Power and Communication Line and Related Structures Construction (NAICS 237130)

A Histometrics industry primer for public-market and private investors

1. Overview

This industry builds and maintains the physical backbone that carries electricity and data: high-voltage transmission lines and towers, substations, distribution poles and wires, buried power and fiber cable, and cell, radio, and TV towers.[1] The companies here are contractors — they do not own the grid or the network. They get paid to design, build, upgrade, harden, and repair infrastructure owned by electric and gas utilities, telecom carriers, renewable-energy developers, data-center operators, and governments.

NAICS stands for the North American Industry Classification System, the U.S. government's standard scheme for grouping businesses. NAICS 237130 is a specialty heavy-construction industry — essential but project-based, so its fortunes rise and fall with customers' capital budgets.

Why it matters now: after roughly two decades of flat U.S. electricity demand, load is rising again — driven by artificial-intelligence (AI) data centers, factory reshoring, and the electrification of vehicles and heating. Utilities are responding with the largest capital-spending wave in the sector's history, on the order of $1.3–$1.4 trillion planned for 2025–2030, much of it flowing straight to these builders.[21][22] A parallel communications cycle — federal broadband money plus private fiber buildouts — is pushing the telecom side.[11][28] Contractor order books ("backlog") sit at record highs.[7][9]

• Public route: a handful of pure-play and diversified infrastructure contractors trade on U.S. exchanges (Section 4), plus broad infrastructure exchange-traded funds (ETFs, baskets of stocks that trade like a single share).
• Private route: most of the industry is private or in-house — regional line contractors, family- and employee-owned firms, private-equity-backed platforms, and the utilities' own crews. Investors also reach the theme through infrastructure and data-center funds (Section 10).

2. What it is and how it's structured

In scope (NAICS 237130) — new construction, reconstruction, rehabilitation, maintenance, and repair of:[1]

• overhead and underground electric power transmission and distribution lines, towers, poles, and wire stringing;
• substations, switchyards, and transformer stations;
• power plants (including electric light-and-power, nuclear, and cogeneration) built as integral network structures;
• underground and buried cable — electric, telephone, cable-TV, and fiber-optic;
• communication transmitting/receiving towers (cellular, radio, TV) and satellite ground stations;
• structures for alternative-energy generation (solar, wind, geothermal) and interconnection work;
• emergency restoration after storms, fires, and other disasters.

Specialty contractors are counted here when power- and communication-line work is their primary activity.[1]

What it excludes — and the adjacent codes that catch that work:

• The utilities and carriers that own and operate the lines sit in NAICS 2211 (Electric Power Generation, Transmission and Distribution) and subsector 517 (Telecommunications) — including line work those utilities and carriers perform with their own crews.[1]
• Inside-the-building and general electrical wiring is NAICS 238210 (Electrical Contractors and Other Wiring Installation Contractors).
• Water and sewer lines are 237110; oil-and-gas pipelines are 237120; highways, streets, and bridges are 237310; hydroelectric facilities and other heavy civil work are generally 237990; site preparation is 238910; tree-trimming and vegetation management around lines is 561730.[1]

Ownership mix — a barbell. At one end, a few large publicly traded consolidators (Quanta, MasTec, and others) run national operations. At the other, thousands of small, regional, often family- or employee-owned line and specialty firms handle local distribution and maintenance. Sitting outside the industry entirely — but doing much of the same physical work — are utilities' and telecoms' in-house crews, electric cooperatives, and municipal utilities (see the undercount note in Section 3). The federal statistics do not report a public-versus-private ownership split.

3. How big it is

Federal statistics for NAICS 237130 (United States):

The industry is strikingly fragmented. The four largest firms accounted for just 19.2% of receipts, the top eight 31.6%, the top twenty 44.5%, and the top fifty 56.9%. The Herfindahl-Hirschman Index (HHI) — a standard concentration gauge the U.S. Department of Justice describes as running from near zero (perfectly competitive) to 10,000 (a single-firm monopoly) — was only 156.2, near the bottom of the scale.[3][5] (SBA is the U.S. Small Business Administration; a firm under the $45M size standard qualifies as "small" for federal contracting.)

