UNIVERSITY OF SOUTH CAROLINA INSTITUTE FOR PUBLIC SERVICE AND POLICY RESEARCH South Carolinians Guardedly Optimistic About the Economy Columbia, SC -- As they make their way through the busy Christmas shopping season, South Carolinians are generally confident about their economic situation and about conditions in the country as a whole according to a poll recently conducted by the University of South Carolina s Institute for Public Service and Policy Research. Slightly more than half of South Carolina adults say that they are better off financially today than they were a year ago, while 27% feel they are worse off, and 20% believe things are about the same. Looking ahead, 42% think that they and their families will be better off financially a year from now, with 51% believing things will be about the same, and only seven percent feeling they will be worse off. South Carolina consumers also believe that this is a good time for people to buy many household items, such as a refrigerator or stove. More than two-thirds of respondents said that now was a good time to make such purchases, 26% thought it was a bad time, and six percent were undecided. When asked about economic conditions in the country as a whole, respondents were guardedly optimistic about the near term, but expressed more concern about the next five years. Close to half of those interviewed said that the next 12 months will be good for business conditions, while about one-third thought the next year would bring bad times. When asked to look ahead to the next five years, 37% thought this would be a period of continuous good times, 54% believed there would be widespread periods of unemployment during this period, and 10% had some other view about economic conditions in the country. There were a number of differences in opinion among groups on these questions. Men were more likely than women to feel they are better off financially today than they were a year ago and that they will be better off a year from now. Men are also more optimistic about business conditions, both in the next 12 months and the next five years. Younger people are also more likely to say they are better off than they were a year ago and will also be better off a year from now. A much higher percentage of older people, particularly those age 65 and above, feel that things have stayed the same and will continue to do so. A higher percentage of respondents with less than a high school education or from families with incomes under $25,000 said they were worse off today than a year ago, and these groups were also more likely to feel this was a bad time to buy big things for the home.
Survey Methodology These findings are based on a telephone survey of the South Carolina adult population conducted by the Institute for Public Service and Policy Research at the University of South Carolina from September 27 through November 7, 2006. A random sample of 833 adults age 18 or older from throughout the state was interviewed. In 95 of 100 cases, the statewide estimates will be accurate to plus or minus 3.5%. In addition to sampling error, there are other sources of variation inherent in public opinion studies, such as non-response, question wording, or context effects that can introduce error or bias. Results reported for subgroups have the potential for somewhat larger variation than those for the entire population. Reported percentages may not total to 100% due to rounding. Respondents to this survey were asked: We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago? Now looking ahead--do you think that a year from now you (and your family living there) will be better off financially or worse off, or just about the same as now? About the big things people buy for their homes--such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items? Now turning to business conditions in the country as a whole--do you think that during the next 12 months we'll have good times financially, or bad times, or what? Looking ahead, which would you say is more likely--that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what?
