BREAKING: US data center construction spending jumped +90% YoY in September, to a record annualized rate of $96.5 billion. This also marks the largest YoY increase in 10 years. This figure is now risen more than +60% YoY for 4 consecutive months. Since the start of 2024, data center construction spending has nearly quadrupled. Meanwhile, general office construction spending fell -8% YoY in September, to $46.0 billion, near its lowest level since January 2016. This brought the gap between data center and general office construction spending to a record $50.5 billion. Overall, US construction spending fell -1.9% MoM in September, its biggest monthly decline since April 2020. The AI infrastructure buildout is transforming the US economy.
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