­­­Construction Put-in-Place, (CPIP):

Total U.S. construction spending continued to perform well in July 2025, especially in the public sector.

Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that July’s three month total (3MT) construction expenditures decreased by 1.2% year on year (y/y) to 476.9 billion. On a 12MT basis, private expenditures decreased by 2.5% 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 75.6% of the total three months’ expenditures ending in July, while public spending accounted for 24.4%.

The private sector posted 4.7% decrease for 3MT y/y and 2.5% decrease for 12MT y/y, resulting in an 2.2% decrease in momentum for the month of July.