Acceleration in data center (real-estate) development through 2024 and 2025.

From Paul Kedrosky:

"Data center construction spending passed office spending for the first time in December 2025, crossing at roughly $3.5B monthly.

Office construction has fallen ~35% from its 2020 peak. Data center spend is up 5x since 2020, with the curve steepening sharply in late 2024.

The Census figures exclude racks and servers, so this is structural construction only, making the crossover a measure of physical footprint, not equipment spend."