AI Has Not Yet Boosted U.S. Economic Productivity

Despite heavy corporate spending, most businesses have not yet realized measurable financial gains from AI adoption.

Updated on Sept. 24, 2026 in Economic Indicators

Isometric editorial illustration of a lone steel server chassis in a clean industrial facility, representing foundational infrastructure investments. — Franklin Templeton CEO Jenny Johnson reported that artificial intelligence has not yet driven significant productivity gains in the U.S. economy, despite heavy corporate infrastructure spending. AI Illustration. Upload story photo >

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Do you believe current heavy investment in AI is already delivering measurable improvements to the economy?

Franklin Templeton CEO Jenny Johnson noted that artificial intelligence has not meaningfully improved current U.S. productivity. Recent economic gains are instead attributed to earlier digital technology and cloud computing infrastructure.

Why it matters

Understanding these trends helps households assess the broader economy as businesses shift capital toward AI infrastructure. Economic growth currently remains driven by strong consumer spending and record earnings rather than immediate AI efficiency gains.

U.S. nonfarm-business productivity rose 2.2% year over year in Q2 2026, though quarterly annualized growth slowed to 1.4% from 0.8% in the prior quarter. Despite this, big tech firms are projected to spend $630 billion on AI infrastructure this year.

The players

Franklin Templeton

An investment management firm overseeing nearly $1.8 trillion in assets.

Jenny Johnson

The CEO of Franklin Templeton who tracks broader economic productivity trends.

The details

Businesses typically refine existing processes with new technology before seeing major productivity leaps. While over 65% of S&P 500 earnings calls mentioned AI, only 18% of U.S. businesses had adopted the technology by the end of 2025. Current growth is supported by corporate spending on power, data centers, and chips, alongside tight credit spreads of 65 basis points for Single-A corporate debt.

18% of U.S. businesses had adopted AI by the end of 2025.
Quarterly annualized productivity growth was 0.8% in Q1 2026.
Year-over-year nonfarm-business productivity grew 2.2% in Q2 2026.
Single-A corporate spreads reached 65 basis points on September 22, 2026.
Major technology firms are expected to spend $630 billion on AI infrastructure throughout 2026.

Money Landscape

Current U.S. economic productivity is following a pattern where companies prioritize capital-intensive infrastructure spending before realizing gains. This cycle reflects a departure from the rapid efficiency shifts seen during the initial widespread implementation of earlier digital tools and cloud computing.

Investors and households should note that market growth remains tied to consumer spending and corporate earnings rather than immediate AI-driven efficiency. You may want to review your long-term financial plans with a qualified professional to ensure they are not over-reliant on unproven short-term productivity gains.

The takeaway

While AI is a major focus for corporate expenditure, it is not yet a significant driver of national economic productivity. Monitoring quarterly productivity reports and broad earnings trends can provide a clearer picture of when these massive infrastructure investments might begin to bear fruit.