Where The Boom No One Expected Gets Its Legs
The U.S. economy has been much stronger than expected in 2023. As measured by gross domestic product, the U.S. is growing even though residential housing construction, a key driver of previous U.S. expansions, has been in a slump. The expansion under way is different from previous expansions. Things are different because of pandemic-related stimulus payments to consumers and businesses and passage of legislation funding improvements to roads and bridges, and manufacturing of computer, electronics, and electrical equipment.