US real gross domestic product grew at an annual rate of 3.0% in the third quarter, according to the “advance” estimate of GDP growth released today by the US Commerce Department. In the first quarter, real GDP advanced 3.1%.

This is the first time the economy has grown at or above a 3% annual rate for two consecutive quarters since the middle of 2014, Brian Schaitkin, senior economist at The Conference Board, wrote in a statement. Investment and trade data suggest that the US economy is “well equipped” to ride momentum from 2017 to growth of nearly 2.5% for 2018.

“Consumer spending continued to grow at a solid pace despite some economic disruptions caused by Hurricanes Harvey and Irma,” Schaitkin wrote. “Strong September auto sales numbers indicate that these disruptions may be temporary and could lead to strong spending during the fourth quarter. Residential investment continued to retreat, but the process of post-storm rebuilding in Texas and Florida could help drive a recovery in next quarter and into 2018.”