大型优质数据中心：AI 与基础设施如何为低迷的建筑业带来新动力.pptxVIP

Bigbeautifuldatacenters

HowAIandinfrastructurearegivinga

secondwindtoanailingconstructionsector

07October2025

Z

Content

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ExecutiveSummary

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US:Bigbeautifuldatacentersdespitehousingofficechallenges?

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Europe:Onthepathtorecovery

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China:Goingbigoninfrastructureuntilhousingrecovers

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Highratesandtradewar:constructioncorporatesinthecrossfires

AllianzResearch

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•GenerativeAIhasbecomeastructuraldriverofconstruction.Theglobal

AIboomisfuelingafrenzyfordatacenters.IntheUS,6.4GWofdatacentercapacitywasunderconstructionatend-2024,doublethelevelof2023.This

alonerepresentedaboutUSD74bnofconstructionspending(i.e.excluding

land,equipment,softwareetc.).EMEA’spipelinesurged+43%y/ytoclose

to14GWinplanningbymid-2025(i.e.equivalenttoaboutEUR170bnin

constructionspending)andChina’sITloadissettodoublefrom4.3GWin

2025toabove8GWby2030,whichrepresentsanotherUSD40bnconstructionspend.However,thisfreneticpaceofgrowthcouldcomecrashingdownifgridpowershortages,landscarcityandregulatorymoratoriaarenotaddressed.

•AIandinfrastructureareholdinguptheUSconstructionsectoramid

residentialwoes.TheUShasbeenspendingUSD2.4bnpermonthonaverageincommunicationconstructionoverthelasttwoyears,+25%comparedtothetwoyearspriortothereleaseofChatGPT.Goingforwardinto2026,thispaceshouldnotslowdownamidcontinuedAIenthusiasm.However,residential

constructionisweigheddownbyaffordability:Withmortgageratesstill

highatnearly6%,newhousingpermitsweredown-11%overthelast12

monthscomparedtoayearago.Afterdippingbelow1.5mnin2025,housingcompletionmayrecoverto1.5-1.6mnunitsannuallyby2026butwillnottoptherecordof2024.Overall,tightimmigrationpolicyisalsoweighingonthesectorintheUSaslaborshortagesremainsevereandarepushingwagesup.

•Mean