A state-by-state analysis of Department of Defense spending showed Lockheed Martin (NYSE: LMT), Boeing (NYSE: BA) and Northrop Grumman (NYSE: NOC) took the first three spots on a list of top 10 contract awardees during fiscal year 2019.
Lockheed received $45.6B in FY 2019 contracts, while Boeing and Northrop secured $25.7B and $19.5B in contracts, respectively, according to data from the Pentagon's Office of Local Defense Community Cooperation.
The list also includes General Dynamics (NYSE: GD), BAE Systems, Huntington Ingalls Industries (NYSE: HII), Humana (NYSE: HUM), L3 Technologies, which now operates as L3Harris Technologies (NYSE: LHX) after its merged with Harris, Raytheon and United Technologies Corp. Raytheon and UTC merged in April 2020 and the combined entity now runs as Raytheon Technologies (NYSE: RTX).
UTC, prior to the merger, had the largest year-over-year increase in defense contract awards at 47 percent, followed by Northrop at 41 percent and General Dynamics at 29 percent, the report noted.
Between FY 2018 and FY 2019, West Virginia, Wisconsin and Maine had the largest increases in defense spending driven by contracts related to military vehicle manufacturing, rocket motor production and shipbuilding. These contracts were awarded to Northrop, General Dynamics, Fincantieri Marine Systems and Oshkosh (NYSE: OSK)
The FY 2019 Defense Spending by State report shows that contract obligations and spending on DOD personnel’s salaries in the 50 states and the District of Columbia reached $550.9B. Products and services contract obligations accounted for 70 percent, or $403.9B, of the total defense spending in FY 2019.