Despite a 1.9% fall in overall US construction spending in September, underlying momentum remains strong, driven by AI infrastructure investment. Data center construction surged at a record 211% quarterly annualized pace, with monthly growth of 8–10% over the past four months. Private nonresidential construction rose 1.1%, marking its fourth consecutive monthly gain, while residential spending dropped 5.5%. Data centers now account for 4.3% of total construction spending, up from 2% in early 2025.