The Department of Defense released its report on defense spending by State for 2014. It is no shock that the draw down in Iraq and Afghanistan, as well as Sequestration, have resulted in a major reduction in defense spending. The value in this report though lies in the incredibly detailed breakdown of defense spending by State and County. This report is not only valuable to defense contractors, like TELEGRID, but also to ordinary citizens who want to see what this impact will have on their local economy and housing market. Below are some highlights of the report:
From FY2011 to FY2019 real defense spending is expected to decline by 28%. From FY2013 to FY2021 defense spending will be reduced by $454bn
The 5 states with the largest defense spending as a percentage of GDP were Virginia, Hawaii, Alabama, District of Columbia and Alaska. The state with the lowest defense spending as a percentage of GDP was Oregon.
The 5 states with the largest defense spending (in dollar terms) were Virginia, California, Texas, Maryland, and Florida. The state with the lowest defense spending was Vermont. The 10 states with the highest DoD spending accounted for almost three-fifths of total DoD spending in the nation.
To see how your State and County performed click here.