Utah Consumer Confidence Soars Above Bellwether Again
The March Consumer Attitude Index increased nearly 8 points to 114.4 in March. The Zions Bank CAI number soared above the 110 mark for the third time in five months. 110 is considered the bellwether of a healthy and robust economy in Utah according to Aaron Anderson. He is a principle at The Cisero Group which does the research for Zions. He says the current job creation rate is a major factor in how confident Utahns are about their jobs 6 months from now.
“We’ve been well out ahead of the rest of the country for some time now and I think that’s probably first and foremost in terms of what’s inspiring Utahns,” says Anderson.
He says Cicero’s research finds Utahns slightly less optimistic about their income growth potential in the next six months with only 27% believing their paycheck will be larger than it is currently. He says that’s reflected in how unpredictable the housing market is right now.
“The housing market is one of the markets that’s a little bit easier to get a handle on in retrospect. If we can look back historically and say, ‘okay that’s what happened,’" says Anderon, "because it tends to be a bumpier ride in its path to stability than some of these other markets where you can see a more immediate return right?”
Anderson says despite the housing market unpredictability, Utahns’ sense that the economy will continue to do well is realistic.