We all continue to feel the industry downturn which has impacted us. Despite this downturn, economic fundamentals for remodels and retrofits remain favorable as home values improve in many parts of North America (especially Atlantic Canada). Our industry has some strong tailwinds with a longer-term trend of higher energy prices, yet we also have increasing pressure from governing bodies to focus on cleaner emissions and higher efficiencies. The first eight months of 2024 seem to be reverting towards pre-pandemic seasonality. That said, there is optimism across manufacturers, distributors, and dealers that we should have a healthy heating season. 

It’s no secret that there is a wave of change impacting how homes are heated in North America, with much more to come over the next several years. Fossil fuels are under attack in the central heating segment. Our industry will be forced to navigate through this transition. We’d be naïve to think that consumers’ habits won’t change because of these overarching initiatives being taken by policymakers across the continent, but that’s not necessarily negative. Zone heating with fireplaces and stoves will remain a mainstay in the home—and possibly even increase in popularity—as electrification takes place in the central heating space. It’s not unreasonable to assume that many consumers will be looking to supplement their new heat pumps with appliances that produce more intense heat and offer independence from the grid. Heat pumps produce less intense heat, leading to the potential for customers’ dissatisfaction when compared to their former oil or gas furnaces they once had. Our industry must position itself to capitalize on this opportunity in the coming years. Let’s keep in mind that our industry flourished through the ‘80s during high energy pricing and oil embargos, which led to widespread changes in how we heat our homes and build our businesses. It’s a very different time, yet some of the challenges and opportunities facing our industry seem eerily similar to 40 years ago. 

It will be paramount that industry stakeholders alike approach the next number of years with an open mind. Things will change, and our industry needs to be on the right side of it. Consider new products and technology, consider new avenues of revenue, and take the approach of complementing the changes we’re seeing in the central heating segment. Whether we like it or not, the furnace, boiler, or heat pump dictates what happens on the main floor or in the living space. Let’s all be prepared to capture the next opportunity. As times of uncertainty continue, we need to remain focused on what we as an industry do well and what we can do better. 

I’ll leave you with some wisdom from 1914 written by W.S. Fisher, my great-grandfather and the founder of Enterprise Foundry, which was started in 1888 and produced wood cook ranges, wood stoves, kitchen appliances, and many other products for over 100 years. This article was taken from The Enterprise News: 1914.