Each quarter, we look at corporate spending trends based on billions of aggregated, anonymized transactions from over 40,000 businesses using Ramp Bill Pay and corporate cards. The Summer 2025 Ramp Business Spending Report, available now, examines how AI and macro headwinds are shaping different sectors of the economy.
The summer 2025 report introduces our brand-new flagship dataset: Nowcast, a pulse on American enterprise. The Ramp Business Spending Nowcast is a comprehensive, sector-by-sector view of U.S. business spend in real time. Nowcast shows what businesses are spending on, unlike other public datasets, which are limited to aggregate spend.
This edition also features the latest results from The Ramp AI Index, which tracks AI adoption trends among U.S. businesses.
Here's what we discovered in Q2:
- Core sectors like construction and manufacturing, both vital to national security, slowed spend as businesses await clarity on trade policies.
- Manufacturing and wholesale businesses pulled up spend, trying to get ahead of impending import tariffs.
- Spending in the technology sector grew quickly, but AI adoption among U.S. businesses plateaued after a period of hypergrowth—raising questions about future funding in the space.
Our data is different
When we launched the Ramp Economics Lab, our mission was to turn Ramp data into insights that help businesses, policymakers, and the public make better decisions. We knew there was no comprehensive dataset tracking real-time U.S. business spend, despite its size and status as a leading indicator of recessions and other economic trends. We knew Ramp data could fill that gap.
We have one of the most differentiated datasets in corporate America. We can spot trends before they even register with the Fed or Bureau of Labor Statistics. We can detect a slowdown before it appears in GDP, watch ad budgets tighten after a rate hike, see wholesalers shore up inventories ahead of tariffs, and track manufacturing capital expenditures in response to policy shifts. We can see where partnerships between the public and private sectors are necessary.
Dig into the numbers by downloading the full report.
“I assumed I would have to choose between speed and control. What I found is that you can have both. A well-designed system takes friction out, for the finance function and for everyone else.”
Justin Webster
CFO, Denver Broncos
“A well-run district should not have to choose between getting work done at the school site and keeping control of the dollars behind it. We're not hiring more people to do more jobs, so we have to be smarter about the process. With Ramp, the purchase, the receipt, and the record stay together from the start. ”
Nick Brizeno
Director of Purchasing, San Marcos Unified School District
“AI is moving faster than the finance context around it. Prices change, models change, and the value is not always obvious from an invoice. We needed enough detail to know which bets deserved more investment — and which ones did not.”
Greg Cooley
Controller, AngelList
“Invoices, cards, tokens. The categories change but the principle doesn't: know where the money is going, remove the work around it, and make sure the spend is worth it.”
Maciej Mylik. Finance
ElevenLabs
“There's just no surprises anymore. No more waiting two months to find out how a job did. We know how it's doing as it's happening.”
Erich Kuss
Financial Systems Manager, Infinity Home Services
“More token spend isn’t proof that AI is working. Less isn’t proof that it isn’t. What matters is whether we’re buying the right level of intelligence for the work. Ramp lets us make that judgment in the same place we manage every other type of spend.”
Cody Nutt
Senior Director of Business Systems, Daxko
“Most banks treat the back office as a cost to keep down. We treat ours as a return to compound, which is why we run it on Ramp. Now we put our clients on Ramp, too.”
Patrick Gaughen
President & COO, Hingham Institution for Savings
“Browserbase builds infrastructure so AI agents can do real work. Ramp is doing the same for finance. It’s not another tool. It’s a system purpose-built for AI-driven finance, and that’s why we chose Ramp as our financial operating system from day one.”
Paul Klein IV
Founder & CEO, Browserbase
