February Consumer Confidence Up Among New Yorkers
New Yorkers say they're hopeful about the economy, despite the sequestration "scare".
That’s according to the latest poll by the Siena Research Institute.
The study shows consumer confidence went up nearly 3 index points in February compared with the nation's 4 points.
"The stock market is certainly doing well," says Dr. Douglas Lonnstrom, the founding director of the Siena Institute, who says he’s surprised by the numbers. "The stock market was good in January and fairly good in February."
He also says the number one indicator of spring spending is the return of the housing market.
"Housing prices are coming back. So I think that's going to make people feel a lot better."
Lonnstrom says nearly 5% of residents plan to purchase a home within the next 6 months - which is up nearly a third from a year ago.
Overall, Lonnstrom says Democrats and downstate residents are more optimistic than Republicans and those living in Upstate. However, he adds about 70% of Republicans and upstater's are feeling the "pinch at the pump" than downstate residents.
Optimism among Democrats soared above its GOP counterparts by about 30 points - concerning both the state's current and future economic outlook.