The U.S. tower industry remains robust. Inside Towers Database shows the installed base of registered, constructed towers in the U.S. has grown to 140,095 at the end of September 2025. Contributing to that growth has been a high level of construction activity. A total of 5,238 new towers have been built from the beginning of 2023 through the end of Q3 2025.
New tower construction through the first nine months of 2025 is running at a somewhat higher pace than the prior two years. Through the end of September this year, tower owners collectively built 1,402 towers. That figure is up from 1,338 during the same period in 2024 and 1,267 in 2023. At the current cadence, and with an uptick that is typical of fourth quarter activity, we expect the tower segment to build around 2,000 towers by the end of 2025. That compares to 1,983 in 2024 and 1,853 in 2023.
The elevated activity in new tower builds this year is consistent with what the mobile network operators are doing to expand their respective wireless coverage and capacity. More MNO activity this year has been focused on deploying licenses in low-band frequencies like 600 MHz and in mid-band spectrum – 2.5 GHz, C-band and 3.45 GHz. These bands support increased demand for mobile data and fixed wireless access, with licenses being activated in many suburban and rural markets.
Consistent with the spectrum buildouts, the public and private tower companies confirm that, this year, their MNO tenants have issued more requests for new colocations versus amendments to existing cell sites. In many cases, this means building new sites.
Of the 5,238 towers constructed since the beginning of 2023, the private tower companies have been most active. In that period, 118 companies built 2,927 new towers, mainly for build-to-suit deployments. Vertical Bridge led the private tower company segment over that period, building 658 towers. Tillman Infrastructure has constructed 543 followed by Harmoni Towers with 174.
The public tower companies are not building as many new towers as the private towercos but are active nonetheless, constructing 267 new towers in that period. Crown Castle (NYSE: CCI) accounted for 95 new sites. American Tower (NYSE: AMT) built 68 sites followed by Array Digital Infrastructure (NYSE: AD), formerly UScellular, that added 65 towers to its portfolio. SBA Communications (NASDAQ: SBAC) built 39 towers in the U.S.
MNOs still own and build new towers, generally through subsidiary organizations. For instance, Verizon Wireless (NYSE: VZ) built 486 towers through entities such as Alltel Corporation and Cellco Partnership. AT&T Mobility (NYSE: T) built 106 towers under various entities including AT&T Mobility Spectrum and New Cingular Wireless PCS along with build-to-suits from Vertical Bridge, Tillman Infrastructure and TowerCo. T-Mobile (NASDAQ: TMUS) added 97 sites through its various regional entities.
The non-telco organizations as a group represented the second largest tally in new tower construction with 1,341 over that 11-month period. This group is fragmented but has several very active subgroups. For instance, government agencies at federal, state and local levels accounted for the largest block with 485 towers used for public safety and agency operations. Utilities were active with 212 new towers among companies like Duke Energy Business Services, PowerSouth Energy Cooperative and Union Electric. Broadband and broadcast companies added another 288 towers.
By John Celentano, Inside Towers Business Editor