📈 U.S. Data Center Construction Spending Surges with AI Demand, Remains Elevated in 2025

Fueled by the artificial intelligence boom, U.S. data center construction spending grew at a rapid 46% compound annual growth rate from May 2022 to May 2025, reaching a seasonally adjusted annual rate of $37.4 billion in May 2025. Although spending remains historically high, growth has moderated since late 2024, rising just 4.4% between October 2024 and May 2025.