The Gross Domestic Product (GDP) for this first quarter grew at a rate of 3.2%.  The GDP is our nation's report card and shows if we growing or shrinking.  This is the third straight GDP report that is in positive territory.

The report showed that consumer spending accelerated at a 3.6% rate which was double the 1.6% pace in the 4th quarter of last year.  Consumer spending makes up approximately 70% of U.S. economic activity, and it added 2.55 percentage points to GDP last quarter.  That is the biggest percentage contribution since 2006.

Manufacturing also continued to show growth as businesses continue to rebuild low inventory levels.  This generally leads to job growth which, is the precursor to increased housing demand.