Data Center Construction Spending Tracker

The GS Data Center Construction Spending Tracker notes that while near-term demand signals like backlog and project starts are surging, actual construction spending lags behind.

Key Takeaways

• 1.Data center construction indicators like backlog (+77% yoy) and starts (+92% yoy) are significantly outpacing actual spending growth (+34% yoy).
• 2.There is a widening gap between total project announcements and high-probability projects, with the latter growing at a more modest 45% yoy.
• 3.Geographic shifts are prominent, with capacity growth accelerating in Texas (+179% yoy) while slowing significantly in Virginia (+1% yoy).

Table of Contents

• AMERICAS ENGINEERING & CONSTRUCTION
• GS Data Center Construction Spending Tracker: Strong near-term demand outlook; project timing and hyperscaler capex path key
• Data center construction starts
• Data center project announcements pending construction
• Hyperscaler capex
• Disclosure Appendix
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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