Manufacturing in the United States grew in February at the fastest pace in almost seven years, according to Bloomberg.

The Institute for Supply Management’s (ISM) factory index increased to 61.4, the highest level since May 2004. Readings above 50 signal growth. The U.S. index was better than similar measures released in Europe and Asia.

“Manufacturing is booming,” said Dean Maki, chief U.S. economist at Barclays Capital Inc. in New York, in an interview with Bloomberg. “Corporate profits continue to grow at a rapid pace, and that is providing significant fuel for gains in business investment.”

The ISM’s employment measure also reached a 38-year high, according to today’s report. Exports accelerated at the fastest pace since December 1988, and the gauge of prices paid increased to a seven-year high.

Employment increased by 190,000 workers last month, the most since May 2010, up from a 36,000 gain in January.