Source: ITR Economics – July 2024
Recently released data for Data Center Construction, a subsegment of Office Construction, reveals a hidden opportunity. Learn about the latest trends here!
Readers of our Trends Report™ know that we have since the end of the COVID recession attributed a portion of the activity in US Private Office Construction to data centers.
During the pandemic, the prognosis for Office Construction appeared, to many, to be somewhat apocalyptic due to widespread adoption of work-from-home policies among white-collar employers. However, the apocalypse failed to materialize.
The pandemic-era decline in Office Construction was no worse than that in overall US Private Nonresidential Construction, with both declining around 5% during that time.
Some of this dynamic is attributable to Data Center Construction. Data Center Construction has long been a component of Office Construction, but the data source for Office Construction – the US Census Bureau – only this year began publishing data for this specific subsegment. The Private Data Center Construction data starts in January 2014; the 12-month moving total, therefore, begins in December 2014.