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Gov. Scott: Florida’s Consumer Confidence and Housing Market Continue to Strengthen

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Governor Rick Scott today announced that Florida’s strong economic and job growth are continuing to fuel Florida’s consumer confidence and housing market. Florida’s consumer confidence climbed to 97.7 in July, the second-highest it has been in 15 years, and home prices rose by $20,000 across the state over year in June. In addition to rising home prices, new building permits are growing. In June, 12,365 new building permits were issued in Florida, accounting for more than 9 percent of all U.S. building permits.
Governor Scott said, “I am proud to announce that Florida’s consumer confidence and housing market continues to strengthen, which is another positive outcome of our focus on making Florida the number one location for job creators and families to succeed. By cutting $7 billion in taxes, reducing burdensome regulations, and making Florida more business-friendly, we are seeing continued economic improvements across Florida. Now, with the establishment of the $85 million Florida Job Growth Grant Fund, we have the resources needed to grow more jobs for families across the state.”
The statewide median sales price for single-family existing homes in June was $245,000, up from the previous year’s median price of $225,000. The increase in home prices resulted in an additional $1 billion in home sales in the last year, up nearly 12 percent from June 2016. Among the five components measured in Florida’s Consumer Sentiment Index, expectations of U.S. economic conditions over the next year had the highest over-the-month increase, climbing 6 points.
Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Florida’s strong job growth and the state’s thriving economy have continued to give consumers confidence in their futures. Florida’s housing market has also directly benefitted from Governor Scott’s commitment to job creation and focus on economic growth. The increase in home prices and rising consumer confidence shows that people from all parts of the nation can have bright futures by moving to Florida and investing in our great economy.”
In June, the metro areas with the highest home sales were:

  • Sebring with 26.9 percent growth,
  • Sebastian-Vero Beach with 26.9 percent growth, and
  • Crestview-Fort Walton Beach-Destin with 15.5 percent growth.

In June, the metro areas with the highest growth in over-the-year median sales prices were:

  • Ocala with 19.7 percent growth,
  • Sebring with 18.7 percent growth,
  • Tallahassee with 18 percent growth, and
  • Palm Bay-Melbourne-Titusville with 15.8 percent growth.

Gov. Scott: Florida’s Consumer Confidence Reaches 15-Year High

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Increasing Personal Income and Home Values Also Show Economic Growth

Governor Rick Scott today announced that Florida’s consumer sentiment index rocketed to a 15-year high of 99 in March. Governor Scott also announced that personal income rose 4.9 percent for Floridians last year, the highest of the 10 largest states. Home values also increased 12.5 percent from the previous year.
Governor Scott said, “We have worked hard to turn Florida’s economy around and create opportunities for our future generations. Today’s announcement shows that when companies choose Florida to expand and grow, other parts of our economy, like personal income and home values, improve. While today’s news is great, we must keep fighting to continue this growth by investing in our state’s proven economic development tools like Enterprise Florida and VISIT FLORIDA.”
All five components measured in Florida’s Consumer Sentiment Index rose in December, including personal finance indicators and expectations of future economic growth. In 2016, Florida’s personal income growth was third highest in the nation with per capital personal income at $45,819. Additionally, the statewide median sales price for single-family existing homes in February was $225,000, up 12.5 percent from the previous year’s median price of $200,000.
Department of Economic Opportunity Executive Director Cissy Proctor said, “Floridians are confident in their ability to find a good job and provide for their families, which is helping to fuel our state’s growing labor force and boosting our consumer confidence levels to new highs. We must build on the strong momentum Florida has already established by continuing to invest in job creation and economic diversification.”
The Florida Consumer Sentiment Index is calculated by the Bureau of Economic and Business Research at the University of Florida and measures five key indicators of consumers’ feelings about the economy. Indicators include one’s personal financial situation compared to a year ago, personal financial situation expected one year from now, expected national economic conditions over the next year, expected national economic conditions over the next five years and whether it is a good time to buy major household items.