Confidence in the economy among Floridians has ticked up for three straight months.
The consumer sentiment survey results published by University of Florida researchers showed overall consumer confidence increased in February. The consumer sentiment index went from 76.9 in January to 79.3 in February.
“February marks the third consecutive month of improvement in consumer sentiment. While both current conditions and future expectations strengthened, the increase was driven primarily by more optimistic views regarding the national economic outlook over the next year,” said Hector H. Sandoval, Director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
“These positive expectations align with recent economic developments, including easing inflation and a stabilizing unemployment rate, which could allow for further interest rate cuts in the near term following the pause at the end of January.”
Looking at some components of the survey, perceptions of personal finances compared to a year ago bumped up from 73 in January to 75.1 in February. Opinions about whether Floridians consider now a good time to buy big-ticket household items, such as appliances, went from 66.2 in January to 69 last month.
Expectations about personal finances in the next year increased from 88.6 to 89.9. The outlook about U.S. economic conditions in the next 12 months surged from 78.4 to 82.5, which was the largest gain among the components. Views on U.S. economic conditions over the next five years jumped from 78.4 to 80.2.
But broader international events, particularly the recently launched strikes in Iran, could impact Floridians’ perceptions about the future.
“Looking ahead, geopolitical tensions in the Middle East, including ongoing military operations involving Iran, could create temporary volatility, particularly in energy markets. While the direct economic impact on Florida remains uncertain, sustained disruptions could affect fuel prices and broader inflation dynamics,” Sandoval said.
The consumer sentiment survey was conducted between Jan. 1 to Feb. 26. UF researchers contacted 372 Floridians by mobile phone.
