HARDI distributor sales pop 10% in July
July marked the fourth consecutive month that the rate at which its distributors' sales grew was positive
Image: HARDI
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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