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.
Source: Fedmine analysis of FPDS data as of Oct 3, 2022
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.
Source: Fedmine analysis of FPDS data as of Oct 3, 2022
Looking at the Defense Sector Spend, you can see that last fiscal year the Defense sector awarded $401.6B in contracts. YTD the Defense agencies have only awarded $297.2B. With more than 90 days of data yet to be reported, I think we will see the FY 22 spend close to and maybe more than FY 21 spend of $647B.
Source: Fedmine analysis of FPDS data as of Oct 3, 2022
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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.
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