TABLE 1 We are interested in how people are getting along financially these days. Would you say that you (and your family living there) are better off or worse off financially than you were a year ago? Better Off About the Same Worse Off N TOTAL 53.1 19.8 27.1 826 Male 60.0 14.7 25.3 395 Female 46.7 24.4 28.8 430 Black 60.2 12.7 27.1 221 White 50.2 22.4 27.4 562 18-29 67.9 5.3 26.7 187 30-44 59.4 17.6 23.0 244 45-64 47.4 19.8 32.8 247 65 or Older 35.1 41.2 23.7 131 Less than High School 35.6 18.9 45.6 90 High School Diploma 57.8 16.2 26.0 277 Some College 52.9 20.4 26.7 240 College Degree 55.9 23.5 20.6 204 Less than $25,000 38.1 18.8 43.1 160 $25,000 - $49,999 50.7 16.7 32.5 209 $50,000 - $74,999 60.8 15.0 24.2 120 $75,000 and Over 69.6 18.5 12.0 184 Within City Limits 45.6 22.2 32.3 158 Suburban 58.0 21.3 20.7 300 Rural 53.4 16.9 29.8 356 Upstate 48.6 19.8 31.6 329 Midlands 58.6 18.9 22.5 285 Lowcountry 52.9 19.9 27.2 206
TABLE 2 Now looking ahead--do you think that a year from now you (and your family living there) will be better off financially or worse off, or just about the same as now? Better Off About the Same Worse Off N TOTAL 42.1 51.0 6.8 818 Male 46.7 48.2 5.1 392 Female 38.0 53.8 8.2 426 Black 52.1 43.3 4.6 217 White 38.0 54.1 7.9 560 18-29 51.1 43.5 5.4 184 30-44 58.4 38.0 3.7 245 45-64 32.0 58.7 9.3 247 65 or Older 18.8 71.9 9.4 128 Less than High School 36.4 60.2 3.4 88 High School Diploma 46.4 46.4 7.2 276 Some College 39.1 53.8 7.1 238 College Degree 43.6 50.0 6.4 202 Less than $25,000 44.9 44.9 10.1 158 $25,000 - $49,999 43.5 47.4 9.1 209 $50,000 - $74,999 45.8 48.3 5.8 120 $75,000 and Over 45.6 53.3 1.1 182 Within City Limits 43.2 51.0 5.8 155 Suburban 45.4 50.0 4.6 302 Rural 39.0 52.1 8.9 349 Upstate 47.5 46.0 6.4 326 Midlands 39.8 54.2 6.0 284 Lowcountry 36.7 54.8 8.5 199
TABLE 3 About the big things people buy for their homes--such as furniture, a refrigerator, stove, television, and things like that. Generally speaking, do you think now is a good or bad time for people to buy major household items? Good Time Pro-Con Bad Time N TOTAL 68.1 5.7 26.2 796 Male 69.7 4.7 25.6 379 Female 66.7 6.5 26.9 417 Black 60.2 3.7 36.1 216 White 71.3 6.3 22.4 540 18-29 73.6 2.2 24.2 178 30-44 66.1 8.3 25.6 242 45-64 67.4 5.0 27.7 242 65 or Older 66.9 7.4 25.6 121 Less than High School 62.1 2.3 35.6 87 High School Diploma 66.7 3.0 30.3 267 Some College 71.2 8.7 20.1 229 College Degree 69.5 7.0 23.5 200 Less than $25,000 52.3 5.3 42.4 151 $25,000 - $49,999 69.4 6.3 24.3 206 $50,000 - $74,999 78.0 3.4 18.6 118 $75,000 and Over 74.3 4.5 21.2 179 Within City Limits 70.1 6.9 22.9 144 Suburban 68.4 9.2 22.4 294 Rural 67.1 2.6 30.3 346 Upstate 67.7 7.2 25.1 319 Midlands 68.2 5.1 26.6 274 Lowcountry 68.9 3.6 27.6 196
TABLE 4 Now turning to business conditions in the country as a whole--do you think that during the next 12 months we'll have good times financially, or bad times, or what? Good Good with Bad with Bad Times Qualifications Pro-Con Qualifications Times N TOTAL: 49.5 4.5 10.1 3.4 32.5 809 Male 55.4 3.4 9.1 4.4 27.7 386 Female 44.1 5.5 10.9 2.6 37.0 422 Black 45.4 3.7 8.3 6.4 36.2 218 White 51.9 4.7 10.0 2.4 31.0 551 18 29 58.6 5.4 7.5 3.2 25.3 186 30 45 50.6 2.9 7.5 2.5 36.4 239 46 64 41.6 3.7 12.7 4.5 37.6 245 65 and Over 51.6 6.6 11.5 2.5 27.9 122 Less than High School 44.8 2.3 5.7 4.6 42.5 87 High School Diploma 49.3 4.7 7.7 5.5 32.8 274 Some College 48.1 4.7 12.4 1.7 33.0 233 College Degree 53.5 5.0 11.5 2.5 27.5 200 Under $25,000 44.8 5.2 8.4 2.6 39.0 154 $25,000-$49,999 51.9 4.4 9.2 1.9 32.5 206 $50,000-$74,999 48.3 5.1 7.6 5.9 33.1 118 $75,000 and Over 58.7 3.4 11.2 1.1 25.7 179 Within City Limits 56.2 1.3 10.5 4.6 27.5 153 Suburban 49.0 7.5 10.2 3.4 29.9 294 Rural 47.9 3.2 9.2 3.2 36.7 349 Upstate 46.6 4.7 13.0 4.0 31.7 322 Midlands 48.7 4.0 6.9 3.6 36.8 277 Lowcountry 54.7 5.4 9.4 2.5 28.1 203
TABLE 5 Looking ahead, which would you say is more likely--that in the country as a whole we'll have continuous good times during the next five years or so, or that we will have periods of widespread unemployment or depression, or what? Continuous Periods of Wide Good Times Unemp/Depression Other N TOTAL 36.8 53.6 9.6 799 Male 42.2 43.3 14.5 386 Female 31.7 63.2 5.1 413 Black 30.4 65.0 4.6 217 White 38.4 49.9 11.6 541 18-29 40.1 54.0 5.9 187 30-44 38.1 55.2 6.7 239 45-64 30.4 57.1 12.5 240 65 or Older 43.3 42.5 14.2 120 Less than High School 30.6 57.6 11.8 85 High School Diploma 33.7 60.4 5.9 270 Some College 38.0 53.0 9.0 234 College Degree 42.3 43.4 14.3 196 Less than $25,000 30.7 66.7 2.7 150 $25,000 - $49,999 34.3 56.0 9.7 207 $50,000 - $74,999 33.3 58.1 8.5 117 $75,000 and Over 48.0 39.7 12.3 179 Within City Limits 41.8 47.1 11.1 153 Suburban 40.8 46.9 12.2 294 Rural 31.3 62.0 6.7 342 Upstate 34.7 54.9 10.4 317 Midlands 38.7 52.6 8.8 274 Lowcountry 37.2 53.8 9.0 199