Drew Dixon
Consumer sentiment is on the upswing in the Sunshine State, at least according to recent research by the Florida Chamber of Commerce.
A Florida Chamber Foundation research project concluded that consumers appear to be more optimistic about the economy than they were a year ago. Florida’s gross domestic product grew to $1.74 trillion in the past year, making the state’s GDP the 16th largest in the world if Florida were its own country.
“Florida’s consumer sentiment is much higher than that of national consumers, with this month’s consumer outlook marking the largest gap in the history of the index (Florida’s consumer sentiment is 24.8 points above the U.S.),” the Chamber report said.
The Chamber findings used national consumer sentiment data compiled by the University of Michigan and the April Florida consumer sentiment report recently published by the University of Florida (UF).
While Florida Chamber researchers herald the consumer sentiment in Florida, the UF Bureau of Economic and Business Research report published in late April was dourer.
“Consumer sentiment in Florida has been on a downward trend over the past three months, largely driven by declines in Floridians’ expectations about future economic conditions,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research.
“These expectations have been steadily decreasing since the beginning of the year, reflecting growing uncertainty about the economy. Among the contributing factors are ongoing concerns about the potential impact of tariffs and the uncertainty surrounding future policy decisions.”
Still, the Chamber report said a strong economic foundation in Florida buoyed overall consumer sentiments.
“Consumer sentiment is measured by a few components related to either current or future economic situations, such as feelings about the consumer’s personal financial situation now compared to a year ago, and expected national economic conditions over the next year, among other topics. The recent growth in Florida’s economy has shown to be the largest driver in Floridians’ consumer sentiment, as the opinions of personal financial situations compared to a year ago are improving,” the Chamber report stated.
Chamber researchers also said the job situation in Florida has consumers feeling they’re doing better than the national scene. According to the U.S. Department of Labor, Florida’s unemployment rate is 3.6%, lower than the national rate of 4.2%.
“Further adding to consumer confidence, Florida’s labor market has had annual job growth higher than the nation (except October 2024, when hurricanes caused temporary irregularities in data collection). Consistent job growth and lower unemployment rates than the nation prove resiliency in Florida’s labor market,” the Chamber report concluded.
