New data shows Floridians spent more in 2014 as the economy improved.
The Sun Sentinel reports statistics released Tuesday by the U.S. Bureau of Economic Analysis shows Florida outpaced the nation’s annual increase in personal consumption – 4.9 percent compared to 4.2 percent.
The increase in spending stems from many factors including more discretionary income from heightened economic activity and lower gasoline prices. The bureau also reports that goods and services produced in Florida increased 2.7 percent last year compared to 2.2 percent nationally.
The personal spending hike in Florida also exceeded the state’s 3.7 percent increase in 2013.
According to the bureau, only six other states and the District of Columbia saw personal spending hikes at a higher rate.
Republished with permission of the Associated Press.