A few caveats on comparing these numbers. They are drawn from different years and definitions: payroll and headcount are 2023, receipts and firm counts are 2022, and establishments are physical locations while firms may own several. They also count only employer businesses with paid staff — County Business Patterns and the Economic Census exclude nonemployer (self-employed, no-payroll) businesses, and our data set contains no 237130-specific nonemployer estimate, so none is added.[6]

Undercount caveat — real activity is larger than $103 billion. These figures capture only work done by merchant contractors. A large share of power- and communication-line construction and maintenance is performed by the utilities' and carriers' own employees, and by cooperatives and municipal utilities — labor counted under NAICS 2211 and 517, not here. Meanwhile the reported revenue of the big public contractors also spills outside this code (renewables, pipelines, communications services, Canadian work). So the $103 billion is best read as one slice of a much larger national build-and-maintain effort now being supercharged by grid and broadband spending.

4. The investable universe

There is a real menu of U.S.-listed plays — unusual for a construction niche. All are contractors (cyclical, backlog-driven), not asset owners, and most straddle several NAICS codes, so only part of each is "pure" 237130. Judge them by the share of revenue actually tied to lines, substations, towers, and fiber — not by headline company revenue.

"T&D" means transmission and distribution — the high-voltage lines that move bulk power between regions (transmission) and the lower-voltage network that delivers it to homes and businesses (distribution).

Quanta is the clear leader: about $24 billion of revenue in 2024, a year-end backlog near $34 billion that had climbed toward $50 billion by mid-2026, and an equity (stock-market) value around $80 billion — a measure of how directly markets tie it to the grid buildout.[7][8]

Adjacent, not pure-play: Sterling Infrastructure (NASDAQ: STRL) does data-center and power-site "e-infrastructure" earthwork rather than line construction itself;[15] EMCOR Group (NYSE: EME) is an electrical/mechanical construction and facilities firm with data-center exposure, most of it outside NAICS 237130.[16]

Major private and other owners. Much of the industry is not investable on public markets:

• Pike Corporation — private electric, gas, and telecom infrastructure and storm-response contractor; Lindsay Goldberg took a majority stake in 2020.[40]
• Artera Services / PowerTeam Services — private-equity-backed utility-infrastructure platform serving electric, gas, water, and wastewater utilities (owned by Clayton, Dubilier & Rice).[41]
• Michels Corporation — large family-owned power, T&D, substation, underground-cable, and communications contractor.[39]
• Kiewit and Bechtel — private, employee-/family-owned engineering-and-construction giants that self-perform large power and T&D projects.[42]
• Black & Veatch and Burns & McDonnell — 100% employee-owned engineering-procurement-construction firms active in electric transmission, distribution, substation, and telecom infrastructure.[43][44]
• Henkels & McCoy — a century-old utility builder, now a wholly owned MasTec subsidiary.[19]
• Utility in-house crews, electric cooperatives, and municipal utilities — collectively a huge share of day-to-day line work, outside the contractor universe entirely.

5. How the money works

These are fee-for-work contractors, so the economics are about winning volume, controlling execution risk, and keeping skilled crews and equipment busy — not about owning a rate base or collecting rents.

Revenue comes from a mix of contract types:[7]

• Master service agreements (MSAs) and repair/maintenance work — recurring, often multi-year relationships with a utility or carrier, typically priced per unit of work (unit-price) or on a cost-plus basis. This is the steadier, lower-risk base business.
• Project contracts — larger builds (a transmission line, a substation, a solar farm's collection system), often fixed-price/lump-sum and competitively bid. Higher potential margin, but the contractor eats cost overruns if a job runs long.
• Unit-price (paid per pole set or mile trenched), time-and-materials (labor, equipment, and materials billed as incurred), and cost-plus (allowable costs plus an agreed fee) round out the mix.

Revenue is generally recognized over the life of a project as work progresses; contractors continually re-estimate costs, margins, completion dates, and change orders, and a job that turns unprofitable can force immediate recognition of the expected loss.[7][12]

What owners and analysts actually watch:

• Backlog and book-to-bill — the dollar value of signed-but-not-yet-built work, and whether new orders exceed revenue burned. Record backlogs are the headline metric today, but backlog is not guaranteed revenue: companies calculate it differently, and MSA estimates can include work a customer may cancel or reduce.[7][9][12]
• Contract mix — the balance of steady MSA/unit-price work against risky fixed-price megaprojects, which moves margins the most.
• Operating and EBITDA margins — construction margins are thin (typically mid-single to low-double-digit operating margins). (EBITDA = earnings before interest, taxes, depreciation, and amortization, a common cash-earnings proxy.)
• Self-perform labor — the more skilled crews a contractor employs directly (versus subcontracts), the better it captures margin and controls schedule. Labor is both the key input and the binding constraint (Section 9).
• Working capital and retainage — customers hold back a slice of payment ("retainage") until jobs finish, and rapid growth ties up cash in receivables and contract assets, so cash can lag reported revenue.
• Equipment fleet, safety record, and bonding capacity — capital-intensive, and safety/qualification gate access to utility work.

