President Trump told supporters on Thursday that strong economic growth under his administration will help Republicans "win a lot of elections" later this year.

Speaking to factory workers at an equipment company near Pittsburgh, Pa., the president said deregulation and the GOP tax reform bill create a deadly combination for vulnerable Democrats facing tough re-election challenges in the fall.

"We have created 2.2 million jobs since the election. The unemployment rate is now at an 18-year low. The number of Americans applying for unemployment benefits just hit a 45-year low," Trump said. "African American unemployment is at the lowest level in 17 years. Hispanic American unemployment has hit all-time lows. Pensions and retirement accounts are surging."

"In Pennsylvania alone, families will see a tax cut of about $11 million just this year alone," he continued.

"If we keep it up like this, we're going to win a lot of elections," Trump predicted, drawing massive applause from the crowd. "'It's the economy stupid,' you ever hear that one?"

Trump was referring to a phrase coined by Clinton campaign strategist James Carville, who encouraged Bill Clinton to tie President George H.W. Bush to the recession in 1992 when he was running to unseat him.

During the event in Pennsylvania's 18th Congressional District, where Democrats hope to defeat GOP candidate Rick Saccone in a March special election, Trump said the stock market boom, in addition to various companies offering one-time bonuses to their workers or building new factories in the U.S., proves that "America is back and we're back bigger and better and stronger."

"I just called Tim Cook and I thanked him," the president said of Apple's CEO, who announced a $350 billion investment in the U.S. on Wednesday. "I don't imagine there's ever been a bigger investment in our country."