Without data centers, GDP growth was 0.1% in the first half of 2025, Harvard economist says

U.S. GDP growth in the first half of 2025 was almost entirely driven by investment in data centers and information processing technology, according to Harvard economist Jason Furman . Excluding these technology-related categories, Furman calculated in a Sept. 27 post on X.com GDP growth would have been just 0.1% on an annualized basis, a near standstill that underlines the increasingly pivotal role of high-tech infrastructure in shaping macroeconomic outcomes.

Furman’s findings, shared online and echoed by financial analysts including Robert Armstrong of the Financial Times ‘ Unhedged (the same writer who coined the term “TACO trade’), echo several months of observations on the remarkable surge in data-center infrastructure. In August, Renaissance Macro Research estimated, to da