No. This is not standard German. It came up in western German dialects, spoken along the river Rhein, and therefore is called rheinische Verlaufsform or, because of the usage of the word am to build this progressive form am-Progressiv.
This grammatical feature is spreading across a wide range of Germany, but did not cover the whole Germany (as far as I know it is used very rarely in Saxony), and it did not reach Austria. (But it is used in Switzerland.)
The actual status of this feature is: regional colloquial speech. It is not part of the standardized language, but maybe it will be in the future. (Maybe in 50 or 100 years? Maybe even sooner, or even later. Nobody knows.)