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Exit Lab|HVAC
All 50 States + DC

HVAC Business Valuations by State

Explore HVAC market data, buyer activity, and valuation multiples for every state. Find your state to see local market conditions and what buyers are paying.

83,000+
HVAC Companies Nationwide
397,000+
HVAC Technicians
5x-8x
Typical EBITDA Multiples
88%
YoY M&A Activity Increase

Sources: BLS OEWS (May 2024) | U.S. Census Bureau | S&P Global | Capstone Partners

West Region(11 states)

Alaska

AK
210+
610
4.0-5.5x
Avg Wage:$75,660

California

CA
7,490+
35,630
5.0-7.0x
Avg Wage:$70,050

Colorado

CO
1,700+
8,400+
4.5-6.2x
Avg Wage:$56,800

Hawaii

HI
250+
810
4.5-6.0x
Avg Wage:$74,200

Idaho

ID
410+
3,280
4.2-5.8x
Avg Wage:$50,350

Montana

MT
370+
1,800+
3.8-5.2x
Avg Wage:$52,400

Nevada

NV
630+
4,200+
4.5-6.2x
Avg Wage:$54,600

Oregon

OR
840+
4,600+
4.3-5.8x
Avg Wage:$58,200

Utah

UT
680+
4,100+
4.4-6.0x
Avg Wage:$52,800

Washington

WA
1,390+
8,140
4.8-6.5x
Avg Wage:$72,340

Wyoming

WY
190+
900+
3.5-4.8x
Avg Wage:$51,200

Southwest Region(4 states)

Arizona

AZ
1,590+
10,980
4.8-6.8x
Avg Wage:$55,340

New Mexico

NM
500+
2,800+
3.8-5.2x
Avg Wage:$49,800

Oklahoma

OK
1,380+
6,200+
4.0-5.5x
Avg Wage:$48,600

Texas

TX
8,070+
31,910
5.2-7.5x
Avg Wage:$54,640

Midwest Region(12 states)

Illinois

IL
3,190+
14,200+
4.5-6.2x
Avg Wage:$62,400

Indiana

IN
1,740+
8,100+
4.0-5.5x
Avg Wage:$52,600

Iowa

IA
790+
4,100+
3.8-5.2x
Avg Wage:$51,800

Kansas

KS
770+
4,000+
3.8-5.2x
Avg Wage:$50,200

Michigan

MI
2,370+
11,400+
4.2-5.8x
Avg Wage:$54,200

Minnesota

MN
1,380+
7,200+
4.2-5.8x
Avg Wage:$58,600

Missouri

MO
1,680+
8,400+
4.0-5.5x
Avg Wage:$52,400

Nebraska

NE
480+
2,600+
3.8-5.0x
Avg Wage:$50,800

North Dakota

ND
300+
1,500+
3.5-4.8x
Avg Wage:$54,200

Ohio

OH
2,890+
14,800+
4.2-5.8x
Avg Wage:$54,600

South Dakota

SD
250+
1,300+
3.5-4.8x
Avg Wage:$49,600

Wisconsin

WI
1,670+
8,600+
4.0-5.5x
Avg Wage:$56,200

Southeast Region(12 states)

Alabama

AL
1,500+
6,800+
4.2-5.8x
Avg Wage:$48,500

Florida

FL
6,300+
37,370
5.0-7.2x
Avg Wage:$52,220

Georgia

GA
2,750+
12,400+
4.5-6.5x
Avg Wage:$51,800

Kentucky

KY
1,140+
5,200+
4.0-5.5x
Avg Wage:$49,200

Louisiana

LA
1,690+
7,100+
4.2-5.8x
Avg Wage:$50,400

Mississippi

MS
750+
3,400+
3.8-5.2x
Avg Wage:$46,800

North Carolina

NC
2,760+
13,200+
4.5-6.5x
Avg Wage:$50,600

South Carolina

SC
1,510+
6,800+
4.3-6.0x
Avg Wage:$49,400

Tennessee

TN
1,860+
9,100+
4.4-6.2x
Avg Wage:$50,200

Virginia

VA
2,180+
10,400+
4.5-6.5x
Avg Wage:$54,200

West Virginia

WV
470+
2,100+
3.5-4.8x
Avg Wage:$47,600

Arkansas

AR
870+
4,200+
3.8-5.2x
Avg Wage:$47,800

Northeast Region(12 states)

Connecticut

CT
1,090+
5,400+
4.5-6.2x
Avg Wage:$62,800

Delaware

DE
270+
1,990
4.2-5.8x
Avg Wage:$64,180

Maine

ME
390+
2,100+
3.8-5.2x
Avg Wage:$54,800

Maryland

MD
1,630+
8,200+
4.5-6.2x
Avg Wage:$58,400

Massachusetts

MA
1,810+
7,410
4.8-6.5x
Avg Wage:$75,190

New Hampshire

NH
460+
2,400+
4.0-5.5x
Avg Wage:$56,200

New Jersey

NJ
2,640+
12,800+
4.5-6.2x
Avg Wage:$62,400

New York

NY
4,030+
22,700
4.8-6.8x
Avg Wage:$68,950

Pennsylvania

PA
3,630+
18,980
4.5-6.2x
Avg Wage:$58,920

Rhode Island

RI
250+
1,400+
4.0-5.5x
Avg Wage:$58,600

Vermont

VT
180+
1,160
3.8-5.2x
Avg Wage:$56,440

District of Columbia

DC
90+
340
5.0-7.0x
Avg Wage:$77,970

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