in production since the government began publishing the North American Industry Classification System (NAICS) statistics in 1992.
And, smile, because the HVACR sector is one of manufacturing's lead horses. According to the report, the value of HVAC shipments are up 7.7 percent thus far in 2013, when compared to 2012, and new HVAC orders have increased 3 percent.
The Bureau of Economic Analysis (BEA) noted that this accelleration in consumer spending is "primarily reflecting a pick up in spending for services (mainly household utilities) …”
And, as cash registers continue to ring nationwide, the gross domestic product (GDP) is following suit. The BEA reports that GDP increased 2.5 percent in the first quarter of 2013, crediting a surge in manufacturing and inventory investment as the primary drivers.
Amidst all these numbers and statistics, the bottom-line is this: It appears that consumers are more apt to spend money on household utilities, and we all know the most important household utilities are the ones that provide comfort. Now, if we only knew someone who could sell and install such equipment...