Americas Construction: Key Takeaways from Aterio call on US data center development

We hosted a roundtable discussion with Aterio on US data center and semiconductor market trends as part of our ongoing diligence in tracking US data center construction. Key themes included: (i) a robust multi-year data center capacity outlook supported by projects already under construction, (ii) larger data center campuses and a growing mix of third-party developers, (iii) limited observed impacts on data center construction starts from the recent Texas permitting pause, (v) rising adoption of behind-the-meter generation as developers seek to address power constraints, and (vi) a growing semiconductor project pipeline, with projects under construction rising the past year. Aterio is currently tracking 55 GW of active data center capacity, 83 GW under construction, and 455 GW of announced projects (though a portion of announced projects remain speculative), versus 45 GW active, 44 GW under construction and 214 GW announced in January 2026. Announced projects typically take about one y