Without Data Centers, GDP Growth Was 0.1% in the First Half of 2025, Harvard Economist Says (fortune.com)
(Wednesday October 08, 2025 @11:25AM (msmash)
from the more-you-know dept.)
U.S. GDP growth in the first half of 2025 was driven almost entirely by investment in data centers and information processing technology. The GDP growth [1]would have been just 0.1% on an annualized basis without these technology-related categories, according to Harvard economist Jason Furman. Investment in information-processing equipment and software accounted for only 4% of U.S. GDP during this period but represented 92% of GDP growth.
Renaissance Macro Research estimated in August that the dollar value contributed to GDP growth by AI data-center buildout had surpassed U.S. consumer spending for the first time. Consumer spending makes up two-thirds of GDP. Tech giants including Microsoft, Google, Amazon, Meta and Nvidia poured tens of billions of dollars into building and upgrading data centers.
[1] https://fortune.com/2025/10/07/data-centers-gdp-growth-zero-first-half-2025-jason-furman-harvard-economist/
Renaissance Macro Research estimated in August that the dollar value contributed to GDP growth by AI data-center buildout had surpassed U.S. consumer spending for the first time. Consumer spending makes up two-thirds of GDP. Tech giants including Microsoft, Google, Amazon, Meta and Nvidia poured tens of billions of dollars into building and upgrading data centers.
[1] https://fortune.com/2025/10/07/data-centers-gdp-growth-zero-first-half-2025-jason-furman-harvard-economist/