US Economy & the AI Boom #

How much of US growth is the data-center build-out - and what the economy looks like without it

See also: EU Economy · US Jobs & Unemployment · US Federal Debt

How Much of US Growth Is the AI Build-Out? #

Real GDP growth (annualised, 4-quarter average). The shaded gap is the contribution of information-processing equipment and software - the data-center capex bucket. Strip it out and much of the US lead over the euro area closes.

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Real GDP Growth #

Year-over-year change in US real (inflation-adjusted) output, with recessions shaded

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Industrial Production #

Year-over-year change in the volume of US industrial output - the goods economy, which has been broadly flat

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US vs Euro Area, Since 2007 #

Real GDP indexed to 100 in 2007 - the cumulative growth gap that has opened up since the financial crisis

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GDP is seasonally adjusted at an annualised rate; the tech bucket is information-processing equipment plus software investment (the standard proxy for the data-center build-out - not all of it is AI, and some data-center construction sits elsewhere). Updated automatically via weekly cron.