Sage Investment Club

michal-rojek/iStock via Getty Images U.S. shipments of air-source heat pumps increased 5.9% from a year earlier to more than 298,000 in November amid rising sales of air-conditioning and heating equipment. Shipments of air conditioners rose 3.8% to about 399,000 units during the same period, according to data from the Air-Conditioning, Heating & Refrigeration Institute (AHRI). The higher shipments drove a combined gain of 4.7% to more than 697,000 units, the trade association reported Friday. AHRI’s data are an indicator of economic conditions and trends for manufacturers of air conditioning and heating equipment. November’s 5.9% yearly rise in heat-pump shipments was less than October’s 19% gain and September’s 27% jump. Shipments of heat pumps, which are all-in-one devices to heat and cool a home, have been forecast to expand amid supportive government policies. The Inflation Reduction Act of 2022, which President Biden signed into law in mid-August, offers billions of dollars in rebates and federal tax credits to encourage the purchase of energy-efficient equipment. Shipments of residential gas storage water heaters fell 15% from a year earlier to about 328,000 units in November, while electric storage water heater shipments slumped 9.1% to about 348,000 units, the data show. Year-to-date U.S. shipments of residential gas storage water heaters slumped 17% to about 3.76 million, while electric storage water heater shipments fell 6.7% to 4.16 million units through November.

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