Fiscal 2024 Federal Procurement Spending Exceeds $762 Billion
Fiscal 2024 federal procurement spending is estimated to be $762 billion to $870 billion, which would be about 7.9% above the fiscal 2022 total ($707 billion). Due to Defense Department delays, there is not complete procurement data for fiscal 2023. Using seasonally adjusted historical spending trends, the fiscal 2023 procurement total is estimated to be around $728 billion. 2024 Market Forecast projects that the largest increase over the estimated fiscal 2023 figure will be in the IT (at $80.5 billion), security and protection (at $11.3 billion), and office management (at $2.4 billion) markets. Federal spending in all of those markets is expected to grow by more than 5.5% from fiscal 2023 to fiscal 2024. Estimates from the Office of Management and Budget (OMB) predict spending in the research and development market to be $154.5 billion. OMB’s figure would be a 139% increase over fiscal 2022 ($64.5 billion).
