Increased contract spending a boon for small businesses

Last year’s big spending at the Pentagon will continue this year, with small business getting more opportunities to share in the wealth. Defense contract spending rose 6.7% in 2022, hitting its second highest annual total at $436 billion, according to a report from Bloomberg Government. The spike in unclassified procurement resulted from numerous factors including inflation, weapons exports, the federal COVID-19 response, the war in Ukraine and defense infrastructure spending. It represented a rebound from a $40 billion COVID-19 related dip in 2021.  More