Federal agencies spent a total of $594B on contracts during fiscal year 2019, a record high and up 34 percent from contract obligations recorded in FY 2015, Bloomberg Government reported Monday.
A BGOV analysis found that the annual rate of federal contract spending rose 7.6 percent over the past five years and the Department of Defense accounted for the majority of obligations.
DoD obligated $402B for contract awards last fiscal year, compared with $282B in FY 2015, while civilian agencies increased spending from $160B to $191B during the same period, the report noted.
Agencies purchased $17B in information technology products and services via governmentwide acquisition contract vehicles in FY 2019.
The report added the small businesses' total share of five-year federal contract dollars stayed mostly flat. Data showed that agencies have met the 23 percent target for small business contracting over the past six years.