Consumer Confidence on the Rise in Florida

According to a study from the University of Florida released Tuesday, consumer confidence rose this month in Florida and is now higher than it has been since August 2007. The study found consumer confidence rose 2 points to 81 in May.

The last time confidence was this high was August of 2007 when it was 82, shortly before the Great Recession began, said Chris McCarty, director of UFs Survey Research Center in the Bureau of Economic and Business Research, on Tuesday.

The study indicated Floridians are growing increasingly optimistic about the economy. More Floridians believe their personal finances will improve over the next year while residents in the Sunshine State also believe the national economy will do better next year and down the road.

But Floridians remain convinced their personal finances are perilous. Over the past year, fewer Floridians believe they are better off financially than they were a year ago. The index dropped in this category from 71 in April to 68 in May. The number of Floridians who felt confident in buying an expensive product like a car also dropped on the survey from 90 in April to 89 in May.