The Conference Board, a non-profit business membership and research association, announced on Tuesday that consumer confidence is at its highest level since November 2000.
The consumer confidence index is currently at 130.8, up from 124.3 in January, the Associated Press reports.
Contributing to the rise in confidence is a strong job market, which is exhibited in part by a 17-year low 4.1 percent unemployment rate.
Republican passed taxed reform is another potential contributor to consumer confidence, Fox News noted. "As people slowly absorb the details of the tax reform package, opinion polls suggest that it is becoming significantly more popular," Stephen Stanley, chief economist at Amherst Pierpont Securities, wrote in a research note.
The Conference Board's economic indicators director, Lynn Franco, said the confidence is expected to continue in the future.
"Overall, consumers remain quite confident that the economy will continue expanding at a strong pace in the months ahead," Franco said.