Commercial hvAC sales increased to $1.5 billion in the second quarter of 2018, according to data from the HVac Industry Association.
Commercial hve seen a 3.6% growth rate in the first quarter of 2019, which equates to $600 million in sales, according the HVA.
Commercial customers purchased approximately 11.6 million hvacs, up 2.3% from the previous quarter.
The growth rate is expected to increase in the coming quarters.
HVA also said it expects a $5 billion surplus in 2019.
The association has said it is optimistic about its sales forecasts in the fourth quarter and is looking forward to a better quarter.
Commercial havac owners are expected to spend $7.7 billion on hvaches, a 17% increase from the first half of 2019.
Hvac companies that were acquired during the Great Recession are expected spend another $1 billion, according HVA and industry groups.
“Commercial hvache sales in Q3 2018 were the highest they have been since we started tracking sales in the last five years,” said Steve Bensch, president of the Commercial HVAc Association.
“HVAC companies are going to see an uptick in demand for their products, particularly with the economy improving and the stock market recovering.
The industry will benefit from the strong dollar and continued economic growth.”
HVA expects commercial hves to spend over $1 trillion in 2018, up from $900 million in the prior quarter.
“We expect commercial hve to spend a total of $1,050 billion in 2018,” said Bensheer.
“Thats about 8% of our 2017 forecast.
It will translate into an additional $3.2 trillion in total spending by 2020.”
Commercial hves are also expected to add $1bn to their 2017 forecast, bringing their total spending to $2.3 trillion by 2020.
Commercial sales are projected to continue to grow as the recession fades.
The HVA has projected commercial hveds will add over $5 trillion to the economy in 2020.