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Wednesday, July 26, 2023 7:59:55 AM
This July is set to be the hottest month ever. In recent years, studies have shown that extreme heat can be dangerous, expensive and impacts nearly everyone.
In the US, heat kills more people than any other weather-related incidents, pressures power grids and threatens outages.
Over the past 50 years, the cost of extreme weather events has grown 77% — estimated to cost countries 1.5-6.7% of their GDP annually.
For US consumers, home energy bills are expected to rise 11.7% this summer to an average of $578. It’s also forcing small businesses to close during severe heatwaves.
How does extreme heat impact the economy?
1/ Lower productivity: The International Labour Organization predicted that companies will lose 2% of working hours by 2030 from unworkable conditions or slower working speeds.
2/ Redirect government spending: Extreme heat will impact the lifespan of roads, bridges and other public infrastructure — requiring more frequent replacement.
3/ Increase labor-related costs: In 2021, a deadly heatwave struck British Columbia, leading to heat-related work injury compensation jumping 180% from the previous three-year average.
Better get used to it: Researchers warn that a hotter world will likely be the norm moving forward. But existing working conditions and practices were set in place for a cooler climate, and factories and warehouses haven’t been designed for the hot temperatures, per the Institution of Mechanical Engineers’ Laura Kent.
Crank up the air con
It’s not just warmer temperatures keeping sales hot for the HVAC industry. Manufacturers have been expecting a sales boost thanks to the passing of last year’s climate bill — giving Americans tax breaks and rebates on energy-efficient cooling systems.
HVAC sellers and manufacturers have seen their returns far surpass the S&P 500’s in recent years:
Carrier Global Corp (NYSE:CARR) has risen over 300% since its 2020 debut in the market.
AAON (NASDAQ:AAON) is also up 176% in the past five years.
Thought you could live without AC? Give it a couple more years, and that might not be the case.
I am writing a book, American Cars of 1958. Check often for the latest addition. https://investorshub.advfn.com/American-Cars-of-1958-37252/
Recent CARR News
- Carrier to Present at the Oppenheimer 19th Annual Industrial Growth Conference • PR Newswire (US) • 04/30/2024 08:15:00 PM
- Carrier Reports Strong First Quarter 2024 Results • PR Newswire (US) • 04/25/2024 10:30:00 AM
- Carrier Board of Directors Declares Quarterly Cash Dividend • PR Newswire (US) • 04/18/2024 08:15:00 PM
- Carrier Ventures Announces Investment in Strategic Thermal Labs for Development of Groundbreaking Data Center Cooling Technology • PR Newswire (US) • 04/18/2024 01:00:00 PM
- Carrier First Quarter 2024 Earnings Advisory • PR Newswire (US) • 04/04/2024 08:15:00 PM
- Carrier Ranks 37 on Fortune's America's Most Innovative Companies List 2024 • PR Newswire (US) • 03/26/2024 08:00:00 PM
- Walmart.com Shoppers Now Have Direct Access to Bryant's Award-Winning HVAC Solutions and Highly Trained Technicians • PR Newswire (US) • 03/25/2024 01:15:00 PM
- Carrier Announces Updated Timing of its Presentation at the Bank of America Global Industrials Conference • PR Newswire (US) • 03/18/2024 08:15:00 PM
- Carrier to Present at the Bank of America Global Industrials Conference • PR Newswire (US) • 03/11/2024 08:15:00 PM
- Airship AI skyrockets with DOJ contract; Carrier Global sells Fire Industrial division for $1.43 billion, and Latest News • IH Market News • 03/06/2024 11:01:03 AM
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 03/05/2024 02:20:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 03/05/2024 02:15:22 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 03/05/2024 02:09:43 PM
- Carrier Announces Agreement to Sell Industrial Fire Business to Sentinel Capital Partners for $1.425 Billion • PR Newswire (US) • 03/05/2024 12:00:00 PM
- Form 8-A12B - Registration of securities [Section 12(b)] • Edgar (US Regulatory) • 02/23/2024 09:30:19 PM
- Alat and Carrier Partner to Advance Climate and Energy Solutions in the Kingdom of Saudi Arabia • PR Newswire (US) • 02/21/2024 01:22:00 AM
- Carrier to Present at the Barclays Industrial Select Conference • PR Newswire (US) • 02/14/2024 02:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 09:26:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 09:25:06 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/08/2024 09:42:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/08/2024 09:38:04 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/06/2024 09:37:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/06/2024 09:37:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/06/2024 09:37:38 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM