Consumer Confidence on the Rise

The Conference Board, a private research group, said consumer confidence rose in February to its highest level in more than five years while the Commerce Department reported demand for big-ticket manufactured goods fell by a sharper-than-expected 7.8 percent in January, the biggest drop in three months.

The New York-based Conference Board said its confidence index increased to 112.5 this month, a bigger than expected rise from a February reading of 110.2. The gain reflected increased optimism about jobs and business prospects.

This is good news for real estate in general. With an increase in consumer confidence should come a gradual increase in consumer spending on larger items such as cars and homes, second properties, etc. The impact on Memphis real estate due primarily on the increase in consumer confidence will be minimal in the short term, but definitely won't hurt.

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