Housing Recovery Strong Point of Q2 GDP
Washington, DC, Sept. 26, 2013 -- The final calculation of second quarter gross domestic product was unchanged, with the economy growing at an annual rate of 2.5%, according to the Commerce Department.
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In the first quarter, GDP increased 1.1%.
The small increase in second-quarter GDP was an increase in exports, and more significantly, a strengthening housing market. Residential fixed investment increased 14.2% in the second quarter and 12.5% in the first, a signal of greater housing construction.