The steadiest money is recurring maintenance and storm-restoration work under MSAs; the biggest swings — up and down — come from large fixed-price projects.

6. What drives demand

Demand is essentially the capital budgets of utilities and telecom carriers, which are now expanding fast:

• Electricity load growth and data centers. After ~20 flat years, U.S. power demand is rising again — data centers (AI and cloud), reshored manufacturing, and electrification of transport and buildings. The U.S. Department of Energy (DOE) estimated data centers used about 4.4% of U.S. electricity in 2023, potentially 6.7%–12% by 2028;[25] Grid Strategies links roughly 90 gigawatts (GW) of expected peak-load growth to data centers.[23] Each large load requires substations, transmission upgrades, distribution work, and communications infrastructure.
• Utility capital super-cycle. Investor-owned electric companies plan on the order of $1.3–$1.4 trillion of capital spending over 2025–2030, with annual grid investment stepping up to roughly $239 billion in 2026 alone.[21][22] For scale, the U.S. Energy Information Administration (EIA) reported major utilities' transmission spending at $27.7 billion and distribution capital spending at $50.9 billion in 2023 — utility outlays, not contractor revenue, but the pool contractors bid into.[24]
• Grid modernization, hardening, and aging assets. Much of the U.S. grid is decades old; wildfire and storm resilience, undergrounding, and equipment replacement are large recurring drivers.
• Renewable interconnection. Solar, wind, and batteries are often built far from demand and need new transmission and substations. Lawrence Berkeley National Laboratory (LBNL) counted nearly 2,600 GW of generation and storage seeking grid connection at the end of 2023 (95%+ zero-carbon) — a gauge of developer interest, not firm demand, since most queued projects are eventually withdrawn.[26] DOE planning scenarios model total transmission capacity reaching 2.5–3.3 times the 2020 system by 2050 under high-demand cases — a scenario, not a forecast.[27]
• Broadband and fiber. The federal BEAD program (Broadband Equity, Access, and Deployment) provides $42.45 billion for high-speed-internet deployment; add 5G densification, fiber-to-the-home, and fiber to data centers.[28] Dycom alone pegs its BEAD-addressable work near $17 billion.[11]
• Storm restoration. Hurricanes, wildfires, and ice storms generate large, unpredictable bursts of high-value emergency repair revenue — good for utilization and margins, hard to schedule.

7. Regulation

Contractors themselves are lightly regulated as businesses; what matters most is the regulation of their customers, which sets how much gets built — layered with safety and procurement rules on the work itself.

• FERC (Federal Energy Regulatory Commission) governs interstate transmission. Its landmark Order No. 1920 (2024) requires grid operators to do long-term (20-year) regional transmission planning and to sort out who pays — a rule designed to unlock a wave of new transmission. Companion Order No. 1977 gives FERC "backstop" authority to permit lines in federally designated National Interest Electric Transmission Corridors even when a state balks.[29]
• NERC (North American Electric Reliability Corporation) sets mandatory grid reliability standards — a persistent source of upgrade work.
• State public utility commissions (PUCs), state siting agencies, and local governments approve utility spending, rate recovery, rights-of-way, and construction standards. Because a utility only builds what regulators let it recover from ratepayers, PUC decisions are the real spigot on contractor demand.
• Safety on the work itself. The Occupational Safety and Health Administration's (OSHA) 29 CFR Part 1926, Subpart V governs construction of electric power transmission and distribution lines,[30] and the National Electrical Safety Code (NESC), published by the Institute of Electrical and Electronics Engineers (IEEE), sets the installation, operation, and maintenance rules for supply and communication lines.[31]
• Siting, permitting, and environmental review are the biggest bottleneck: a transmission line can take a decade to permit. Projects may need review under the National Environmental Policy Act (NEPA), National Historic Preservation Act (NHPA), Clean Water Act (CWA), and Endangered Species Act (ESA); CWA Section 404 permits cover fill placed in waters and wetlands.[32][33]
• Labor and procurement rules. The Davis-Bacon Act applies prevailing wages to covered federal and federally assisted construction over $2,000,[34] and the Build America, Buy America Act imposes domestic-content requirements on federally funded infrastructure (including BEAD).[35]

Regulation is both a cost and a competitive barrier: contractors with strong permitting, compliance, safety, and documentation capabilities are better positioned to win complex work.

