Utah’s thriving housing market has given consumers the push they need to spend more money. In March, the Zions Bank Utah Consumer Attitude Index rose by 9.6, a change that suggests Utah residents have more confidence in their economy than most Americans. In comparison, the national Consumer Confidence Index rose by 2.2 points in March.
“The access to mortgages and growth we’re seeing in the home market is definitely driving people’s confidence,” Zions Bank economic advisor explained. “Most people’s biggest investment is their home. If they see their home appreciating, their confidence grows.”
The Zions Bank Utah Consumer Attitude Index is taken from a sample of 500 households. Every month, the Cicero Group conducts the survey and has a confidence interval of 4.4 percent (plus or minus) at a 95 percent confidence level. The final data is compared with local and national data to monitor state trends.
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This news summary contains excerpts from the Deseret News article dated March 29, 2016.