Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in June 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 increased by 0.3% year on year (y/y) to 458.7 billion. On a 12MT basis, private expenditures decreased by 1.4% 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 76.7% of the total three months’ expenditures ending in June, while public spending accounted for 23.4%. The private sector posted 2.7% decrease for 3MT y/y and 1.4% decrease for 12MT y/y, resulting in an 1.3% decrease in momentum for the month of June.