"The Atlanta Fed estimate is just one of many but you at least have an idea of where they stand today," Boockvar said.
The Atlanta Fed's projection comes following a statement by Treasury Secretary Steven Mnuchin, who said Monday it will probably take two years to get to 3 percent growth. That estimate, though, was for full-year growth.
"There's really three parts that will drive that. First, is tax reform. This will be the most sweeping tax reform we've ever had. The second part is regulatory relief. We can have sound regulations. Make sure we have proper regulations," Mnuchin said in an interview with CNBC's "Squawk Alley."
"And the third part is fair trade, renegotiating the trade deals. We think those three things together will create sustained economic growth of 3 percent or higher," Mnuchin said.
The last time the U.S. economy grew at a rate of at least 3 percent was in the third quarter of 2016. The U.S. economy has also not produced growth of more than 4 percent for a quarter since the third quarter of 2014, when the economy grew at a rate of 5 percent.
The economy has not achieved growth of more than 3 percent for any year since the last recession ended in mid-2009.
Watch: Q1 GDP up .7 percent