Overall consumer sentiment fell in the Syracuse, Utica–Rome, and Binghamton areas in the fourth quarter of 2013, according to the latest quarterly survey of nine metropolitan statistical areas (MSAs) of the state that the Siena (College) Research Institute (SRI) issued today.
The consumer-sentiment figure declined in all metro areas except Long Island, where quarterly sentiment inched up 0.7 points to an index level of 72, which ranked it second among the nine MSAs measured behind New York City at 75.4.
The index level in New York City fell 4.2 points, according to SRI.
Consumer sentiment in the Syracuse area decreased 2 points to 71.6, which ranked it third behind Long Island among the MSAs measured in the fourth quarter.
The sentiment figure in the Utica–Rome area slipped 0.3 points during the fourth quarter to an index level of 63.1, a sentiment figure that ranks eighth among the state’s nine MSAs in the quarter, according to SRI.
Consumer sentiment in the Binghamton area fell 4.5 points to 61.9, the lowest among the New York MSAs.
An MSA is a core, urbanized area of 50,000 or more people plus adjacent counties with strong social or economic ties, as measured by commuting patterns, according to SRI.
Consumers aren’t starting 2014 on a “hopeful” note in New York, Donald Levy, SRI director, said in a news release.
“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,” Levy said.
SRI made random telephone calls to adults over the age of 18 to conduct the survey. The New York City and Long Island indexes are based on an average of SRI’s monthly consumer-sentiment surveys. The other metro-area indexes are based on more than 400 respondents.
Contact Reinhardt at ereinhardt@cnybj.com
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