While the recovery began under Barack Obama, Trump is reaping the political dividend.
A Gallup poll released in late January found that Americans’ confidence in the economy is higher than at any point in about two decades.
Almost 60 per cent of Americans said they were better off financially than they were a year ago – an all-time high.
And 63 per cent of Americans approve of the way Trump is handling the economy, the highest level since 2001.
So it was no surprise this week that Trump made the economy the centrepiece of his State of the Union address as 38 million Americans watched on television.
“From the instant I took office, I moved rapidly to revive the United States economy – slashing a record number of job-killing regulations, enacting historic and record-setting tax cuts, and fighting for fair and reciprocal trade agreements,” Trump said.
“Since my election, the net worth of the bottom half of wage-earners has increased by 47 per cent — three times faster than the increase for the top 1 percent … This is a blue-collar boom.”
Last year, as the US and China, escalated their trade war, there were fears it would spark a recession.
Now, after the superpowers signed a “phase one” deal, no-one in the US is seriously talking about the “r word” any more.
If the economy is the ace in Trump’s hand, close behind is voter enthusiasm.
An Associated Press poll released last week found that 43 per cent of Republicans were excited about the upcoming election – a 10-point increase from October.
That period coincides precisely with the impeachment push against Trump, which Republicans overwhelmingly saw as a politically-motivated attempt to undo the results of the 2016 election.
Already beloved by his party’s base, impeachment bonded conservatives and Trump even closer together.
Trump’s re-election campaign and the Republican National Committee reported a combined $US155 million ($230 million) in donations in the most recent quarter – up $US25 million on the previous one.
Republicans were 10 points more likely to say they feel excited about the election than Democrats, who report feeling extremely frustrated and anxious about their prospects in November.
The latest Gallup poll, released this week, shows 49 per cent of Americans approve of the job Trump is doing.
This is the highest since he took office and up nine points since House Speaker Nancy Pelosi announced the impeachment investigation.
Unless the US economy surprisingly tanks in coming months, Democrats can only hope that their voters’ enthusiasm surges in the lead-up to election day.
First they will have to unify behind a viable candidate, and that day seems far away.
Matthew Knott is North America correspondent for The Sydney Morning Herald and The Age.