Overview
The market for heating, air conditioning, and commercial refrigeration equipment is influenced by several factors. Trends in residential and commercial construction, the motor vehicle industry, and energy sources and prices can greatly affect demand for heating and cooling equipment. New product developments and the level of activity in these markets are indicators of conditions in the industry.
Construction Market
The value of total new construction in the U.S. (measured in constant 1996 dollars) declined by 0.8% to $686.9 billion in 2003. With the economic recovery now under way, the overall value of new construction is expected to post minor growth in 2004, followed by a stronger gain in 2005.
New private nonresidential construction fell by 15.0% to total $116.4 billion in 2003. Office construction was especially hard hit. Although this type of construction activity declined, the heating, air conditioning, and commercial refrigeration equipment industry did well in 2003. | 
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