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Paid episode

The full episode is only available to paid subscribers of David Shapiro’s Substack

BONUS: Data Centers and the New Robber Barons

Deeper dive for those interested

The “Jobless” Industrial Revolution

The most striking economic finding is that data centers represent a massive decoupling of capital investment from labor.

  • Fewer Jobs than a Walmart: A causal estimate of net job flows shows that a data center creates fewer permanent jobs than a Walmart Supercenter.

  • The Ratio is Extreme: Microsoft’s data center in Quincy, Washington, had up to 500 workers during construction but now employs only 50 full-time staff. Similarly, a $1 billion+ facility might employ only 30 to 50 permanent people—mostly security and HVAC technicians,.

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