US data center construction jumped +18.5% YoY in October 2025, to a record $42 billion annualized rate.

This is just $3 billion below the $45 billion spent on office buildings.

This comes as spending on data centers has TRIPLED since the ChatGPT launch in November 2022.

Over the same period, office building construction has declined -40%.

At this rate, data center construction will surpass office building construction levels as early as this year.

AI is redefining the US economy.