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.

Please note: We have adjusted our methodology to account for inflation (2017$)

Total Construction: Table 1 presents CPIP data for total construction for both 3-month total and 12-month total y/y metrics. Momentum, defined as 3MT minus 12MT, is also shown. Momentum provides market direction with green indicating stronger activity and red indicating slowing activity. Private construction accounted for 77.4% of the total three months’ expenditures ending in January, while public spending accounted for 22.6%. The private sector posted 1.8% decrease for 3MT y/y and 3.7% growth for 12MT y/y, resulting in an 5.5% decrease in momentum for the month of January.