AI-focused companies such as Oracle, Amazon and Meta are also expected to make significant data center investments in fiscal year 2025, both in the U.S. and abroad. In the U.S., S&P Global’s 2025 Trends in Datacenter Services & Infrastructure Report, projects continued double-digit growth in data center development in states like Virginia, Texas, Georgia, Arizona, Ohio, Illinois and Nevada. How Key States Are Regulating Data Center Utility ConsumptionVirginia hosts the largest concentration of data centers across the globe. In Illinois, data centers have rapidly grown since the enactment of exemptions from certain sales, use, occupation and construction employment taxes. States are still courting data center investment—but they’re drawing lines on who pays.