U. S. Congressman Erik Paulsen (R-MN), Chairman of the Joint Economic Committee, issued the following statement on the Bureau of Economic Analysis (BEA) advanced estimate of 2017 GDP growth:

“The growth trajectory of the U.S. economy pivoted upward in 2017 and far outpaced 2016 growth, both for the year and in each quarter. Annual GDP growth accelerated to 2.3 percent in 2017, which is up from 1.5 percent in 2016.  Additionally, GDP grew faster in each quarter of 2017 than the year before, by anywhere from 0.4 to 0.9 percentage points. Among the encouraging signs is that business investment in equipment and structures has picked up significantly, which reverses the decline of 2016.

“It is also notable that these improvements occurred prior to the implementation of the Tax Cuts and Jobs Act, which reformed the tax code for the first time in 31 years. This bodes well for a further strengthening of the economy going forward. Our improved tax code and smarter regulation will help American businesses and workers to compete internationally, increasing job opportunities and incomes at home.”