AI Data Centers Drive Macroeconomic Demand Boost

Marco Taboga's Jan 16, 2026 working paper analyzes how the current AI wave is recorded in US national accounts, combining a macro-accounting framework with a stylized AI production process. It highlights data centers' central role and documents a surge in IT and AI capital expenditure in the first three quarters of 2025, finding that new data-center services could add GDP comparable to prior investment, while reinvestment cycles pose medium-term risks.