8. Competitive dynamics and consolidation

The market is fragmented at the base and consolidating at the top. Thousands of small regional firms compete on local distribution and maintenance (hence the low HHI of 156 and 19.2% top-four share[3]), while a few national players roll them up. Local markets can still be tight, because utilities lean on a short list of prequalified contractors with the right crews, equipment, safety records, and geographic knowledge.

• Roll-up strategy. Quanta, MasTec, Primoris, and private platforms like Artera were largely built by acquisition — buying regional contractors for their crews, licenses, customer relationships, equipment, and recurring MSAs. Recent deals include Quanta's $1.54 billion purchase of Cupertino Electric (2024, adding data-center and low-voltage capability),[17] Quanta's acquisition of renewables builder Blattner (2021),[18] MasTec's absorption of Henkels & McCoy (2021),[19] and Primoris' purchase of PLH Group (2022).[20]
• Scale advantages. Big contractors win multi-region MSAs, pool scarce skilled labor, own large equipment fleets, mount rapid multi-state storm response, and carry the bonding capacity megaprojects require — edges small firms can't match.
• Barriers to entry. Skilled linemen, safety qualification, long-standing utility relationships, and bonding all limit new competition on the largest work, even as small local jobs stay easy to enter.
• Scale reality check. Even the largest public contractor's U.S. line-work is a modest fraction of the $103 billion of industry receipts[3] — a reminder of how much sits with private firms and in-house crews, and how much runway consolidators have. Consolidation also carries integration, leverage, culture, and execution risk.

9. Risks

• Skilled-labor shortage — the dominant constraint. Roughly 45% of experienced linemen are expected to retire within a decade, and apprenticeship pipelines can't keep pace (some programs report 10-to-1 applicant-to-seat ratios); wages are climbing.[36] The IBEW (International Brotherhood of Electrical Workers), the largest electrical union, represents about 860,000 members across the sector.[36] In a 2024 Associated General Contractors (AGC) survey, 94% of firms with craft openings reported difficulty filling them and 54% reported project delays from workforce shortages;[37] the Bureau of Labor Statistics (BLS) projects electrical power-line installer/repairer employment to grow 7% from 2024 to 2034.[38] Too few crews can cap how fast the boom actually gets built.
• Fixed-price execution risk. Cost inflation, poor estimates, design changes, weather, and disputed change orders on large lump-sum projects hit the contractor, not the customer, and can wipe out a quarter's margin.[7][12]
• Cyclicality and rates. Revenue tracks utility and telecom capex, which is sensitive to interest rates (utilities fund builds with debt) and to commodity/equipment costs — notably multi-year lead times for large transformers, plus steel and copper.
• Permitting and interconnection delays. An awarded project can still wait on environmental review, rights-of-way, local approvals, equipment, or grid studies (hookups can take ~4 years), pushing revenue into later periods and stranding crews.
• Telecom cyclicality. Fiber and wireless spending can surge during deployment cycles, then slow sharply when network capacity, financing, or customer budgets change.
• Customer concentration. A few large utilities or carriers can drive a big share of any contractor's revenue and can cancel, defer, rebid, or renegotiate work.
• Safety and liability. High-voltage, at-height, and excavation work near energized lines carries serious injury, claim, and regulatory exposure; wildfire-related liability is an emerging risk for utilities and their contractors.[30][32]
• Policy and demand-durability risk. Reliance on federal programs (BEAD funding, renewable tax credits, domestic-content and transmission rules) exposes the industry to shifting or slow-moving policy. And if AI/data-center power demand disappoints or overbuilds, some forecast load growth — and the backlog built on it — could soften.

10. How to invest and the outlook

Public routes.

