Data center construction spending jumped 64.5% in a year

According to Harvard Kennedy School economist Jason Furman, US data center construction grew 64.5% over the past year while nearly every other construction category shrank. Energy infrastructure grew just 4.1%, multifamily housing fell 5.6%, and manufacturing dropped nearly 24%.

• Data center construction grew 64.5% over the past year
• Energy infrastructure grew 4.1% to meet electricity demand
• Multifamily housing fell 5.6%; healthcare and retail both dropped 10.1%
• Manufacturing construction shrank nearly 24% from 2025 to 2026