Goldman Keeps 2027 Data Center Growth Outlook Intact Despite Rising US Opposition

Goldman Sachs said rising political and community opposition to US data centers has not materially altered the sector's growth trajectory through 2027, though it trimmed its year-end 2027 capacity forecast by 5 gigawatts to 90 GW while raising its 2026 estimate by 5 GW to 64 GW. The bank projects US data center power demand will grow 38% year-over-year in 2026, adding about 12 GW, and another 38% in 2027, adding roughly 17 GW. Combined, the two years would add about 29 GW of new demand. Opposition has broadened into a national political issue. A July protest wave saw 142 demonstrations across 42 states, and a June Reuters/Ipsos poll found only about a third of Americans back the current buildout pace, with just 14% supporting a data center in their own community. The tension is a rising risk to permitting, tax incentives and grid interconnection. Companies including Meta, Alphabet, Amazon, Microsoft and xAI are driving the buildout.