The U.S. economy is on track to grow at a 3.2 percent annualized rate in the fourth quarter after data showed construction spending reached a record high in November and stronger-than-forecast December figures on factory activity, the Atlanta Federal Reserve’s GDPNow forecast model showed on Wednesday.

The latest estimate for fourth-quarter gross domestic product growth was faster than the 2.8 percent growth rate calculated on Dec. 22, the Atlanta Fed said.