On an unadjusted basis, October sales for the hardware-and-building supply industry’s government-sanctioned classification – NAICS 444 – showed gains in October.
The U.S. Census Bureau’s Advance Monthly Sales report showed sales for building material and garden equipment and supplies dealers in October increased to $43.038 billion, up from $42.586 billion in September. The latest figure was way up from last October’s figure of $39.435 billion.
NAICS 444 sales peaked in May with a tally of $50.099 billion, on an unadjusted basis.
Inflation certainly factored into the sales growth. But also, as described in recent earnings calls at Home Depot and Lowe’s, the consumer’s appetite for spending on the home remains solid, and the backlogs of pro customers remain lengthy.
The Census Bureau also revealed September sales for NAICCS 44413, the hardware store subset of 444. Retailers classified as hardware stores in September showed $3.37 billion in sales, up from $3.08 billion in the same month a year ago; but down from $3.54 billion in August.
Looking across sectors, the NAICS 444 hardware and building supply sector was near the top of sales performance on a year-over-year basis. Of 13 categories, only four showed higher gains: Gasoline stations, miscellaneous store retailers, nonstore (catalog and e-commerce) retailers, and food-and-drink establishments.