Heating, Air-conditioning and Refrigeration Distributors International reported 10.1 percent sales growth for June 2014. The growth was helped by one extra billing day this year versus 5.9 percent growth reported in June 2013.
“Consumer spending increased by 4.9 percent in the second quarter compared to 2Q13. 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.