US Economy Increasingly Revolves Around Data Centers, New Report Shows

* Data centers increasingly driving U.S. economic growth and construction activity * Mentions in Fed Beige Book jumped from 1 to 25 in one year * Boom boosting jobs in construction, manufacturing, legal and power sectors The U.S. economy is increasingly centered on data center construction. The Federal Reserve's Beige Book shows mentions of data centers rising from 1 in September 2024 to 25 in the latest edition. The buildout is fueling construction, manufacturing, legal services, and power generation. Spending on data center construction hit a $75 billion annual rate in July, accounting for all nonresidential construction growth that month. Some contacts warn that local moratoriums could slow momentum, while power companies scramble to meet surging electricity demand.