Civilian Agencies Projected to Set Procurement Record for FY24

The value of total contract spending across civilian agencies is forecast to set a record this fiscal year at $300 billion, according to Bloomberg Government data.

Civilian agencies are on pace to increase their aggregate share of the federal procurement market, with a projected year-over-year growth of 4% while the defense market is projected to drop.

Fourth-quarter spending tends to be strong across the government, and it is up 63% from fiscal 2018 through 2023.

Bloomberg Government forecasts the July through September period of this year will account for 38% of annual spending at $109 billion. Fiscal 2024 fourth-quarter procurement ...