Consumer confidence among Floridians is at its highest in more than three years, the University of Florida reported Wednesday.
UF’s Bureau of Economic and Business Research graded consumer confidence in November at 81.1, up from 77.4 in October.
The scale runs from a low of 2 to a high of 150, with a benchmark of 100 set at the level of consumer confidence in 1966.
The November numbers reflect the sentiment of Floridians following the national presidential election, according to Hector Sandoval, director of the bureau’s Economic Analysis Program.
“With 56.1 percent of the vote in Florida going to President-elect Donald Trump, it’s no surprise that consumer sentiment in Florida surged, as elections that shift the party in power typically boost sentiment among those aligned with the winning party,” Sandoval said in a press release.
“Additionally, it’s worth noting that in early November, the Fed approved another quarter-point interest rate cut as inflation approached the 2 percent target, further lowering borrowing costs.”
Floridians expressed more positive views on a variety of factors, including whether it is a good time to buy a major household item, personal finances compared to a year ago, expectations on where personal finances will be in a year, and expectations for the U.S. economy.
“These optimistic expectations were also shared by Floridians across sociodemographic groups, except for women, who reported more pessimistic views regarding the national economy over the next year,” the release said.