If you’ve been heads-down running your business, you may have missed a few things.
Here’s what actually mattered in the last ~30 days
1. Home Depot is moving deeper into HVAC
The Home Depot is acquiring Mingledorff's through SRS Distribution.
This is a billion-dollar distributor with more than 40 locations. That is a meaningful move.
Home Depot is pushing beyond retail and deeper into distribution, getting closer to the contractor relationship. When businesses this large move upstream, supply chain power consolidates, pricing leverage shifts, and the battle for the pro customer gets more competitive.
2. Capital is still flowing into the trades
Higher interest rates were supposed to slow deal activity.
That has not really happened.
Strategic buyers are still active. Private equity is still building platforms. Quality operators are still commanding attention. A strong signal is Comfort Systems USA (FIX), which continues to perform well as demand stays strong across large commercial and mechanical projects.
The takeaway is simple: capital still likes this space.
3. Refrigerant changes will create opportunity
The shift away from R-410A toward A2L refrigerants is underway.
That brings new equipment requirements, more technician training, and less retrofit flexibility. For contractors, that likely means more replacements, larger ticket sizes, and greater technical complexity.
Change creates friction, but it also creates opportunity.
4. Demand is still strong
The long-term drivers remain intact.
Aging housing stock, electrification, and extreme weather continue to push demand higher across home services. There is still plenty of work in the market.
The challenge is not demand.
5. Labor remains the bottleneck
The biggest constraint is still people.
Skilled labor remains hard to find. Wages continue to rise. Hiring takes longer than most operators want. Many businesses are not limited by lead flow. They are limited by capacity.
That should change how you think about growth.
My Takeaway
When you zoom out, the trend is clear.
Bigger players are getting bigger. Capital is still flowing in. Technology is making strong operators more efficient. Demand is staying strong.
This is still one of the best industries to be in, but it is getting more competitive and less forgiving.
