The mood around residential HVAC turned decidedly downbeat at this year’s Morgan Stanley Laguna Conference. Carrier CEO David Gitlin struck a sober tone at the conference, noting that the North American residential HVAC market weakened dramatically as summer progressed. “It is hard to pinpoint the exact root cause, but clearly the combination of high interest rates and pressure on the consumer are increasingly weighing on consumer spending, including on new and existing home sales, leading to delayed residential HVAC activity,” he said. However, he stressed that Trane’s residential business represents only about 15% of Trane’s enterprise, which gives the company a broader base of support. Ask ACHR NEWS →“Yes, the residential business is running into some tough times, and yes, we are managing the business appropriately from a cost standpoint,” said Regnery.