Bolstered by robust spending among consumers and businesses alike, economic output rose at an annual rate of 5 percent during the summer months, the Commerce Department said Tuesday, a sharp revision from its earlier estimate of 3.9 percent.
The advance followed a second quarter where growth reached a rate of 4.6 percent after a decline last winter that was exacerbated by particularly harsh weather.
So the economy is looking good over the summer – and hopefully continuing strong into Q4. We saw evidence of the strong economy in that our customers were so busy in 2014 it was difficult to shift attention toward 2015 until later in the year. The end of year workload was definitely higher than usual this year, as Fortune 500 companies place their bets for a robust 2015. And most of this growth happened before gas and oil prices plunged, which should help goose the fourth quarter results.
We started BP3 just as the economy was peaking, in 2007. The crash was harsh and fast in 2008. And it has been a long road back for the economy ever since – but I think 2014 will be the year that goes down as the year we left the recession out of our collective consciousness and focused on the future. By most metrics that matters, the economy is now healthier and bigger than it was before the recession. Even the stubbornly difficult measures like the number of long-term unemployed, are gradually coming downward.
Building BP3 through these difficult economic times, has, if anything, just heightened our appreciation for the successes that have come our way. It is really gratifying to see so many businesses large and small participating in the recovery and growth -and to see so many individual people participating as well. In Austin, we have a front row seat to the recovery and expansion, and I feel really fortunate to be participating.