The University of Florida’s most recent consumer survey showed that Florida’s consumer confidence fell slightly but is still stable. The index only dropped slightly from 91.6 in December to 91.5 in January.
Different Aspects of Florida’s Consumer Confidence
The index measures five components. In January, three of these went down and two increased. Florida’s consumer confidence of both the short term and long term state of the economy, two components, were the ones to decline.
According to Florida Realtors, expectations of U.S. economic conditions over the next year fell 1.8 points to 84.1; and the outlook for U.S. economic conditions over the next five years fell 4 points to 86.8. Opinions amongst Floridians as to if currently it is a good time to buy a big-ticket item (like a home) fell 1 point to 100.9, but it was still higher in a year-to-year comparison. Perceptions and expectations of personal finance remained positive, with perceptions higher than they were a year ago.
“While only three out of five components fell, the biggest change between January 2015 and 2016 was the more than 11-point decrease in anticipation of U.S. economic conditions over the next year,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
Sandoval says the “biggest declines in expectations of U.S. economic conditions were observed in those aged 60 and over, and those in households making more than $50,000, (but) this unfavorable perspective is shared by all Floridians in general, independent of their gender, age or income level.”
Although Floridians’ confidence in the economy is not great, data from labor market and other aspects of the economy actually are positive. Plus, despite their lukewarm attitudes towards the economy at large, Florida’s consumer confidence on a personal level remains positive and steady.
If you are a Floridian wary about the economy but want to buy a home, feel free to contact RE/MAX Paradise today and we can answer any questions and address any concerns. Overall, Florida is doing great, and now would be a great time for you to fall in love with your dream home in Miami!