Make us your home page
Instagram

Florida consumer confidence plunges to 25-year low

Floridians' confidence in the economy and their own personal finances is the lowest it has ever been in the 25-year history of the Florida Consumer Confidence Index.

The index plunged to 57 as all five of its components fell, the University of Florida Bureau of Business and Economic Research reported today. The worst showing was for perceptions of whether it is a good time to buy big-ticket items.

"These are by far the worst readings we have ever seen," said Chris McCarty, director of the bureau's survey research center. "There is no other way to interpret these numbers other than to say that Florida consumers are hurting. Based on these results, I would have to predict consumer spending in Florida to pull back dramatically in the coming months."

Falling housing values, rising unemployment and higher food and energy costs are big factors, he said. McCarty said he expects housing prices to continue falling through July and then hit a low soon after that. Once prices stabilize, he thinks confidence in the financial system will return.

"Until that happens, Florida state and local government will suffer from low tax revenues," he said.

On a positive note, McCarty said he doesn't expect the index to decline much more in the near future and says it should start improvement when gas prices pull back.

Florida consumer confidence plunges to 25-year low 06/24/08 [Last modified: Wednesday, June 25, 2008 11:55am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Superior Uniform acquires Los Angeles-based PublicIdentity

    Corporate

    SEMINOLE — A subsidiary of Seminole-based Superior Uniform Group has acquired Los Angeles-based branded merchandise company PublicIdentity Inc.

    Superior Uniform Group CEO Michael Benstock
[Courtesy of Superior Uniform Group]
  2. FBI warns of spreading W-2 email theft scheme

    Personal Finance

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms — scams that can put staffers' Social Security numbers and other critical information in the hands of thieves.

    The IRS is warning businesses about a sharp increase in email phishing scams involving employees' W-2 forms.
[McClatchy DC/TNS file photo]
  3. Walmart expands grocery delivery service in Florida markets

    Retail

    TAMPA — Walmart is formally launching its grocery delivery service in Tampa, the company announced Monday, as it expands its delivery test into Orlando and Dallas. Five locations around Tampa are offering delivery for online grocery orders.

    Walmart is expanding its grocery delivery to Tampa, the company announced Monday. | [Times file photo]
  4. Marina at Hudson Beach poised to become 24-unit condominium-hotel

    Business

    HUDSON — One of the mainstay businesses at Hudson Beach is poised for redevelopment into a 24-unit condominium-hotel.

    The owners of Skeleton Key Marina in Hudson have filed preliminary plans with Pasco County to redevelop the site into a 24-unit condominium-hotel.
  5. Have your say Tampa Bay on the region's future transit options

    Mass Transit

    TAMPA — It's time, yet again, for Tampa Bay residents to tell officials what kind of transit options they want for their region.

    The Cross-Bay Ferry docks at the Tampa Convention Center on its maiden voyage on Nov. 1, 2016. A regional premium transit study will determine whether a ferry, or other options such as express buses or light rail, would be a good addition to Tampa Bay. [SCOTT KEELER  |  Times]