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Market Update
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August 2025
Architectural Billings Index: May’s 2025 national Architectural Billings Index of 47.2 was down from April’s 43.2, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Institutional and Residential all reported a decrease in design activity in May.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in May 2025, especially in the public sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that May’s three month total (3MT) construction expenditures decreased by 0.1% year on year (y/y) to 432.8 billion. On a 12MT basis, private expenditures decreased by 0.2% y/y.
March 2025
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in January 2025, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that January’s three month total (3MT) construction expenditures decreased by 2.0% year on year (y/y) to 444.1 billion. On a 12MT basis, private expenditures increased by 3.7% y/y.
U.S. Steel Capacity Utilization: The total tonnage for the week ending February 22nd was 1.659 million net tons, at a capacity utilization rate of 74.5%. The year-to-date tonnage output is 13.239 million net tons, at an average capacity utilization rate of 74.3%. In 2024, the same output total was 13.628 million net tons, at an average capacity utilization of 76.7%.
February 2025
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in December 2024, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that December’s three month total (3MT) construction expenditures decreased by 2.3% year on year (y/y) to 465.1 billion. On a 12MT basis, private expenditures increased by 3.8% y/y.
U.S. Steel Capacity Utilization: The total tonnage for the week ending January 25th was 1.641 million net tons, at a capacity utilization rate of 73.7%. The year-to-date tonnage output is 6.579 million net tons, at an average capacity utilization rate of 73.9%. In 2024, the same output total was 6.768 million net tons, at an average capacity utilization of 76.2%.