# Data-center votes vs record data-center spending
Latent Equity · published Nov 4, 2026 · Power meter
Post: https://x.com/Latent_Equity/status/2118042267122352603

Voters just said no to data centers in a lot of towns. Spending on building them is at a record anyway. Both can be true, and here's why it matters.

On Nov 3, 22 local data-center limits passed and 10 pro-development questions failed, with 32 of 41 measures reported (unofficial). 21 of the 41 were in Ohio, where 13 limits passed. At least seven Ohio measures cap data centers at 25 MW, a cap aimed at keeping out large data centers.

Meanwhile, US private data-center construction spending hit $96.5B a year (seasonally adjusted annual rate) in September, the highest since the series began in 2014. That's up 90% from a year ago and 33% in three months. September is preliminary, and July and August were just revised.

Our read: most of the bans hit what hasn't been built yet. Today's record is projects already in the ground. So the votes are a 2027-28 pipeline question, not a 2026 spending one. The exception to watch is Ashville, where voters repealed EdgeConneX's agreement while construction was already underway.

Names that sell into data-center building: $VRT $ETN $STRL

What would prove us wrong:
- Census data-center spending, judged on revised data, with its 3-month average below its prior peak in two straight releases (Oct data due early December)
- A big developer pausing or cancelling a project that's already under construction because of a vote, with Ashville as the first test
- The limits turning out to be mostly small-town and pre-emptive, with no big project affected. Some already are: Granville had no specific proposal.

General research, the same for every reader. Not investment advice.