Google has incorporated site speed as one of the factors for determining search rankings.
On the official blog if you read they say that this is not effecting majority of us.
Currently, fewer than 1% of search queries are affected by the site speed signal in our implementation and the signal for site speed only applies for visitors searching in English on Google.com at this point. We launched this change a few weeks back after rigorous testing. If you haven’t seen much change to your site rankings, then this site speed change possibly did not impact your site.
But does that mean you will not see the impact? I am sure you will as the factor of site speed increases its influence on the search rankings.
So have you done anything for it yet? It’s time for action. Stop working on getting crappy links and start working on your pages to get it rendered faster.
Check out my Article on 15 Ways to Speed up your Web Pages
Further Reading …