• Direct equities. The clearest exposure is the listed contractors in Section 4 — Quanta (PWR), MasTec (MTZ), MYR Group (MYRG), Primoris (PRIM), Dycom (DY, the fiber play), IES (IESC), and Centuri (CTRI). These are growth-oriented cyclical construction stocks, valued largely on backlog and earnings growth rather than income; most pay small or no dividends. Compare them by the portion of revenue actually tied to T&D, substations, towers, fiber, and utility services — not consolidated revenue — and scrutinize backlog quality and conversion, MSA renewal and cancellation terms, contract-type mix, gross-margin history and project write-downs, operating cash flow and working capital, debt and bonding capacity, and safety/labor retention. Backlog methodologies are not standardized, so reported backlog should not be compared mechanically across companies.[7][12] Share prices, dividend yields, and valuation multiples belong in this security-selection work, not in the industry-size estimate.
• Funds. Broad U.S. infrastructure ETFs — for example the Global X U.S. Infrastructure Development fund (PAVE) and grid/clean-energy funds — hold several of these names alongside equipment and materials suppliers, giving diversified exposure without single-project risk. Note: utility ETFs hold the customers (the asset owners), not the builders.

Private routes.

• Most of the industry is private. Direct access comes via platform acquisitions, regional add-ons, private credit, equipment financing, or minority stakes, and through infrastructure and private-equity funds — the same capital pools financing the grid and data-center buildout (e.g., Artera under Clayton, Dubilier & Rice; broader power/data-center vehicles run by managers such as Blackstone and BlackRock/Global Infrastructure Partners). Private-equity investment into U.S. data centers alone reached roughly $45.7 billion in 2025, much of which ultimately pays contractors.[45] Diligence should focus on customer contracts and renewal rights, crew turnover, safety claims, bonding, equipment condition, union obligations, working capital, change-order history, licenses, and sponsor leverage.
• Large private contractors (Pike, Kiewit, Bechtel, Michels, Black & Veatch, Burns & McDonnell) are generally not open to outside equity investors.

Contractor vs. asset-owner exposure. Keep the two straight: a utility bond or a project-finance stake may benefit from a new transmission line, but it does not give you the contractor's labor productivity, project margins, or cash conversion — and vice versa.

Outlook (forward-looking, editorial). The demand backdrop is unusually strong and multi-year: load growth from AI/data centers and electrification, a $1.3–$1.4 trillion utility capital super-cycle, aging-grid replacement, renewable interconnection, and a federally funded fiber wave have pushed contractor backlogs to records.[8][21][22] The main brakes are internal to the industry — a linemen shortage, permitting and interconnection delays, and equipment (transformer) lead times — plus policy sensitivity around federal broadband and tax-credit programs. Net: the runway looks long, but how fast the money converts to profitable revenue will hinge on labor, permitting, and execution more than on demand. The most attractive investments are likely the contractors that convert backlog into cash without sacrificing safety, margins, or balance-sheet strength. Near-term signals worth watching: the durability of data-center power demand, the pace of BEAD approvals, interest rates, and transformer/equipment supply.

