2013 Ends with Sentiment Decline in all Areas Except Steady Long Island
Only NYC Positive about Future; All Others Stronger Current than Future
All Area Down from This Time a Year Ago; Over 10% Drop Binghamton, Mid Hudson, NYC and Rochester
Loudonville, NY – Overall Consumer Sentiment decreased in eight New York State MSA’s in the fourth quarter of 2013, according to the latest Quarterly Consumer Sentiment survey released today by the Siena (College) Research Institute (SRI). At 75.4, the New York City region had the highest overall consumer confidence of the nine regions, and the Binghamton region had the lowest, at 61.9. Current sentiment decreased in all nine regions and Future sentiment increased in two regions.
“Consumers are not starting 2014 on a hopeful note in New York,” according to Dr. Don Levy, SRI’s Director. “Consumer sentiment is down from this time last year at least two percent in Long Island to double digits in Binghamton, Mid Hudson, New York City and Rochester. Despite small gains in optimism in Long Island and Utica, with the exception of New York City, every area reports a stronger, albeit lukewarm at best, appraisal of current conditions than their falling forecast for the future. Still, it’s not as bad as it was two or three years ago. A bright spot? Homebuying plans are up in seven of nine regions and at or above historic levels in six.”
While Consumer Sentiment is reported as an index number, the buying plans portion of the survey reflects the percent of respondents who plan specific expenditures in the next six months. Of the 45 buying decisions possible across the nine MSA’s, 25 were up this quarter and 19 were down (1 remained unchanged). Each buying plan per MSA displays the current percentage of respondents intending to purchase, the change from last quarter, and the historic average percentage of respondents by MSA that have intended to purchase.
The SRI survey was conducted by random telephone calls to adults over the age of 18. The New York City and Long Island index are based on an average of SRI’s monthly consumer sentiment surveys. Each of the other metro area indexes is based on over 400 respondents. Survey crosstabs and frequencies for the consumer sentiment of each metro area can be found on the Web at: www.siena.edu/SRI/CCI