Government Contractor Trends
Federal contract obligations in the Washington, DC Metro reached a record of nearly $200 billion in Fiscal Year 2023. Government awards continue to be shaped by the pandemic, including inflation and supply chain issues. With a Federal election approaching, contractors are preparing for potential changes ahead. The importance of government contractors having a significant presence in the Washington, DC Metro is increasingly essential, as evidenced by both the Boeing Co. and Raytheon announcing in the past year that they were moving their respective HQs to Arlington, Virginia.
Artificial Intelligence:
Prioritizing AI has become a significant factor in government contract allocations. There are significant opportunities to increase efficiencies in bureaucratic organizations such as the Social Security Administration and Department of Education.
Cybersecurity:
With increased technology advances, government contractors are expected to increase their security protocols and protection against bad actors.
Focus on Small Businesses:
The current administration has placed increased importance on providing more opportunities for small business contractors.
2024 National Defense Authorization Act (NDAA):
The fiscal year 2024 NDAA was signed into law in December 2023. The law includes provisions to expedite the US Department of Defense’s procurement of goods and services.
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