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Sources

1. U.S. Census Bureau. "2022 NAICS Definition — 237130 Power and Communication Line and Related Structures Construction." 2022. https://www.census.gov/naics/?chart=2022&details=237130&input=237130
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7. Quanta Services, Inc. "Fourth-Quarter and Full-Year 2024 Results / Form 10-K (revenue ~$24B, segments, backlog, contract types)." 2024–2025. https://www.sec.gov/Archives/edgar/data/1050915/000119312525078463/d804069dars.pdf
8. The Motley Fool. "Grid Modernization and Electrification Power Quanta's Backlog of Nearly $50 Billion." 2026. https://www.fool.com/investing/2026/05/31/grid-modernization-and-electrification-power-quant/
9. MasTec, Inc. "MasTec Announces Fourth Quarter and Annual 2024 Financial Results With Record Backlog (revenue $12.3B, five segments)." PR Newswire, 2025. https://www.prnewswire.com/news-releases/mastec-announces-fourth-quarter-and-annual-2024-financial-results-with-record-backlog-and-provides-initial-2025-guidance-302388008.html
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11. Lightwave / AInvest. "Dycom Industries — FY2025 contract revenues $4.7B, ~$7.76B backlog, ~$17B BEAD-addressable market." 2025. https://www.lightwaveonline.com/home/article/55246117/dycoms-incoming-ceo-says-it-expects-bead-revenues-to-ramp-in-2026
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13. IES Holdings, Inc. "IES Holdings Reports Fiscal 2024 Fourth Quarter and Full Year Results (revenue $2.9B)." StockTitan, 2024. https://www.stocktitan.net/news/IESC/ies-holdings-reports-fiscal-2024-fourth-quarter-and-full-year-ac32aw5403ks.html
14. Centuri Holdings, Inc. "Form 10-K — Fiscal 2024 ($2.64B revenue)"; Southwest Gas Holdings 2024 Centuri IPO disclosure. 2024–2025. https://www.sec.gov/Archives/edgar/data/1981599/000198159925000008/ctri-20241229.htm
15. Sterling Infrastructure, Inc. "2025 Annual Report (e-infrastructure / data-center site development)." 2026. https://www.sec.gov/Archives/edgar/data/874238/000087423826000041/a20251231annualreport.pdf
16. EMCOR Group, Inc. "Annual Reports (electrical/mechanical construction, data centers, facilities)." 2026. https://investor.emcorgroup.com/
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18. Quanta Services. "Quanta Services to Acquire Blattner Holding Company." 2021. https://investors.quantaservices.com/news-events/press-releases/detail/301/quanta-services-to-acquire-blattner-holding-company
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24. U.S. Energy Information Administration. "Grid Infrastructure Investments Drive Increase in Utility Spending (transmission $27.7B; distribution $50.9B, 2023)." 2024. https://www.eia.gov/todayinenergy/detail.php?id=63724
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26. Lawrence Berkeley National Laboratory. "Queued Up: 2024 Edition (~2,600 GW seeking interconnection; 95%+ zero-carbon)." 2024. https://emp.lbl.gov/publications/queued-2024-edition-characteristics
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31. Institute of Electrical and Electronics Engineers. "National Electrical Safety Code (NESC)." 2025. https://standards.ieee.org/products-programs/nesc/
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33. U.S. Environmental Protection Agency. "Permit Program under Clean Water Act Section 404." 2025. https://www.epa.gov/cwa-404/permit-program-under-cwa-section-404
34. U.S. Department of Labor. "Davis-Bacon and Related Acts (prevailing wage; >$2,000 threshold)." 2025. https://www.dol.gov/agencies/whd/government-contracts/construction
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36. Lineman Central / IBEW. "2025 State of Power Line Jobs (~45% of linemen retiring within 10 years; IBEW membership ~860,000)." 2025. https://www.linemancentral.com/2025-state-of-power-line-jobs
37. Associated General Contractors of America. "2024 Workforce Survey (94% of firms with openings report difficulty filling; 54% report project delays)." 2024. https://www.agc.org/news/2024/08/28/new-survey-shows-how-nations-failure-invest-construction-education-training-programs-makes-it-hard
38. U.S. Bureau of Labor Statistics. "Electrical Power-Line Installers and Repairers, Occupational Outlook (7% growth, 2024–2034)." 2025. https://www.bls.gov/ooh/Installation-Maintenance-and-Repair/Line-installers-and-repairers.htm
39. Michels Corporation. "Our Companies (family-owned power/T&D/underground/communications contractor)." 2025. https://www.michels.us/solutions/our-companies/
40. Pike Corporation / Lindsay Goldberg. "About Pike (private utility infrastructure and storm response; Lindsay Goldberg majority stake, 2020)." 2025. https://www.pike.com/About/
41. Clayton, Dubilier & Rice. "Portfolio — Artera Services (utility-infrastructure platform)." 2025. https://www.cdr.com/portfolio
42. Kiewit Corporation. "About Kiewit (employee-owned; T&D, substation, EPC capabilities)." 2025. https://www.kiewit.com/about-us/
43. Black & Veatch. "Employee Ownership (100% employee-owned EPC in power and telecom)." 2025. https://www.bv.com/en-US/about-us/employee-ownership
44. Burns & McDonnell. "About (100% employee-owned; transmission, distribution, substation)." 2025. https://www.burnsmcd.com/about
45. Private Equity Stakeholder Project. "Private Equity Cash Fuels Data Center Buildout (~$45.7B PE data-center investment, 2025)." 2025. https://pestakeholder.org/news/private-equity-cash-fuels-data-center-buildout/