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.
