ASA’s June 2025 Sales Report: Sales Show Broad-Based Growth: PHCP & PVF Distributors Post +17.4% Jump

By primary business emphasis the industrial PVF distributors said June sales +3.6% year-over-year (y/y). Year-to-date (YTD) sales +8.6% and trailing-twelve-months (TTM) sales +9.2%. While PHCP distributors said June +6.5%; YTD +4.0%; TTM +3.3%. Combined PHCP & PVF distributors said June +17.4%; YTD +8.3%; TTM +7.2%.

All respondents overall reported a median June sales +8.0% y/y and 1.5% vs. May 2025. Calendar-year YTD sales +5.8%; TTM sales +4.7%. Inventory: +5.8% versus June 2024 & the cash cycle: Median three-month average Days Sales Outstanding (DSO) edged up to 42 days.

Economic Indicators:
Real GDP (Q1 2025): -0.5% (annualized), dragged down by lower government spending and a wider trade deficit as imports surged ahead of new tariffs. Wholesale trade (May): Sales +4.8% y/y; inventories +1.4%; “real” wholesale sales (inflation-adjusted) +5.2%. Residential construction (June): While both building permits and housing starts remain below June 2024 levels, they both experienced increases vs. May 2025. Labor market: The national unemployment rate for June dropped to 4.1% as the labor market continues to be strong.

What ASA members are saying:

“Business is still choppy but the heat of the summer has helped with HVAC. Still some jobs are in a holding pattern, but overall confidence is improving.”

“4 strong months in a row,…”

“Business activity remained better than the prior year period, but below expectations for the year. Pressure from higher inventory costs continues to impact margins and profitability. Further, new construction projects seem to be stalled with customer feedback indicating interest rates, higher material costs and labor being the issues.”

“Net Sales have remained steady month over month. We are also experiencing some benefit from price increases from earlier in the year. I anticipate Net Sales to maintain their consistency for the remainder of the year.”

“Sales and quoting remain strong and we are optimistic that the remainder of the year will finish strong. I am hoping for some trade deals and certainty over the next few months. An awful lot of time is going into price changes and quoting as vendors are holding quotes for shorter periods of time.”

“Things seem quiet, we have some stuff in the pipelines, but definitely feeling a slow down.”

“We have seen strong favorability v. budget through the first half of the year. However, expectations are being tempered for the second half, as we are seeing some weakness in backlog $.”