­­­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.

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 77.8% of the total three months’ expenditures ending in May, while public spending accounted for 22.5%. The private sector posted 2.3% decrease for 3MT y/y and 0.2% decrease for 12MT y/y, resulting in an 2.1% decrease in momentum for the month of May.