U.S. shipments of air-source heat pumps increased 19% from a year earlier to almost 364,000 in October amid a slowdown for other kinds of air-conditioning and heating equipment.
Shipments of air conditioners slumped 19% to about 396,000 units during the same period, according to data from the Air-Conditioning, Heating & Refrigeration Institute (AHRI).
The decline in air-conditioner shipments drove a combined loss of 4% to about 760,000 units, the trade association reported Friday. AHRI’s data are an indicator of economic conditions and trends for makers of heating, ventilation and air-conditioning and equipment.
October's 19% yearly gain in heat-pump shipments was less than September’s 27% jump.
Shipments of heat pumps, which are all-in-one devices to heat and cool a home, have been forecast to expand amid supportive government policies. The Inflation Reduction Act of 2022, which President Biden signed into law in mid-August, offers billions of dollars in rebates and federal tax credits to encourage the purchase of energy-efficient equipment.
Shipments of residential gas storage water heaters fell 28% from a year ago to about 321,000 units in October, while electric storage water heater shipments slumped 19% to about 372,000 units, according to the data.
% YTD Change in Stock Price (Dec. 9 close) | |
Johnson Controls International ( NYSE: JCI ) | -16% |
Carrier Global Corp. ( NYSE: CARR ) | -17% |
Trane Technologies Plc. ( NYSE: TT ) | -9.1% |
Watsco Inc. ( NYSE: WSO ) | -13% |
Lennox International Inc. ( NYSE: LII ) | -17% |
For further details see:
U.S. shipments of heat pumps rose 19% in October to overcome broader slump