We have measured the relaxation time, T1, of the spin of a single electron confined in a semiconductor quantum dot (a proposed quantum bit). In a magnetic field, applied parallel to the two-dimensional electron gas in which the quantum dot is defined, Zeeman splitting of the orbital states is directly observed by measurements of electron transport through the dot. By applying short voltage pulses, we can populate the excited spin state with one electron and monitor relaxation of the spin. We find a lower bound on T1 of 50 micros at 7.5 T, only limited by our signal-to-noise ratio. A continuous measurement of the charge on the dot has no observable effect on the spin relaxation.