Consumer sentiment among Floridians hit a post-recession high of 86 in November, an increase of two points over October, according to a monthly University of Florida survey. "The last time sentiment was this high in Florida was March 2007, over 7 ½ years ago," said Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research, which conducted the survey. Bureau of Economic and Business Research.
The survey also shows that confidence in U.S. economic conditions over the next year rose three points to 85, while faith in the national economy for the next five years remained unchanged at 86.
November's confidence rise was unexpected. "We had been expecting a slight decline in sentiment in the November reading related to the election," McCarty said. "Since 2006, the index had fallen in the November of a presidential or mid-term election, in part due to the even split between Democrats and Republicans in Florida. Given the close race for governor, we expected a decline."
Improving economic conditions in Florida also helped lift public confidence. The state's October unemployment rate fell one-tenth of a percent to 6.0, which is slightly higher than the national rate of 5.8 percent. The state added 34,000 jobs since September, while the labor force rose by 22,000.
Housing in Florida remains strong. While the median price of a single-family home fell $3,000 to $177,000, that price is 4.6 percent higher than a year ago. Mortgage rates, meanwhile, are at near-historic lows with the average 30-year fixed rate below 4.0.
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