KEY POINTS
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ConstructConnect reported that 22 data center projects broke ground in November 2025, with total starts spending exceeding $9.8 billion.
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Initial November results indicate a year-to-date (YTD) total spending of $53.7 billion, representing a 138.6% increase over the same period in 2024.
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Data center costs have surged over the past year on both a cost-per-center and cost-per-square-foot basis, with the average data center costing $597 million and $960 per square foot in the 12 months through November 2025.
This exclusive data center report was prepared by ConstructConnect Chief Economist, Michael Guckes, and Associate Economist, Devin Bell.
Data Center Construction Starts Spending
ConstructConnect reported that 22 data center projects broke ground in November 2025, with total starts spending exceeding $9.8 billion.
Project count declined slightly from 23 starts in November 2024, but the current month’s spending was nearly four times greater than the prior year’s total of $2.6 billion.
Chart of monthly average data center construction starts spending through November 2025. The line shown represents a 12-month moving average, in billions of dollars. Image and Data: ConstructConnect
Initial November 2025 results indicate a year-to-date (YTD) total spending of $53.7 billion, representing a 138.6% increase over the same period in 2024.
Although ConstructConnect has yet to finalize its December and full-year results, early indications suggest total 2025 spending will almost certainly exceed $60 billion.
The Data Center sector’s expansion has been extraordinary from a long-term perspective as well. Assuming full-year 2025 starts of at least $60 billion, this would result in a 4-year compounded annual growth rate (CAGR) of 98%.
In short, this represents a doubling of starts every year since 2021.
Data Center Costs
Data center costs have surged over the past year on both a cost-per-center and cost per-square-foot basis.
In the 12 months through November 2025, the average data center cost was $597 million, with an average cost per square foot of $960. (Based on all projects with a square footage of more than 2,000 square feet).
For reference, the comparable results from a year ago were $374 million at $534 per square foot.
Although headlines have given great attention to dollar spending, the industry has actually trended toward slightly physically smaller centers over the past year, from an average size of 660,000 square feet a year ago to 623,000 square feet.
(Figures represent 12-month moving averages for all projects with a known square footage of over 2,000 square feet in size.)
Data Center Spending by Geography
While data center projects have broken ground across most of the country year-to-date, the vast majority of investment has concentrated in just a handful of states.
The top 5 states for data center construction starts spending YTD are Louisiana, Texas, Virginia, Mississippi, and Pennsylvania.
Together, these five states have seen nearly $40 billion in starts from January to November 2025, representing over 74% of total YTD data center spending.
This map shows US Data Center construction starts spending in billions of dollars for the trailing 12-month period through November 2025. Image and data powered by ConstructConnect Project Intelligence
Planned Data Center Starts for the Next 6 Months
ConstructConnect Project Intelligence (CCPI) is tracking 65 Data Center projects, worth a total of $69.2 billion, that have potential start dates in the next six months. It is worth noting that these projects are in various stages of preconstruction with no guarantee of breaking ground.
Should a significant portion of these projects achieve their currently anticipated start dates, then 2026 starts spending will significantly outpace 2025’s record spending levels.
Based on ConstructConnect’s Project Intelligence database of projects in preconstruction, the trend of fewer but more expensive data centers is likely to persist.
Presently, ConstructConnect is tracking 17 near-term megaprojects with values in excess of $1 billion, making up nearly 93% of the total project value for planned developments.
Additionally, geographic concentration remains evident among planned projects, with 80% of the potential starts spending occurring in just five states, including North Carolina, Pennsylvania, Texas, Virginia, and Illinois.
This map displays the regional distribution of total potential data center construction start values across the four US census regions over the next 6 months. Image and Data powered by ConstructConnect Project Intelligence
The limited number of high-value projects on the horizon also limits the level of participation among today’s construction firms. Given their tremendous size and complexity, data center opportunities are generally limited to only the largest and most capable construction firms.
This concentration limits opportunities for the broader construction industry, with many firms likely being excluded from participating in the boom despite massive headline investment figures.
Near-Term Energy Projects
Power infrastructure constraints represent a critical factor for continued data center expansion. ConstructConnect projects power infrastructure spending to reach $27.8 billion in 2026, rebounding from a lackluster 2025 reading of just $16.5 billion.
The pace of new power generation capacity will potentially restrain future data center development unless new sources of power, including off-grid and privately developed power generation, can be found to quickly fill the expected gap between total power demand and the amount of power available to the public through government regulators.
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About ConstructConnect
At ConstructConnect, our software solutions provide the information that construction professionals need to start every project on a solid foundation. For more than 100 years, our keen insights and market intelligence have empowered commercial firms, building product manufacturers, trade contractors, and architects to make data-driven decisions, streamline preconstruction workflows, and maximize their productivity. Our newest offerings—including our comprehensive, AI-assisted software—help our clients find, bid on, and win more projects.
ConstructConnect operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000.
For more information, visit constructconnect.com
