Texas leads US data center development with a project pipeline exceeding $50 billion and annual investment projected to reach $66.2 billion by 2026. Construction costs have doubled compared with previous years, with the typical project now running about $1 billion, while steel prices have climbed 22% year-over-year and aluminum is up 40%. Meta and BlackRock are planning a 1 GW complex costing approximately $14 billion with an expected launch in 2028. Governor Greg Abbott has halted new grid connections pending an audit of ERCOT, which could delay 49.8 gigawatts of capacity, representing nearly 20% of the US data center pipeline, and put up to $15 billion in costs and revenue at risk.
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