COLUMBUS, Ohio– Heating, Air-conditioning & Refrigeration Distributors International (HARDI) released its monthly TRENDS report, showing average sales for HARDI distributor members declined by 2.8 percent in December 2017.

The average annualized growth for the 12 months through December 2017 was 5.3 percent.


“December is not a seasonally significant month.  The decline is associated with very strong prior year sales and one less billing day this year.  That is difficult to overcome,” said HARDI Market Research & Benchmarking Analyst Brian Loftus.  “5.3 percent growth is the slowest calendar year since 2011 and recovering from the recession.”


“This is somewhat at odds with the other strong signs we see like the positive slope to the leading indicators,” said HARDI Senior Economist Connor Lokar.  “HARDI members did post strong growth in November and December 2016 and January 2017 so they set themselves up with some tall bars to clear.  The decelerating growth is a noteworthy trend to watch.”


The Days Sales Outstanding (DSO), a measure of how quickly customers pay their bills, is near 45 days. “The DSO is at the midpoint of recent performance for this time of year,” said Loftus. “Softer sales helped the dip from last month.  We would welcome an extra day or two in the months ahead because it would be normal seasonal pattern and indicate resumption of sales growth.”


HARDI members do not receive financial compensation in exchange for their monthly sales data and can discontinue their participation without prior notice or penalty. Participation is voluntary, and the depth of market coverage varies from region to region. An independent entity collects and compiles the data that can include products not directly associated with the HVACR industry.



HARDI (Heating, Air-conditioning and Refrigeration Distributors International) is the single voice of wholesale distribution within the HVACR industry.

HARDI members market, distribute, and support heating, air-conditioning, and refrigeration equipment, parts and supplies. HARDI Distributor members serve installation and service/replacement contractors in residential and commercial markets, as well as commercial/industrial and institutional maintenance staffs. HARDI proudly represents more than 480 distributor members representing more than 5,000 branch locations, and close to 500 suppliers, manufacturer representatives and service vendors.