The U.S. Department of Commerce announced today that the real GDP increased 3.2 percent in fourth quarter of 2010, up from 2.6 percent in the third quarter. It's an increase, but economic experts were expecting a stronger showing.
Expectations aside, Gary Locke, secretary for the U.S. Commerce, says the report is a good sign.
"There is no doubt that America's economy is stronger today than it was two years ago when President Obama took office; today's GDP number is yet another strong indication of that," said Locke.
According to the World Bank, the U.S. GDP - a measurement of the worth of all goods and services produced in a country - is $14 trillion. The National Association of Home Builders says the housing market contributes to the country's GDP through private residential investment and consumption spending on housing services. Private residential investment is an umbrella term for the resources it takes to get a home constructed; consumption spending is measured through rental and utility payments made by the homeowner.
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