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.
“We're accountable to our funders, our partners, and the families we serve. That accountability starts with how we manage every dollar. Ramp makes it easy for our team to spend wisely, track in real time, and keep overhead low so more resources reach the families navigating infertility.”
Rachel Fruchtman
CFO, Jewish Fertility Foundation
“Each member of our team has an outsized impact due to our focus on using high-leverage tools like Ramp.”
Lauren Feeney
Controller, Perplexity
“With Ramp, we haven’t had to add accounting headcount to keep up with growth. The biggest takeaway is that instead of hiring our way through it, we fixed the workflow so we can keep supporting the organization as we scale.”
Melissa M.
VP of Accounting at Brandt Information Services
“In the public sector, every hour and every dollar belongs to the taxpayer. We can't afford to waste either. Ramp ensures we don't.”
Carly Ching
Finance Specialist, City of Ketchum
“Compared to our previous vendor, Ramp gave us true transaction-level granularity, making it possible for me to audit thousands of transactions in record time.”
Lisa Norris
Director of Compliance & Privacy Officer, ABB Optical
“We chose Ramp because it replaced several disparate tools with one platform our teams actually use—if it’s not in Ramp, it’s not getting paid.”
Michael Bohn
Head of Business Operations, Foursquare
“Ramp gives us one structured intake, one set of guardrails, and clean data end‑to‑end— that’s how we save 20 hours/month and buy back days at close.”
David Eckstein
CFO, Vanta
“Ramp is the only vendor that can service all of our employees across the globe in one unified system. They handle multiple currencies seamlessly, integrate with all of our accounting systems, and thanks to their customizable card and policy controls, we're compliant worldwide. ”
Brandon Zell
Chief Accounting Officer, Notion
