The American economy is healthy according to a recent gross domestic product report, with the GDP growing by 4.1 percent in the second quarter. 

President Donald Trump attributes the new numbers to tax cuts, increased government spending and trade deals adopted by his administration.

But, Western New York economist Fred Floss said the numbers are not adding up locally.

"We're starting to see a slump in the housing market to the extent that in Western New York. We've seen a lot of condos,” said Floss. “Particularly high-end condos being put on the market. With higher interest rates it’s going to be more expensive to buy them. So I would expect to see the pace of purchase of those condos go down."

Floss says that while the economy is growing fast today, there is risk that lower growth will happen in the future as a result of government deficits.