Real Estate & Construction News Roundup (2/19/25) – An Embrace of AI, A Squeeze on Construction and a Jump in Mortgage Refinance Demand

In our latest roundup, tech giants invest in new data centers, senators introduce bill aimed at price-setting algorithms, DoD stops PLA requirements, and more!

• The real estate industry is embracing AI for enhancements across a wide range of applications. (Kathleen Walch, Forbes)
• A joint venture among OpenAI, Softbank and Oracle plans to invest $100 billion in AI infrastructure, with the potential to scale up to $500 billion by the end of 2028. (Sebastian Obando, Construction Dive)
• Construction firms are likely to feel the squeeze within months if the new fees on imported materials take effect in March. (Sebastian Obando, Construction Dive)
• Legislation designed to prevent companies from using algorithms in order to collude on prices returns to the U.S. Senate floor after a previous version failed to pass in the last Congress. (Mary Salmonsen, Multifamily Dive)
• The Department of Defense has ordered its contracting officers to halt the use of project labor agreements on “large-scale construction projects.” (Zachary Phillips, Construction Dive)
• Applications to refinance a home loan jumped 10% compared with the previous week and were 33% higher than the same week one year ago. (Diana Olick, CNBC)
• The cost to rent is coming down faster in some areas of the U.S. than others with a higher rental inventory, landlords and property managers must lower their rent prices in order to compete with one another. (Ana Teresa Solá, CNBC)