Construction spending placed another record in November as low interest rates powered home building. According to the Commerce Department construction rose by 1.2 percent in November to a seasonally adjusted annual rate of $934.5 billion. November is the fifth straight month that the annual rate has set a record, reflecting a building boom that many believe has been generated by the lowest interest rates in more than four decades. Economists expect construction activity to remain strong in the 2004 because they anticipate that the Federal Reserve will keep it?EUR??,,????'???s interest rate at a 45-year low [at least until midyear] in an attempt protect the current economic rebound. The November construction report showed strength across numerous categories including private and public sectors. Private construction increased by 1.2 percent to a seasonally adjusted annual rate of $710.8 billion while total public construction also set a record, increasing by 1 percent to $223.7 billion. The strength in the private sector was led by a 2 percent jump in residential construction, which moved to a new record annual rate of $495.7 billion. While mortgage rates have been slightly rising in recent months, economists are looking for home sales to slow only slightly in 2004. Commercial building activity, including shopping centers, posted a gain of 0.6 percent in November to an annual rate of $56.7 billion. The 1 percent rise in government construction reflects a 1.1 percent rise in spending by local and state governments to a record annual rate of $205.7 billion. Federal spending on construction posted an annual rate of $17.95 billion, the heartiest pace since last July.