September 2026 Data Center Report: Year-to-Date Spending Nearly Three Times a Year Ago

KEY POINTS

• July 2026 Data Center spending totaled $2.7 billion across 23 projects, lifting the year-to-date (YTD) project count to 136. 

• Year-to-date Data Center starts total $84.1 billion, nearly three times the spending level of a year ago. This total also represents nearly one-quarter of total Nonresidential Building (NRB) construction for 2026.

• Data Centers are rising in cost faster than they are growing in size, pushing cost per square foot sharply higher. 

This exclusive data center report was prepared by ConstructConnect Chief Economist, Michael Guckes, and Associate Economist, Devin Bell.

Data Center Construction Spending

July 2026 Data Center spending totaled $2.7 billion across 23 projects, lifting the year-to-date (YTD) project count to 136.

The month's largest project, the $1.5 billion CyrusOne Data Center Campus in Texas, pushed the state's 2026 Data Center starts to $9.9 billion year-to-date, enough to rank Texas 5th nationally this year.

Year-to-date Data Center starts total $84.1 billion, nearly three times the spending level of a year ago. This total also represents nearly one-quarter of total Nonresidential Building (NRB) construction for the year, down from close to 30% of total NRB construction a year ago.

Nonresidential Building covers structures such as Offices, including Data Centers, Schools, Hospitals, and Manufacturing plants.

Year-to-date Data Center starts total $84.1 billion through July 2026. This total also represents nearly one-quarter of total Nonresidential Building (NRB) construction for the year, down from close to 30% of total NRB construction a year ago. Image and Data: ConstructConnect 

Construction Costs are Rising 

Data Centers are rising in cost faster than they are growing in size, pushing cost per square foot sharply higher. Among YTD Data Centers with known prices and square footages, the average project cost $1.06 billion and consumes 701,000 square feet, compared with $352.8 million and 454,400 square feet in 2025.

That faster rise in price relative to size pushed the average cost per square foot to $818.20, 57% above the comparable 2025 figure. Individual project costs still range widely, from less than $300 to more than $2,200 per square foot, depending on the specifics of a given project.

Year-to-date Data Center starts total $84.1 billion, nearly three times the spending level of a year ago through July 2026. This total also represents nearly one-quarter of total Nonresidential Building (NRB) construction for the year, down from close to 30% of total NRB construction a year ago. Image and Data: ConstructConnect 

How is Data Center Spending Spread Across the U.S.?

From a geographic perspective, new Data Center builds are moving away from the coasts and towards the Midwest and Southern sections of the country. In the YTD period through July only a handful of states have reported cumulative Data Center starts of $10 billion or more.

These include Indiana, Illinois, and Michigan in the Midwest, while neighboring states in Ohio and Wisconsin have also recorded several billion dollars each in new Data Center starts. 

In the southern half of the country, North Carolina is the only state to exceed $10 billion in new Data Center starts, totaling $10.4 billion so far this year. Texas falls just below the threshold, posting $9.9 billion YTD. Additionally, Arkansas and Georgia while not meeting this threshold have each reported multiple billions of dollars’ worth of new Data Center starts.

Planned US Data Center construction starts value by US Census Region is shown on a map from August to December 2026. These projects are still in the preconstruction phase and are not guaranteed to break ground. Image and Data: ConstructConnect  

Data Center Projects in Planning

ConstructConnect Project Intelligence is currently tracking 85 Data Center projects, worth a combined $78.7 billion, with start dates before the year’s end.

It is worth noting these projects remain in various stages of preconstruction, meaning there is no guarantee that any single project reaches groundbreaking.

The geographical breakdown of these projects continues to follow a similar pattern as current groundbreakings.

• The South Census region accounts for 71% of the planned spending through year-end, anchored by Texas, Virginia, Arkansas, and Georgia each having more than $2.5 billion in potential investment.

• The Midwest ranks second, accounting for 20.2% of project value through the end of 2026, concentrated mainly in Ohio, though Indiana and North Dakota each have $1 billion or more in planned Data Center projects.

• The West Census region makes up 8.7% of planned project value, with most of that value concentrated in Utah.

Power Infrastructure Starts Running 3% Ahead

Running a Data Center requires a substantial, constant supply of energy. Rising Data Center spending has supported the growth of Power Infrastructure construction, which grew from $9 billion in 2021 to $37 billion in 2025.

That growth has continued this year, with year-to-date Power Infrastructure starts running 3% ahead of the same period last year. If Data Center construction continues its momentum, Power Infrastructure demand should remain elevated as well.

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