US data center construction spending hits record $85 billion annual pace

Private data center construction spending in the US jumped 73% year over year, from $49.05 billion to $84.95 billion, according to Census Bureau data for August. It is a record annual pace and the fastest growth since April 2025's +88.2%.

• Spending up 73% YoY, from $49.05 billion to $84.95 billion
• Data centers now 63% of all private office construction, up from 47% a year earlier
• Gap with general offices ($45.8 billion) hit $39.1 billion, widest since 2014
• Data centers accounted for $5.9 billion of the $8.0 billion monthly gain (74%)