2025 Highlights (Strongest Year on Record)Total U.S. data center construction spending: Surpassed 52 to 60 billion dollars in 2025, with full year results reaching around 77.7 billion dollars.
Year to date through November 2025: 53.7 billion dollars a 138.6 percent increase over the same period in 2024.
Private sector spending reached 41.1 billion dollars in 2025 (up dramatically from just 1.8 billion dollars in 2014).
Compounded annual growth rate (CAGR) from 2021 to 2025: 98 percent.
Recent Momentum into 2026In November 2025 alone: 22 projects broke ground with 9.8 billion dollars in spending.
Early 2026 monthly figures show continued strong activity (e.g., over 25 billion dollars reported in January across 20 sites).
Broader Market ContextU.S. data center construction market size: Valued at roughly 14 to 96 billion dollars in 2025 depending on scope (core construction vs broader including equipment/power), projected to grow at 7.5 to 11 percent CAGR through the early 2030s.
Hyperscalers (Amazon, Microsoft, Google, Meta, etc.) dominate, accounting for the majority of spending and driving higher density AI facilities.
Construction costs per MW have risen to around 10.7 to 11.3 million dollars globally (with U.S. trends similar), up about 7 percent CAGR since 2020.
Data centers are on track to overtake office construction spending in the U.S. in 2026.
Drivers & Future Outlook
Explosive AI demand is the main catalyst, hyperscalers plan hundreds of billions in combined capex.
Power demand from U.S. data centers is projected to grow dramatically (potentially 2x or more by 2027 to 2030).
Under construction capacity in the U.S. leads globally (around 15 to 17 GW of the world’s total).