The chart of the week shows U.S. construction spending trends from 2014 to mid-2025 for electric power, office buildings, and data centers. Spending on electric power has been the highest throughout the period, peaking at around $115 billion in early 2024. Office building construction rose steadily until 2020, when the COVID-19 pandemic hit, but has been declining since its peak in 2021. The area that has been all the talk recently has been data center construction, which has shown consistent growth, with a sharp acceleration starting around 2020. As of mid-2025, spending on data centers continues to rise, while electric power has plateaued and office construction is trending downward. With the rise of AI, and the computing power needed, data centers will be a hot topic for years to come.