HARDI distributor sales pop 10% in July

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.

• 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.

• “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.