JP Morgan Continues Commercial HVAC Optimism

Quoted from their Alert sent earlier today:

"There have been several positive data points out of commercial HVAC during the 2Q earnings season. For IR, total commercial HVAC equipment orders were up 7%. While the US is a bit softer than international markets such as Asia, both NA applied and unitary are getting less bad, with applied turning earlier. Carrier also posted a 6% increase in orders earlier this week, with North America up high single digits, helped by strong trends in the retrofit market. For JCI, the only other Applied North American player, Building Efficiency orders were up 9%, with double-digit increases in North America (+15%) and ROW offset by declines in Europe. On the negative side, JCI noted that the education end market has been weak, something to watch. On the controls/non-residential side, HON said that commercial construction trends are showing modest growth, bucking the general non-residential down trend, helped by building solutions and energy efficiency themes."