S&P Global Says Data Center Investments Drive 80% of U.S. Private Demand Growth

Nov 10, 2025
S&P Global reports that data center and AI-related investments accounted for 80% of U.S. private domestic demand growth in the first half of 2025, highlighting the sector’s increasing macroeconomic impact.

S&P Global announced in a press release that data center and AI-related investments accounted for 80% of U.S. private domestic demand growth in the first half of 2025. The research attributes this growth to spending on data center and power construction, information processing equipment, software, and research and development.

The report indicates that the U.S. leads globally in data center capacity, holding over 40% of the total, a share expected to rise. Despite higher borrowing costs and policy uncertainty affecting other sectors, business investment in AI-related infrastructure continues to expand, offsetting broader economic weakness.

According to Paul Gruenwald, Global Chief Economist at S&P Global Ratings, these investments represent a shift in how technology companies allocate capital, increasingly resembling traditional manufacturing in scale and intensity. The findings are part of S&P Global’s upcoming research journal, Look Forward: Data Center Frontiers, set for publication in December 2025.

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