Members of Heating, Air-conditioning & Refrigeration Distributors International (HARDI), which represent wholesale HVACR distributors, logged an 11% year-over-year sales increase in October.
October had one more billing day vs. a year earlier, and HARDI estimated that sales would have been closer to 6.2% with an equal number of billing days.
On an annual basis, the growth rate for the 12 months through September 2024 was 3.0%, according to HARDI’s monthly report.
“It seems premature to attribute this encouraging sales growth to the rate cutting cycle that began September 18, but it is an encouraging development for HARDI members,” HARDI Macroeconomic and Residential Market Analyst Brian Loftus said in a Dec. 5 news release.
The Days Sales Outstanding (DSO) — which measures how quickly customers pay their bills — was 38.5 during October. HARDI said the DSO was in the 42 to 43 range post-COVID during the past few years.
“The annual sales growth rate could keep climbing if inflation keeps melting and the ten-year bond yield pulls mortgage rates lower,” Loftus added.
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