Today, the Bureau of Economic Analysis (BEA) released their first "estimate" of the Q1 2011 GDP report showing that the economy continued to expand with real GDP increasing at an annualized rate of 1.8% from Q4 2010.
On a year-over-year basis real GDP increased 2.28% while the quarter-to-quarter non-annualized percent change was 0.43%.
The latest report reveals an notable decline in non-residential fixed investment with non-residential structures declining at a rate of 21.7% from the fourth quarter 2010 while residential fixed investment also declined falling at a rate of 4.1% over the same period.
Note that the administration (and the BEA) have yet to take down their estimates for Q2 residential fixed investment which still sits at the lofty level of a supposed 25.7% quarter-to-quarter change... not likely.... look for that figure to be revised down in coming releases impacting the anemic "final" Q2 2010 results.
Government expenditures declined notably with the national defense component declining at a rate of 11.7% from the fourth quarter 2010 and shaving 1.09% from overall GDP.