What our latest Business Spending Report reveals about U.S. economic resilience
There’s a saying bridge engineers use: we bend so we don’t break.
When you build for constant pressure, you build in flex — something that can take what the world throws at it. That’s how I feel about the U.S. economy right now. It’s carrying a lot of weight in the face of AI bubble fears and sweeping tariffs, but it continues to hold, adapt, and rebalance.
In our latest Fall Business Spending Report, we analyzed billions of anonymized transactions from more than 45,000 businesses using Ramp. The data paints a picture of where corporate spend is growing, where it’s pulling back, and what those shifts say about the economy’s resilience.
The AI question everyone's asking
Is AI delivering the results to justify the massive buzz and investment
Ramp data shows AI adoption is accelerating in unexpected places. The fastest growth isn't coming from Silicon Valley startups. It's happening in industries perceived as slow to adopt new technology like manufacturing, construction, and health care. Healthcare companies, in particular, are increasing their AI and software spend faster than any other category.
At the same time, retention rates are climbing. As the product ecosystem matures, businesses are identifying the tools they actually need and sticking with them.
Tariff impacts remain concentrated in select sectors so far
Tariffs have dominated headlines, but the data shows a substantial lag between announcement and effect. While the share of transactions including tariffs continues to increase, we see no decline in aggregate business spend.
The impact has been concentrated in specific sectors, but most fears of a recession have subsided. Businesses report significant operational disruptions, and the majority of businesses we’ve spoken to are responding with a combination of price increases and supplier changes to low-tariff nations.
What makes our data different
Our spending report reveals what businesses are actually spending on before these transactions even register with the Fed or Bureau of Labor Statistics. That means we have a granular, real-time view of how each sector reacts to macroeconomic forces.
Things are not perfect. Prices are still high in places they shouldn't be. Some firms are pulling back. Parts of the economy are hurting more than others.
But broadly, American businesses are proving they know how to flex under pressure.
Read our full report for comprehensive sector-by-sector analysis and deeper insights into how businesses are navigating the current environment
