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1、07 October 2025Allianz ResearchBig beautiful data How AI and infrastructure are giving a centerssecond wind to an ailing construction sectorAllianz Research2Content Page 3-4 Executive SummaryPage 5-11 US:Big beautiful data centers despite housing&office challenges?Page 12-15 Europe:On the path to re

2、coveryPage 16-19 China:Going big on infrastructure until housing recoversPage 20-22 High rates and trade war:construction corporates in the crossfires07 October 20253SummaryExecutive Generative AI has become a structural driver of construction.The global AI boom is fueling a frenzy for data centers.

3、In the US,6.4 GW of data center capacity was under construction at end-2024,double the level of 2023.This alone represented about USD74bn of construction spending(i.e.excluding land,equipment,software etc.).EMEAs pipeline surged+43%y/y to close to 14 GW in planning by mid-2025(i.e.equivalent to abou

4、t EUR170bn in construction spending)and Chinas IT load is set to double from 4.3 GW in 2025 to above 8 GW by 2030,which represents another USD40bn construction spend.However,this frenetic pace of growth could come crashing down if grid power shortages,land scarcity and regulatory moratoria are not a

5、ddressed.AI and infrastructure are holding up the US construction sector amid residential woes.The US has been spending USD2.4bn per month on average in communication construction over the last two years,+25%compared to the two years prior to the release of ChatGPT.Going forward into 2026,this pace

6、should not slow down amid continued AI enthusiasm.However,residential construction is weighed down by affordability:With mortgage rates still high at nearly 6%,new housing permits were down-11%over the last 12 months compared to a year ago.After dipping below 1.5mn in 2025,housing completion may rec