Multifamily building leading housing recovery and HVAC market
The 2008-09 recession, with its accompanying tidal wave of foreclosures, rendered many individuals and families leery about undertaking a new single-family home purchase.
That's one of the conclusions from an HVAC Industry Report from CMD, a leading provider of construction information.
CMD Group Chief Operating Officer Rich Remington discussed trends with ProudGreenHome.com Editorial Director Gary Wollenhaupt at the 2015 AHR Expo in Chicago.
Remington noted that the report, shows that societal and demographic trends indicate stronger multi-unit residential construction starts relative to the single-family market segment, and that bodes well for the HVAC industry.
The report also finds that the largest region of opportunity for growth in the HVAC industry is the Deep South. According to the report, the South is responsible for 37 percent of the available opportunities in the North American HVAC market. This fast-growing region of the United States offers many opportunities across the construction industry, and HVAC development is no exception.
“Producers of HVAC equipment should be optimistic about their potential over the next couple of years,” said Alex Carrick, CMD chief economist. “Not only will they see ongoing cyclical improvements in construction, but there are trends within the various types-of-structure that will give them a boost as well, not only in the South, but across the North American landscape.”
The report also notes the top three HVAC segments (education, medical and commercial offices) consume 53.3% of the overall market. Education alone makes up one quarter of the entire available market, and is also the fastest-growing segment.
Currently, the biggest ticket HVAC sales items for manufacturers (furnaces, cooling units, etc.) are in high-rise structures. This lines up well with the trend in North America toward stronger multi-unit residential construction and mixed-use project starts.
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Topics: Architectural Firms, Construction Firms, Consulting - Green & Sustainable Strategies and Solutions, Energy Audit / Energy Management, Energy Recovery & Heat Recovery Ventilation, Energy Saving Products, Engineering Firms, HVAC - Heating, Cooling, and Ventilation, Indoor Air Quality (IAQ), Interiors, Multifamily / Multiunit Residential, Sustainable Communities, Technology, Urban Planning and Design, Ventilation
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