Americas Construction: Building Products: AHRI - March Read-Throughs

March 2026 AHRI data shows residential water heater shipments down 4% while HVAC segments grew, with HVAC commercial units up 15%. Distributor positioning ahead of mid-May price hikes from manufacturers like A.O. Smith drove a sequential rebound in volumes.

Key Takeaways

• 1.Residential water heater shipments fell 4% YOY in March, though they showed a significant 22% sequential rebound as demand normalized and distributors positioned ahead of price hikes.
• 2.Commercial HVAC shipments were a point of strength, growing 15% YOY in March 2026.
• 3.A.O. Smith (AOS) announced a 4-7% price increase across all residential products effective mid-May, prompting distributor pre-buying.

Table of Contents

• Water Heaters
• HVAC
• Residential HVAC: +4%
• Commercial HVAC: +15%
• Implications for HVAC-Exposed Multis
• Disclosure Appendix

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