The old adage, "what goes up must come down," can be used to describe education construction spending in 2005. After impressive gains in expenditures during the first half of the decade, total construction spending by schools and universities pulled back from historic highs. A combination of factors, including skyrocketing fuel and building-materials costs, resulted in education institutions trimming down or even putting the brakes on projects. This article presents "American School & University's" 32nd annual Official Education Construction Report which details spending by education institutions in 2005, projected spending through 2008 and various other data. (Contains 11 tables.)