Quarterly consumer sentiment rises in Central New York

Overall consumer sentiment increased in the Syracuse, Utica–Rome, and Binghamton areas in the second quarter of 2013, according to the latest quarterly survey of nine metropolitan statistical areas (MSAs) of the state by the Siena (College) Research Institute (SRI) released today.

The consumer-sentiment figure rose in all metro areas outside New York City, where quarterly sentiment dipped nearly two points but, at 80.5, remained the highest in the state in the second quarter, according to SRI.

Consumer sentiment in the Syracuse area increased 5.4 points to 77, which was second only to New York City during the second quarter.

The sentiment figure in the Utica–Rome area rose 7.6 points during the second quarter, representing the biggest increase among the nine metro areas during the quarter.  But the sentiment figure of 68.2 ranks eighth among the state’s nine MSAs in the quarter, according to SRI.

Consumer sentiment in the Binghamton area came in at 67.9, the lowest among the New York MSAs, though up 1.5 points during the quarter.

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.

All areas of the state outside of New York City recorded gains in consumer sentiment during the second quarter, with Utica rising nearly eight points and both Syracuse and Albany entering into positive territory, Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in a news release.

“Sentiment in New York City dropped for the second consecutive quarter but remains above breakeven and atop the statewide standings. Consumers remain skeptical about the future as in nearly every area of the state, current confidence is higher than is the future outlook. Plans to purchase major-consumer goods tended to strengthen this quarter with increasing spending projections outpacing contractions at nearly a two-to-one rate,” Lonnstrom said.

SRI conducted the quarterly consumer-sentiment survey by random telephone calls to more than 400 respondents over the age of 18 in all of the MSAs, except for New York City and Long Island, which are based on an average of SRI’s monthly consumer-confidence surveys.

Contact Reinhardt at ereinhardt@cnybj.com