HARDI distributor sales pop 10% in July
July marked the fourth consecutive month that the rate at which its distributors' sales grew was positive
HARDI, which represents over 400 HVAC distributors, released its latest Trends report, showing a near-10% jump in July sales, based on a survey of its members.
Why it matters: While not a perfect relationship, HVAC distributor sales can be a reasonable proxy for contractor sales.
What’s happening: HARDI distributors saw a 9.8% sales increase in July, and a 2.6% increase in the sales growth rate, year-over-year.
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Zoom in: July marked the fourth consecutive month that the rate at which its distributors' sales grew was positive, following a stagnant four months from December to March.
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“It is encouraging to see the annual growth rate holding onto the recent gains,” said Brian Loftus, HARDI’s resident economic analyst.
The big picture: In May's report, Loftus highlighted HARDI's belief that the sales growth rate of its distributors had finally bottomed after declining for nearly two years.
Looking ahead: “After the recent encouraging GDP growth report… and the [interest] rate-cutting cycle beginning next week, we expect the annual growth rate recovery for HARDI distributors to continue during the balance of 2024,” Loftus said.
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