Massachusetts consumer confidence has soared to its highest level in 13 years — the latest sign, experts say, that the state's economy is improving as people find jobs and open up their wallets.
The Mass Insight Consumer Confidence Index rose sharply this quarter, with the overall score increasing nine points to 106. That marks the highest rate since April 2002 and the first time since October 2006 that the index surpassed the 100-point level.
"Consumer confidence is at its highest level in over a decade, primarily based on better economic conditions led by an increased availability of jobs," said William Guenther, chairman, CEO and founder of Mass Insight, a Boston firm that organizes public-private initiatives on competitive issues affecting the state. "After reporting quarter after quarter of 'see-saw' scores, this is the first time in two years we've seen the index consecutively increase, which may be a new trend resulting from an improving economy."
Fred Breimyer, a regional economist at the Federal Deposit Insurance Corporation, attributed the increase in consumer confidence largely to declining unemployment and sharply lower gasoline prices.
"With more people back to work and with reduced transportation and home heating costs, people have more money to spend," Breimyer said in a statement. "Furthermore, a large majority of those we surveyed indicated that now is a good time to spend, and that drives consumer confidence."
The state's unemployment rate stands at 5.5 percent, and more than 60,000 new jobs were added last year, marking the single biggest year-to-year employment growth since 2000.
"The rise in consumer confidence is attributable primarily to a better labor market for job seekers, reflected in persistently strong net job creation and an increasing number of employees voluntarily changing jobs," said Andre Mayer, senior adviser to Associated Industries of Massachusetts.
Like Breimyer, Jon Hurst, president of the Retailers Association of Massachusetts, attributed greater consumer confidence also to lower gas prices.
"It's been a long haul — over a decade when the consumer has not been confident — but that now has turned, and that speaks well for the rest of 2015," Hurst added. "We've had a setback because of the weather, but hopefully that will turn around in the spring."
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