Thought Leadership Guest Post
To offer you the opportunity to learn more from our real-time data, we have invited Archisha Mehan, Director, Federal Go-To-Market at GovSpend, to share the invaluable insights that can be gathered from Fedmine’s impressive database.
I cannot believe that it’s Oct 3rd, 2022 and the new fiscal year has started with more than $1.18B already obligated. FY 2022 has been an eventful year, with challenges of the pandemic, the war in Ukraine, and economic challenges, all of which affect the federal government spend, specifically federal contracts awarded.
So how much did the federal government award in FY 22? As of today, $555.9B was awarded in federal contracts – of course, this number will change as the DoD awards that are subject to 90-day delays are made public. This number is slightly higher than what we did at this time last year.
Chart from Fedmine showing all US federal agency expenditures. Click image to see full report.
Civil, Legislative, and Independent agencies awarded $258.6B in contracts for FY 22, an increase of $13B from FY 21, an increase of 5.33%. A quick look at the top 20 agencies indicates that many agencies such as the Dept of Energy, VA, GSA, State, Transportation, Interior and EPA saw a double digit percentage increase in their spend.
Chart of Civil, Independent and Legislative agency spend. Shows increase between FY22 and FY21
With the new fiscal year already underway we already have more than $1.18B awarded in contracts to 1,816 companies. The Dept of Veterans Affairs is the largest agency followed by the Dept of Treasury and the Social Security Administration. See here for the full report.
-png-1.png?width=742&name=chart%20(57)-png-1.png)
Top 10 Prime Contractors of 2022
I do expect the spending in FY 2023 to reflect not only the existing challenges of the economy and the pandemic but also the new challenges with Hurricane Ian.
Stay tuned for more analysis in the coming months. Any questions or thoughts? Do send me an email at amehan@govspend.com