Business fixed investment is up 9.2 percent in the first quarter of 2018, according to a National Association of Manufacturers report released Wednesday.
This was larger than the previous estimate of a 6.1 percent increase. It is the best growth rate for a quarter since 2014. The report cited GOP tax reform as a reason for this investment growth.
Structures and intellectual property were significant contributors to this investment increase, with 14.2 percent and 10.9 percent growth, respectively. Investments in equipment grew 5.5 percent. (RELATED: Brian Schatz: Tax Reform Was A Conspiracy Theory To Make People Lose Their Jobs)
This nonresidential investment directly created 1.13 percentage points of top line gross domestic product growth in the first quarter of 2018, according to the report.
Net exports are also now a positive contributor to GDP growth, creating 0.08 percentage points. Exports subtracted 1.16 percentage points in the previous quarter.
Overall, U.S. GDP grew 2.2 percent in the first quarter of 2018, and is set to grow three percent in 2018 overall.
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