Construction spending vaulted an estimated 0.9% to a seasonally-adjusted annual rate of$922 billion in October, a record high that indicates that the stabilizing economy is here for an extended visit.

Spending estimates reported by the U.S. Census Bureau surpassed econmists' forecasts that construction spending would rise 0.6% from September's revised estimate of $913.5 billion.

In the government report, record levels of construction were outlined in both private residential spending and large governmental public works spending. Keeping in line with its recent trend of helping to bolster the economy, private residential construction spending bounced up to $697.4 billion in October. This is 0.8% above the revised September estimate of $691.5 billion, and is the highest level on record.

Relatively-low mortgage rates have helped fuel the buying frenzy of new residential homes. Mortgage rates reached a 40-year low this summer, and the thirty-year, fixed mortgage rate was reported as 5.95% by Freddie Mac in October.

Public conservation and development spending jumped 10.5% to $4.07 billion in October, and transportation spending rose 4.1% to $18.8 billion. However, spending in manufacturing dropped 7.4%, and spending on power lowered 6.7% during the period.

The Federal Reserve is expected to maintain a short-term interest rate of 1%, a record 45-year low, at it's December ninth meeting. This indicates that low mortgage rates will be available to buyers for a while, encouraging an already-strong market to continue holding up the economy.