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Guy LeBas, industry influencer, highlighted that non-residential investment, particularly from data centers, contributed 1.4% to the U.S. GDP growth of 2.0% in the first quarter.
This sector stands out as a major driver for economic growth during the period.
LeBas recently discussed the new capital cycle at a Charlotte Economics Club event, highlighting topics such as AI, capex, and bond market trends in a prior report. He has also highlighted a disconnect between high systemic credit risk perceptions and persistently low investment grade credit spreads in recent commentary. These observations add context to his outlook on economic drivers.