Florida Homebuyers Get Confidence Boost With Job Growth

Florida Homebuyers Get Confidence Boost With Job Growth

During the past year, Florida's strong job growth has boosted Florida's consumer confidence three points in the month of February. This according to the economists at the University of Florida proves the toughness of Florida's consumers. Especially

, against the high-energy prices that have inundated other consumers in parts of the country.

The areas that showed the largest increases came from perceptions of personal finance compared from a year ago, perceptions of whether to buy major household items and the perceptions of the United States economy over the next year.

Florida has a lower rate of employment and the biggest increases in employment. So the Florida consumer isn't being dragged down by higher energy prices and rising interest rates, like much of the rest of the country according to Chris McCarty, director of the survey research center at UF's Bureau of Economic and Business Research.

Despite the Federal Reserves increases in short-term interest rates, long-term interest rates on mortgages have fallen recently, says McCarty. This has led to some increased activity in the refinance market, but nothing like a year ago.

Because of the declines in auto sales, retail sales have declined nationally; h

e goes on to say, " Florida retail sales, excluding autos, are most likely stronger than the nation as a whole".

For the past two months, consumer confidence nationally has fallen, in contrast to Florida. The survey research center has found some significant differences in the consumer confidence components by age and income groups. There are still pessimisms about personal finances in the coming year despite the improvement in perceptions of personal finances for both Florida seniors and low-income households, he says.

" It appears that some of the pessimism from previous months that we attributed to discussions about changes to Social Security has reversed" McCarty says. "There has been sufficient media attention to the initial shock of potential changes has been absorbed. We do expect that most of these at or near retirement will be waiting for more concrete proposals from both the White House and Congress."

Consumer confidence is designed to help predict buying patterns by measuring the mood of consumers toward purchasing. Although other economic indicators also predict buying patterns, consumer confidence tends to be available sooner.

Cape Coral Real Estate
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