Key Takeaways

• Spending on data center construction accelerated again this summer, but one monthly starts figure broke sharply from the trend, and the gap between the two numbers changes how the pipeline should be read.
• A status review of 19 major projects and policy actions shows a clear split between campuses pouring steel and campuses that will never break ground, and the tonnage on the canceled side is larger than most buyers would expect.
• Two state-level actions and one power strategy are now deciding which projects move forward, and that decision is quietly redrawing where structural, sheet, and rebar tonnage will ship over the next 18 months.

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